TheDrop Market Anaysis, 9/10/24

After a strong period of market-wide recovery and buying pressures, the markets could be facing a bear trap.

Index funds remain stagnant today, but were preventing from declining due to gains in big tech, which were offset by losses in banking and finance. All major index funds experienced very marginal changes today.

Big tech once again surged, quite possibly due to it being heavily hit by last week's strong downturn. Oracle led today's big tech rally with an outstanding performance of 11%, Tesla soon followed at almost 5%, AMD by 3%, Microsoft by 2%, and Nvidia by 1.5%. Meanwhile, Fiverr losses traction, contributing to its small loss in share price.

Apple fell as the sole big tech company to experience losses, certainly due to it losing an EU tax case. Google fell behind but did not drop, as it also loss a much less catastrophic case in the European Union.

JP Morgan carried today's stagnation. The banking corporation fell by over 5% after the Fed updated banking requirements. Bank of America and Wells Fargo also went down today.