Nasdaq rises as benchmark tries to rebound from worst day since 2022: Live updates

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Traders work on the floor at the New York Stock Exchange on June 14, 2024.

Brendan Mcdermid | Reuters

The Nasdaq Composite advanced Thursday, as the tech-heavy benchmark looked rebound from its worst session since 2022.

The index rose 0.3%, while the S&P 500 climbed 0.2%. The Dow Jones Industrial Average flickered near flat, weighed down by UnitedHealth and Microsoft.

These moves come after the Nasdaq tumbled 2.8% in its worst day since December 2022 on Wednesday, closing below 18,000 for the first time since July 1.

Wall Street has been dumping shares of this year’s artificial intelligence plays as the growing likelihood of a September rate cut bolstered optimism in the broader market. That’s particularly helped small-cap and more cyclical names, which are seen as beneficiaries a lower borrowing costs.

This explains why the small-cap focused Russell 2000 has jumped more than 8% in the last five trading days. The index slipped about 0.3% on Thursday, on pace for a second down day as investors appeared to take some profits on the recent rally.

By comparison, the Nasdaq has slipped more than 3% in the same period. Wednesday also marked the first session since 2001 where the Nasdaq posted a loss exceeding 2.5%, while the blue-chip Dow registered a gain.

“This is a market — a Fed pivot market — two, three months before we expect a cut, exactly as we’d expect to see it,” said Lauren Goodwin, chief market strategist at New York Life Investments, on CNBC’s “Closing Bell.” There’s “a lot of uplift in areas like small caps, other areas of the risk market where capital is really unlocking.”

In corporate news, Discover Financial popped 2% after its second-quarter results topped expectations. Beyond Meat tumbled about 9.5% after The Wall Street Journal reported, citing people familiar, that the meat substitute company is meeting with bondholders to begin discussions about restructuring its balance sheet.

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