TheDrop Market Analysis, 9/12/24

For third day in a row, the markets have trended positively as stocks have recovered magnificently from the early September debacle.

All index funds are up, highlighting the strong rallying effort by investors following news of large rate cuts as early as this month. The S&P 500 is up 0.75%, the Dow is up 0.58%, and the Nasdaq is up 1%. Even the Russell, the largest index for medium-sized businesses, reported an over 1.2% surge in share price.

Clearly, what drove today's surge was medium-sized tech stocks. Lumen, a key example of this kind of stock, skyrocketed above 10% today, as AI is beginning to entice investors. Other large tech stocks, such as Nvidia, Google, and Tesla, showed consistent growth.

Warner Bros. defined today's market as the top gainer, as it just signed a distribution deal with Charter, causing immense buying pressure.

On the contrary, shares of Moderna fell to the lowest levels since 2020 as its CEO announces changes to its business plans, completely scrapping previous plans for vaccine development. Once again, this stock has not been this low since before its first COVID-19 vaccine was even finished testing.