Market Review 10th July 2024

Simplify the craziness

DAILY REVIEW

3 min read

INDEX:

S&P, Nasdaq & VIX Market Summary
Current & Upcoming Fed News/Economic Data
US Bonds and Treasury Yields
Futures, Crude Oil, Gold, & Other Commodities
Crypto: Bitcoin, Ethereum, and Alt Coins
Notable Earnings

Financial Market Summary - July 10, 2024

1. S&P, Nasdaq & VIX Market Summary

The S&P 500 climbed Wednesday to a fresh record, breaking above 5,600 for the first time, as a sharp rise in semiconductor stocks led the market higher. The broad market index jumped 1.02%, closing at 5,633.91, and notching a seventh straight day of gains. The Nasdaq Composite advanced 1.18%, also hitting an all-time high and ending at 18,647.45. It was the 37th record close in 2024 for the S&P 500, and the 27th for the tech-heavy Nasdaq. The Dow Jones Industrial Average added 429.39 points, or 1.09%, to close at 39,721.36.

2. Current & Upcoming Fed News/Economic Data

Investors await fresh inflation figures on Thursday with the release of the June consumer price index report. The data follows comments from Federal Reserve Chair Jerome Powell on Tuesday and Wednesday that have fueled investor hopes for a rate cut in the second half of the year. Economists polled by Dow Jones expect a 0.1% month-over-month advance and a 3.1% year-on-year gain. Core CPI, which excludes energy and food prices, is forecast to have expanded 0.2% from the prior month and 3.4% from a year earlier. The producer price index is set for release on Friday.

3. US Bonds and Treasury Yields

Bond yields were lower, with the 10-year U.S. Treasury yield near 4.28%. This movement in yields reflects the market's anticipation of the upcoming inflation data and potential Federal Reserve rate cuts later this year.

4. Futures, Crude Oil, Gold, & Other Commodities

In the commodity space, WTI oil traded higher, reflecting supply concerns amid geopolitical tensions. Gold prices also saw an uptick as investors looked for safe-haven assets ahead of key economic data releases.

5. Notable Earnings and Big Movers based on Percentages

Nvidia (NVDA): The AI darling climbed 2.7%.
Tesla (TSLA): Shares gained 1.6% amid optimism about the company's latest quarterly deliveries report.
AMD: Advanced Micro Devices shares rose 1.3% following positive analyst ratings.
Rivian (RIVN): Shares surged 4.5% after the electric vehicle maker reported higher-than-expected production numbers.
NIO: The Chinese EV maker saw its stock increase by 3.1% following news of a potential partnership with a major tech company.
Intel (INTC): Shares gained 0.9% on news of advancements in their AI chip technology.
Palantir (PLTR): The data analytics company’s stock rose 2.4% after securing a new government contract.
Sirius XM (SIRI): Shares fell 1.1% after a downgrade by a major brokerage firm.
Ford (F): The automaker's stock increased by 2.2% after announcing robust sales figures for the quarter.
American Airlines (AAL): Shares climbed 1.5% following a strong earnings report.
Amazon (AMZN): The e-commerce giant's stock rose 1.7% on news of expanded Prime services.
Marathon Digital Holdings (MARA): Shares jumped 5.3% as Bitcoin prices rallied.

6. Crypto Bitcoin, Eth and other coins

Cryptocurrencies experienced mixed performance, with Bitcoin trading around $30,000 and Ethereum holding steady near $1,800. Market sentiment remains cautious ahead of regulatory updates and economic data releases.

Detailed References

CNBC. "S&P 500 closes above 5,600 for the first time, lifted by gains in Big Tech: Live updates." CNBC
Dow Jones Economic Poll. "Inflation expectations and economic data forecast." Dow Jones
Bloomberg. "Alphabet's shelved efforts to buy HubSpot and market implications." Bloomberg
Federal Reserve Chair Jerome Powell's Testimony. Federal Reserve
Reuters. "Electric vehicle makers' production and sales reports." Reuters
MarketWatch. "Tech stocks' performance and analyst ratings." MarketWatch