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  

S&P 500 and Nasdaq notch record highs; chipmakers climb

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 5^th consecutive record high (the S&P its 4^th) 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

Mon 7-8-24 4:26 pm S&P 500 and Nasdaq notch record highs; chipmakers climb | Reuters  

Nasdaq, S&P 500 hit record highs as payrolls data raises rate cut hopes

Nasdaq, S&P 500 hit record highs as payrolls data raises rate cut hopes

By Saeed Azhar , Ankika Biswas and Lisa Pauline Mattackal

July 5, 2024 5:48 PM 

It was a triple whammy of good inflation news with job growth slowing, unemployment at a 2-1/2 year high, and wage gains slowing, all leading to dramatically increased optimism for a September rate cut, today’s odds at 79% vs 66% on Wednesday, as well as increased expectations for a cut in December. Of course, this zoomed up the rate sensitive tech sector sending the S&P and Nasdaq once again to new records and 1.95% and 3.5% weekly gains respectively. Industrials as expected went the other way spending much of the day in the red, the Dow down some 140 points in the morning, but steadily recovering to a 67 gain by close.  Q2 reporting starts next week with the big banks. For the shortened holiday week, volume remained quite thin at 9.73 billion. 

DJ: 39,308.00  -23.85        NAS: 18,188.30  +159.54     S&P: 5,537.02  +28.01  7/3

DJ: 39,375.87  +67.87       NAS: 18,352.76  +164.46     S&P: 5,567.19  +30.17  7/5

 Fri 7-5-24 5:48 pm Nasdaq, S&P 500 hit record highs as payrolls data raises rate cut hopes | Reuters  

Introducing AAII’s Essential Investing Course on Vimeo

Okay, it turns out I was wrong about no video for the AAII Essential Investing (EI) course.  I just received the link to it.  And though I believe it is still just a teaser for selling a considerably more expensive course (in fact, a series of courses), but I thought I'd pass on this one-hour intro webinar so you could all make up your own minds.  Just a hint though ... this is either the second or third time that they have extended the $200 (regular $400) promotional price.  

Introducing AAII’s Essential Investing Course on Vimeo  

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  

Shares edge higher, US Treasury yields weaken as markets weigh Fed chair comments

Shares edge higher, US Treasury yields weaken as markets weigh Fed chair comments

By Chibuike Oguh

Tue July 2, 2024 4:39 PM

All three indexes were more or less flat until about 1 pm, then zoomed up to close with 3-digit gains. Job openings rose slightly above expectations suggesting a stable job market, but not enough to move the needle. And though Powell’s comments today (likely made around 1 pm) stuck to the Fed’s guns about needing more data before cutting rates, the market today took these comments as suddenly dovish and even “laying the groundwork for cuts maybe in September.”  A lot more data coming Wednesday and Friday. Per the CBOE, volume came in at 10.1 billion, still quite thin but in line with holiday week trading. 

DJ: 39,169.52  +50.66        NAS: 17,879.30  +146.70        S&P: 5,475.09  +14.61     7/1

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

Tue 7-2-24 4:39 pm Shares edge higher, US Treasury yields weaken as markets weigh Fed chair comments | Reuters

Apple, Tesla lifts stocks to higher close in light pre-holiday trading

Apple, Tesla lifts stocks to higher close in light pre-holiday trading

By Saeed Azhar, Ankika Biswas and Lisa Pauline Mattackal

Mon July 1, 2024 4:33 PM

Both the Dow and S&P started on a high, the Dow up some 320 points, and then both declined almost immediately to be in the red by 11 a.m.  The Nasdaq started in the red, then gained all day.  The Dow stayed near zero all day to close up modestly, the S&P regained its losses to close at a modest gain.  Apple, Microsoft, Amazon and Tesla were the main drivers in tech today. Manufacturing contracted for a third straight month with prices dropping to a six month low, all good signs for inflation and the market sticking with its bets for 2 rate cuts. There is a whole slew of employment and productivity reports due later this week. Due to the holiday, trading was thin at 10.6 billion. 

DJ: 39,118.86  -45.20         NAS: 17,732.60  -126.08        S&P: 5,460.48  -22.39      6/28

DJ: 39,169.52  +50.66        NAS: 17,879.30  +146.70       S&P: 5,475.09  +14.61     7/1

Mon 7-1-24 4:33 pm Apple, Tesla lifts stocks to higher close in light pre-holiday trading | Reuters