An ugly start to the week for Wall Street moderated in afternoon trading on Tuesday, as stocks bounced off their lows and the tech-heavy Nasdaq Composite rose more than 1%.
 | TUE, JUL 05, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 141.56 | +2.63 | +1.89% | | INTC | 36.69 | +0.35 | +0.96% | | CSCO | 41.96 | -0.26 | -0.62% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AMD | 75.20 | +1.53 | +2.08% | | F | 11.20 | -0.12 | -1.06% | | AMZN | 113.50 | +3.94 | +3.60% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 75.20 | +1.53 | +2.08% | | AMZN | 113.50 | +3.94 | +3.60% | | AAPL | 141.56 | +2.63 | +1.89% | |
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But the drop in rates may have actually helped some of the most beaten down parts of the market, with speculative tech stocks outperforming. The flagship ETF of Cathie Wood's Ark Invest jumped more than 8%. While the U.S. economy may be teetering on the brink of a recession, stocks have already fallen sharply this year, and markets can sometimes run ahead of economic developments. Captrust chief investment officer Mike Vogelzang said on "Power Lunch" that a lot of the damage for stocks may already be over. "We're getting clear rotation away from inflation worries and higher interest rate worries, and into economic recession worries. ... One thing about this potential recession, which we frankly don't even know how to define, is that it's pretty anticipated. And usually the market doesn't get hammered when it anticipates things this much," Vogelzang said. "There are some cheap stocks out there, and I think a lot of it has been discounted," he added. |
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