TheDrop Market Analysis, 8/9/24

Unlike what most predicted just less than a week ago, the stock market has not plummeted to oblivion - at least not yet.

Many indexes experienced significant support in recovery and/or consolidation. The Dow experienced over a 100-point surge, the S&P reversed a significant portion of the dip from earlier this week, and the NASDAQ finished strong amid concerns about falling revenues for tech companies and market volatility induced by AI.

Apple's stock price recovered a great deal, albeit marginally compared to other tech companies, despite fears of a Spanish-led EU lawsuit over competition in the App Store. Tesla reached its consolidation stage weeks after its disastrous earnings report, but is far from complete recovery to its bull market gains weeks ago. Nvidia, on the other hand, declined in price even further after fears of AI and mixed emotions in the stock market over its new chips.

Boeing's stock price fell amid the rise of its new CEO, who unveiled drastic changes to the company including a change in headquarters. Donald Trump's own Trump Media & Technology Group declined today after failed earnings report, possibly due to the lack of attention and/or monetization of his app Truth Social. Intel fell by a significant margin following news of a postponement of a technology conference, as well as the general fears of chip makers in the stock market, especially after implementing AI features.

Overall, the stock market seems to be on a small "consolidation" stage where companies level out losses and obtain rallying support for a possible recovery. However, the market is still below the threshold for a possible dip in the future, as investors continue to have fear in the volatility of the market in recent days.