Stock Market Update
02-Aug-24 11:00 ET
Regional bank shares, growth worries, weigh down small cap index
Dow -885.56
at 39462.21,
Nasdaq -536.56
at 16657.59,
S&P -137.56
at 5309.12
[BRIEFING.COM] The Russell 2000 continues to underperform other major indices, dropping 4.1%.
The small cap index, which houses mostly domestically-oriented names, trades down due to growth concerns, but also some normal profit-taking activity. The Russell 2000 is still 2.3% higher this quarter, while the Nasdaq Composite sports a 6.0% decline so far this quarter.
Regional bank shares are weighing on the small cap index as the growth concerns are fueling some worries about credit quality. This price action also has the SPDR S&P Regional Banking ETF (KRE) trading 4.9% lower today. The KRE is nearly 8% higher for the quarter.
