S&P 500 and Nasdaq notch record highs; chipmakers climb
By Noel Randewich and Ankika
Biswas
Mon July 8, 2024 4:26
PM
Still riding the wave of optimism from last week’s positive inflation data but also sitting on the fence awaiting new inflation data and Fed comments, the S&P and Dow both started the day on a high, the Dow up over 250 points, but quickly declined to end almost flat with the S&P and mildly in the red for the Dow. The Nasdaq had a better day, though very choppy, but ended with its 5th consecutive record high (the S&P its 4th) on a persisting wager on a September rate cut, now with 75% odds vs last week’s 60. Q2 earnings growth are estimated at 10.1%, up from 8.2 in Q1. Volume remains light at 10.1 billion vs a 4-week average of 11.6 billion.
DJ: 39,375.87 +67.87 NAS: 18,352.76 +164.46 S&P: 5,567.19 +30.17 7/5
DJ: 39,344.79 -31.08 NAS: 18,403.74 +50.98 S&P: 5,572.85 +5.66 7/8
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