Market Volatility: Dow Falls, Cathie Wood Sells Robinhood Stock, Chip Leader Surges
The Dow Jones Industrial Average traded sideways, while the S&P 500 fell 0.3% and the Nasdaq declined 0.5%. Manufacturing activity in July met consensus, but job openings were lower than expected. Caterpillar stock rose after strong earnings, while Merck stock fell. Uber and Allegro MicroSystems stocks also fell after reporting financial results. Arista Networks stock surged after earnings, and Cathie Wood's Ark Fintech Innovation ETF sold shares of Robinhood but bought shares of Pinterest. Advanced Micro Devices is clearing resistance ahead of earnings with an 80% gain this year. Marriott stock rose after positive earnings, while Norwegian Cruise Line plunged on a disappointing outlook.