Morgans AM Thursday, 25 July 2024

US equity markets fell sharply, with the so-called “Magnificent Seven” of large technology companies weighing heavily on the benchmark indices - Dow fell -504-points or -1.25% to 39,853.87, below <40,000 points for the first time in nearly two weeks. Visa Inc (down -4.01%) was the worst performer in the 30-stock index after the payment-technology company reported a slight slowdown in payments volumes during the second quarter after the close of the previous session. Intel Corp (-3.79%) and Microsoft Corp (-3.59%) both fell over >3.5%.