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