Tech Stocks Tumble as Nasdaq 100 Faces Major Shake-Up; Big Banks Brace for Earnings Season
The Dow Jones Industrial Average recorded a slight gain but lagged behind with a 0.1% increase as big banks' earnings loomed. The S&P 500 rose 0.6% and the Nasdaq reached session highs with a 1.3% increase. Inflation data showed prices cooling, and the producer price index rose 0.1% in June. The Nasdaq 100 index will undergo rebalancing, with top holdings like Apple, Microsoft, and Tesla having less influence. Tesla is in talks to establish a factory in India to produce 500,000 electric vehicles annually.