Stocks gain with Nvidia, dollar inches up vs yen

Stocks gain with Nvidia, dollar inches up vs yen

By Caroline Valetkevitch

Tue June 25, 2024 5:20 PM

Just as Nvidia losing ground in the last three sessions brought Nasdaq and all of tech down while bolstering the Dow, today Nvidia snapping back to the tune of 6.8% shot the Nasdaq back up 3-digits and correspondingly brought the Dow down 3-digits, all pretty steadily as the day began at zero and then immediately rose or fell from there. All eyes are now on PCE data coming Friday for further insight on inflation and rate cuts, as well as Thursday’s presidential debate and France’s snap elections. Per the CBOE, volume was 10.2 billion, still below average. 

DJ: 39,411.21  +260.88      NAS: 17,496.82  -192.54       S&P: 5,447.87  -16.75   6/24

DJ: 39,112.16  -299.05       NAS: 17,717.65  +220.84       S&P: 5,469.30  +21.43  6/25

Tue 6-25-24 5:20 pm Stocks gain with Nvidia, dollar inches up vs yen | Reuters

Dow closes at a one-month high as investors broaden portfolios

Dow closes at a one-month high as investors broaden portfolios

By Ankika Biswas, Lisa Pauline Mattackal and Carolina Mandl

Mon June 24, 2024 4:27 PM

With tech doing so well for so long, today was the day that portfolio managers decided to rebalance and take some profits out of tech and redirect them to industrials. There was a sell off on many tech stocks, dropping the Nasdaq 3-digits, and transferring to the Dow which rose 3-digits giving the index its fifth straight winning day. PCE data is coming Friday and is expected to show moderation for inflation so the bets are now for 2 rate cuts this year and 61% odds for the first in September, even though the Fed keeps saying only one and in December. Also coming this week are durable goods, jobless claims and revised Q1 GDP.  Volume remains below average at 10.9 billion. 

DJ: 39,150.33  +15.57      NAS: 17,689.36  -32.23       S&P: 5,464.62  -8.55     6/21

DJ: 39,411.21  +260.88    NAS: 17,496.82  -192.54     S&P: 5,447.87  -16.75   6/24

Mon 6-24-24 4:27 pm Dow closes at a one-month high as investors broaden portfolios | Reuters  

S&P, Nasdaq end lower as Nvidia drags the tech sector for second day

 

S&P, Nasdaq end lower as Nvidia drags the tech sector for second day

By Echo Wang

Fri June 21, 2024 4:36 PM

The Dow started the day up about 120 but then started a decline that ended near break-even. The S&P and Nasdaq stayed pretty close to break-even all blamed on a second day of Nvidia losing ground. But as today’s expert put it, “We’ve had a very strong run, especially in the S&P, so not surprised to see things kind of take a pause and settle down.” Business activity hit a 26-month high while prices continued easing suggesting inflation continues to slow down. It continues to encourage bets for 2 rate cuts this year even if the Fed insists there’ll be only one. PMI came in just slightly higher than expected while home sales fell almost exactly as expected. Volume was a whopping 17.68 billion but that was due to today’s triple-witching so the number can’t be trusted. Better luck Monday.  

DJ: 39,134.76  +299.90      NAS: 17,721.59  -140.64      S&P: 5,473.17  -13.86   6/20

DJ: 39,150.33  +15.57        NAS: 17,689.36  -32.23        S&P: 5,464.62  -8.55     6/21

Fri 6-21-24 4:36 pm S&P, Nasdaq end lower as Nvidia drags the tech sector for second day | Reuters  

S&P 500 closes lower after record high, weighed by chips stocks, economic data

 

S&P 500 closes lower after record high, weighed by chips stocks, economic data

By Echo Wang

Thu June 20, 2024 4:32 PM

After going great guns for a considerable stretch, Nvidia pulled back today which, in turn, pulled back the S&P and Nasdaq snapping a 7-session streak of Nasdaq records while the S&P broke the 5,500-mark in the morning before pulling back. Today’s reports showed the highest number of people on unemployment since January indicating a continuing cooling job market, which triggered more hopes for a September rate cut, the odds today at 58%. Minneapolis Fed prez said today that it would likely be 1-2 more years to reach 2% inflation goal. Volume remains well below average at 11.98 billion. 

