Dow jumps 400 points as tech stocks tumble

by / ⠀News / July 9, 2025

The Dow Jones Industrial Average rose 400 points, or 0.91%, to close at 44,494.94 on Tuesday, marking a bright start to the new quarter. The S&P 500 closed flat, ticking down 0.11% to 6,198.01, while the Nasdaq Composite fell by 0.82%, finishing at 20,202.89. Investors turned away from tech stocks and focused on health-care companies.

Johnson & Johnson and Pfizer saw significant gains, helping to lift the Dow. Ameriprise Chief Market Strategist Anthony Saglimbene said, “For the last two months of the quarter, it was risk on. It was about buying stocks with powerful secular growth drivers, such as AI and technology.

I think we’ve exhausted that trade.”

Tesla saw a 5% drop after President Donald Trump announced that the Department of Government Efficiency (DOGE) would investigate the subsidies received by Elon Musk’s companies. Musk criticized Trump’s legislation over the weekend, adding to the tension in their ongoing dispute over government spending plans.

Dow climbs amid tech decline

Federal Reserve Chair Jerome Powell confirmed during a conference in Portugal that the Fed’s future moves will depend on economic data. However, he did not comment on whether a rate hike in July would be too soon. Software company Figma filed for its initial public offering on the New York Stock Exchange under the ticker symbol “FIG.” The company reported $749 million in revenue for 2024, with a substantial net loss, although it turned a profit in the first quarter of this year. Seventeen stocks in the S&P 500 reached new 52-week highs, showcasing a strong market performance despite overall volatility.

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Corporate treasuries outpaced ETFs in bitcoin acquisition for the third consecutive quarter, highlighting growing institutional interest in cryptocurrency. Goldman Sachs upgraded Oshkosh Corp., expecting more than 15% upside from its current stock price, citing lower construction inventory levels and improved market conditions. Shares of Kontoor Brands, the parent company of Wrangler, rose after Goldman Sachs added it to their conviction list.

In midday trading, shares of diabetes technology companies, including Dexcom and Insulet, fell following a proposed rule change by the Centers for Medicare & Medicaid Services regarding reimbursement rates. GE Vernova also saw a decline as reports emerged about a potential sale of its industrial software business, Proficy. Bank of America suggested that the Federal Reserve could cut rates if there is compelling evidence of a deteriorating labor market, hinting at potential future monetary policy changes.

About The Author

Deanna Ritchie

Deanna Ritchie is a managing editor at Under30CEO. She has a degree in English Literature. She has written 2000+ articles on getting out of debt and mastering your finances. Deanna has also been an editor at Entrepreneur Magazine and ReadWrite.

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