S&P 500 and Nasdaq notch record highs as Nvidia gains

S&P 500 and Nasdaq notch record highs as Nvidia gains

By Noel Randewich and Lisa Pauline Mattackal

Tue July 9, 2024 4:26 PM

The S&P and Nasdaq both started the day with substantial highs, the Nasdaq up over 100 points, but then both steadily declining to lose most of their gains by close. The Dow was back and forth between red and black all day, down some 200 in the morning, up 150 at 1 pm, then down again in the red at close. Given today’s good news, the decline is a mystery and no explanation is given. Rather the emphasis today was on Powell’s remarks that the economy is no longer overheated and if the inflation data continues as is, that will strengthen the case for rate cuts. That sent Nvidia and the rest of tech up and, even though the closing gains were modest, it was still Nasdaq’s 6^th straight record and the S&P’s 5^th. 

As today’s expert put it, “The U.S. economy and currently the U.S. labor market have been surprisingly resilient throughout the course of 2024.  We should continue to expect moderate growth through the balance of this year and into next.”  Today’s comments were also enough to strengthen the odds of two cuts this year, with a September cut now at 72%. More inflation reports coming later this week including CPI and PPI as well as big bank Q2 reporting starting Friday. There is still considerable fence sitting as noted in the continuing light volume of only 9.6 billion vs an 11.6 average. 

DJ: 39,344.79  -31.08        NAS: 18,403.74  +50.98       S&P: 5,572.85  +5.66    7/8

DJ: 39,291.97  -52.82         NAS: 8,429.29   +25.55        S&P: 5,576.98  +4.13    7/9

Tue 7-9-24 4:26 pm S&P 500 and Nasdaq notch record highs as Nvidia gains | Reuters