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Joe Biden Dropout Fallout, Inflation Data, and the Start of Tech Earnings: What to Know This Week

July 22, 2024

Stocks pulled back from record highs amid pressure across the technology sector after a global tech outage sent shockwaves throughout the market on Friday.

The S&P 500 (^GSPC) ended the week down nearly 2% while the Nasdaq Composite (^IXIC) dropped more than 3.5% on the week. Both indexes had their worst weekly performance since April. Meanwhile, the Dow Jones Industrial Average (^DJI) rose about 0.7%.

This week, critical readings on economic growth and inflation, as well as the start of Big Tech earnings, will determine if the malaise continues.

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