Written by Lisa Pauline Mattackal and Ankika Biswas
- The tech-heavy Nasdaq saw wild trading on Monday thanks to megacap companies, while the S&P 500 and the Dow were mostly unchanged. Investors will be watching labor market data that is scheduled for release later this week for clues on when interest rate cuts will occur this year.
- Semiconductor companies had a decline of 1% to 4%, causing the Philadelphia SE Semiconductor index to approach a one-week low. These stocks included Advanced Micro Devices (NASDAQ: AMD), Arm Holdings (NASDAQ: ARM), and Micron Technology (NASDAQ: MU).
- Additionally used as a stand-in for bonds, real estate stocks fell 1.5%. In tandem with the multi-week highs in U.S. Treasury rates, the S&P 500 banks index surged to a top that exceeded one month. Shares of JP Morgan Chase (NYSE: JPM) were at a record high.
- Due to the equities market’s closure on Thursday due to the US Independence Day holiday, thin volume trading is predicted to be volatile throughout the week.
- According to the Institute for Supply Management’s Manufacturing PMI statistics, June saw a third consecutive month of manufacturing contraction. At the same time, prices paid fell to a six-month low, which is good for the US Federal Reserve’s fight against inflation.
- The Fed wants the economy to remain in low gear in the foreseeable future, even while manufacturing is declining and the rest of the economy is doing rather well. Their objective of lower inflation will be aided by the continued downturn in the industrial sector, according to Comerica (NYSE:CMA) Bank chief economist Bill Adams.
- According to LSEG FedWatch, traders have not wavered from their predictions of around two interest rate reductions this year, beginning in September.
- The JOLTS job openings data is slated for Tuesday of this week, while the ADP employment, factory orders, ISM services PMI data, and minutes of the Fed’s most recent policy meeting are set for Wednesday. Data on non-farm payroll is expected on Friday.
- Fed New York President John Williams said that he still thinks price pressures are returning to the target range of 2%.
- The S&P 500 was up 2.47 points, or 0.05%, at 5,462.95, the Nasdaq Composite was up 61.29 points, or 0.35%, at 17,793.89. The Dow Jones Industrial Average was up 35.06 points, or 0.09%, at 39,153.92 at 11:58 a.m. ET.
- On Friday, both the Nasdaq and the S&P 500 recorded gains for the third quarter; the tech-heavy index did so for the first time in three years. That being said, worries over the need for further diversity in investor holdings have been highlighted by the Dow’s quarterly fall.
- Following the agreement by Boeing (NYSE: BA) to repurchase the fuselage supplier for $4.7 billion in shares, Spirit AeroSystems (NYSE: SPR) saw a 3.4% increase in value. Boeing’s shares increased 3%.
- Chewy (NYSE: CHWY) slumped 6.1%, erasing significant early gains, after stock influencer Keith Gill, commonly known as “Roaring Kitty”, reported a 6.6% investment in the pet supplies company.
- On the NYSE, declining issues outnumbered advancing ones by a ratio of 2.19 to 1, while on the Nasdaq, the ratio was 1.72 to 1.
- While the Nasdaq registered 31 new highs and 92 new lows, the S&P index posted nine new 52-week highs and three new lows.
BA: Is this enduring leader taking on fresh difficulties?
Many investors are hesitant to increase their stock investments in 2024 due to the increasing values. Opportunities in the stock market are always there, but it seems harder to discover them today than it was a year ago. Not sure what to buy next? A great place to start looking for fresh, high-potential prospects is the portfolios that have performed the best this year. The six model portfolios known as Investing.com’s ProPicks are designed to help investors find the best stocks to purchase at this time. For instance, this year alone, ProPicks discovered 9 undervalued stocks that increased by more than 25%. In the next years, the new stocks that made the monthly cut might provide significant profits. Is BA among them?
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