S&P 500, Nasdaq post record closing highs as data stokes hope for rate cut

S&P 500, Nasdaq post record closing highs as data stokes hope for rate cut

By Ankika Biswas , Lisa Pauline Mattackal and Saeed Azhar

Wed July 3, 2024 3:21 PM

ISM and PMI both came in weaker than expected while unemployment claims came in stronger, all good news on the inflation front and further boosting optimism on rate cuts. Since potential rate cuts are good news for tech, tech took off with both the S&P and Nasdaq on a continuous and bountiful upward trajectory all day to record closes. And as tech usually goes, the traditional Dow goes the opposite spending almost all day in the red reaching a low of a minus 100 by noon before recovering to a much more modest closing loss as investors rotated out of industrials and into tech. Fed minutes and the payrolls report, both on Friday, will tell an even bigger story.  The market closed early at 1 pm today ahead of Independence Day so volume was the thinnest yet for the week at a mere 7.1 billion. 

DJ: 39,331.85  +162.33       NAS: 18,028.76  +149.46        S&P: 5,509.01  +33.92     7/2

DJ: 39,308.00  -23.85      NAS: 18,188.3  +159.54      S&P: 5,537.02  +28.01  7/3

Wed 7-3-24 3:21 pm S&P 500, Nasdaq post record closing highs as data stokes hope for rate cut | Reuters