DJ: 38,834.86  +56.76       NAS: 17,862.23  +5.21        S&P: 5,487.03  +13.80  6/18

DJ: 39,134.76  +299.90     NAS: 17,721.59  -140.64     S&P: 5,473.17  -13.86   6/20

Thu 6-20-24 4:32 pm S&P 500 closes lower after record high, weighed by chips stocks, economic data | Reuters 

No Reuters global markets report in U.S. hours on June 19

Reuters made my job easy today. I didn't have to publish a post saying there was no report today; Reuters did it for me.  Another reason I'm publishing today is to draw attention to a particular footnote at the bottom of this report. Reuters offers a free newsletter offering a forecast for the next day's markets. I've signed up for it. It will be fun to track it and see how accurate it is (or isn't.)  Happy Juneteenth.  

Dow edges up after weak retail sales

 

Dow edges up after weak retail sales

By Echo Wang

Tue June 18, 2024 6:34 PM

Across the board, it was constant seesaw action between black and red all day long but, spurred by continuing new highs from Nvidia and AI, the Nasdaq itself, though barely breaking even, still managed a new record as did the S&P. Retail sales coming in lower than expected put a damper on the Dow but still managed a modest gain. The weak retail sales number has sparked more optimism in two rate cuts instead of one, even if the Fed still insists on very likely just one and today the Richmond Fed prez said he needed more months of encouraging data before supporting a cut.  Overall, the market was relatively subdued ahead of Wednesday’s Juneteenth holiday, during which the markets will be closed. Volume remains below average at 10.96 billion. 

DJ: 38,778.10  +188.94      NAS: 17,857.02  +168.14      S&P: 5,473.23  +41.63  6/17

DJ: 38,834.86  +56.76        NAS: 17,862.23  +5.21          S&P: 5,487.03  +13.80  6/18

Tue 6-18-24 6:34 pm S&P 500, Nasdaq hit record highs on AI momentum, Dow edges up after weak retail sales | Reuters  

S&P 500, Nasdaq hit record closing highs ahead of data, Fed comments

 

S&P 500, Nasdaq hit record closing highs ahead of data, Fed comments

By Echo Wang

Mon June 17, 2024 5:08 PM

It was a straight shot up on all three indexes based mostly on continuing AI enthusiasm, today from Broadcom, and optimism over reports coming this week on retail sales, industrial production, housing starts, and industrial purchasing, hoping this data will support sooner rate cuts. This is despite the fact that Philly Fed prez said today that there will probably be only one rate cut this year and maybe as late as December. But the market is still placing its bets on at least two cuts. Both Nasdaq and the S&P hit fresh record highs again with volume still below average at 11.1 billion vs a 4-week of 11.87 billion. 

DJ: 38,589.16  -57.94        NAS: 17,688.88  +21.32       S&P: 5,431.60  -2.14     6/14

DJ: 38,778.10  +188.94     NAS: 17,857.02  +168.14      S&P: 5,473.23  +41.63  6/17

Mon 6-17-24 5:08 pm S&P 500, Nasdaq hit record closing highs ahead of data, Fed comments | Reuters  

Nasdaq manages 5th straight record high close; S&P 500 ends barely lower

 

Nasdaq manages 5th straight record high close; S&P 500 ends barely lower

By Caroline Valetkevitch

Fri June 14, 2024 4:43 PM

Once again, the market began deeply in the red, the Dow down some 340 points, but then an almost immediate recovery with all three indexes closing near break-even. With the Nasdaq being the only index that went even a little into the black, it marked its fifth straight day of gains while the S&P snapped its four-day streak. But still all of tech had weekly gains for the S&P to rise 1.6% and Nasdaq 3.2%, while the Dow sank 0.5%. The Fed Chicago prez said that, though pleased with the data in May, would like more months of the same before cutting rates. U of M’s Consumer Sentiment fell sharply on Friday to 65.6 and the Fed has dialed back rate cut projections from three for the year to one. Volume remains below average at 10.1 billion. 

DJ: 38,647.10  -65.11         NAS: 17,667.56  +59.12       S&P: 5,433.74  +12.71  6/13

DJ: 38,589.16  -57.94         NAS: 17,688.88  +21.32       S&P: 5,431.60  -2.14     6/14

Fri 6-14-24 4:43 pm Nasdaq manages 5th straight record high close; S&P 500 ends barely lower | Reuters  

Nasdaq, S&P 500 post all-time closing highs for 4th day as tech boosts

 

Nasdaq, S&P 500 post all-time closing highs for 4th day as tech boosts

By Caroline Valetkevitch

Thu June 13, 2024 4:58 PM

All three indexes were on a decline all morning, the Dow especially down over 300 points. Then, at 12:30, all three started climbing again, which was probably the time the PPI data was released which showed a substantial decline from April which, combined with an increase in unemployment claims, increased the odds of rate cuts, which shot tech back into the black again. The Dow also recovered dramatically but still ended the day in the red given concerns that the economy may be slowing too quickly. The market wants inflation down but not too much and not too quickly.  Tesla stockholders enthusiastically approved a $56B pay package for Elon Musk but it still has to get by the courts. Volume was 10.14 billion vs a 12.5 billion average. 

DJ: 38,712.21  -35.21        NAS: 17,608.44  +264.89      S&P: 5,421.03  +45.71  6/12

DJ: 38,647.10  -65.11        NAS: 17,667.56  +59.12         S&P: 5,433.74  +12.71  6/13

Thu 6-13-24 4:58 pm Nasdaq, S&P 500 post all-time closing highs for 4th day as tech boosts | Reuters  

S&P 500, Nasdaq post closing record highs after CPI, Fed statement

S&P 500, Nasdaq post closing record highs after CPI, Fed statement

By Caroline Valetkevitch

Wed June 12, 2024 4:02 PM

The CPI numbers came in better than expected pointing to continuing taming inflation and a greater likelihood of rate cuts. So both tech indexes went right up out the gate and stayed steady up all day. As industrials generally go in the opposite direction of tech, the Dow started up, way up, almost 400 up, and then shrank throughout the day closing near break-even. This was due to the Fed projecting only one rate cut this year, though the market doesn’t believe it, predicting instead that after the one, there would be likely one or two more. Inflation now stands at roughly 3.4% vs a Fed target of 2%. The S&P and Nasdaq have today achieved their third straight day of record closing highs. 

DJ: 38,747.42  -120.62      NAS: 17,343.55  +151.02      S&P: 5,375.32  +14.53  6/11

DJ: 38,712.21  -35.21        NAS: 17,608.44  +264.89      S&P: 5,421.03  +45.71  6/12

Wed 6-12-24 4:02 pm S&P 500, Nasdaq post closing record highs after CPI, Fed statement | Reuters 

Nasdaq, S&P 500 post record closing highs as Apple soars

Nasdaq, S&P 500 post record closing highs as Apple soars

By Caroline Valetkevitch

Tue June 11, 2024 4:40 PM

All the indexes opened in the red, the Dow deeply over 500 points, before beginning an immediate recovery, the S&P and Nasdaq getting back into the black and staying there but the Dow never making it out of the hole. The tech indexes benefitted by a big surge in Apple, but overall caution is still mandated awaiting Wednesday’s Fed and CPI reports.  Though uneasiness prevails, the consumer still points to pretty impressive resiliency but faith in a September rate cut diminishes and is now priced in at only 50% vs Friday’s 56% and Thursday’s 68%. CPI will be released before close on Wednesday, the Fed report later.

DJ: 38,868.04  +69.05       NAS: 17,192.53  +59.40       S&P: 5,360.79  +13.80  6/10

DJ: 38,747.42  -120.62      NAS: 17,343.55  +151.02     S&P: 5,375.32  +14.53  6/11

Tue 6-11-24 4:40 pm Nasdaq, S&P 500 post record closing highs as Apple soars | Reuters  

S&P 500, Nasdaq post record closing highs; Fed meeting, CPI ahead

Both the S&P and Nasdaq started the session well into the red but began a recovery almost immediately to close modestly in the black. The Dow also started well in the red, some 130 points down but began a recovery around 11 a.m. for a straight trajectory up to also close modestly in the black. Once again, all eyes are on Wednesday’s Fed announcement and that compounded by CPI data, all of which will be parsed for clues on the hoped for September rate cut.  Though trading was muted ahead of Wednesday, the upward trajectory would suggest optimism.