Market Review 1st July 2024
Simplify the craziness
DAILY REVIEW
N
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
Stocks were higher Monday with the Nasdaq Composite closing at a record, as Wall Street looked to maintain the strong momentum seen in the first half of 2024.
The tech-heavy Nasdaq advanced 0.83% to end at 17,879.30, a closing high for the index. The S&P 500 added 0.27%, closing at 5,475.09. The Dow Jones Industrial Average ticked higher by 50.66 points, or 0.13%, to close at 39,169.52.
Technology giant Microsoft added 2.2%, while Apple jumped 2.9%. Artificial intelligence darling Nvidia advanced 0.6%. The tech sector rose 1.3% in July’s first trading session.
S&P, Nasdaq & VIX Market Summary
Nasdaq Composite closed at a record high of 17,879.30, up 0.83%.
S&P 500 added 0.27%, ending at 5,475.09.
Dow Jones Industrial Average increased by 50.66 points (0.13%), closing at 39,169.52.
Technology Sector rose by 1.3% with significant gains in Microsoft (+2.2%), Apple (+2.9%), and Nvidia (+0.6%).
Volatility Index (VIX) remained stable around 15.5, reflecting lower market fear.
Current & Upcoming Fed News/Economic Data
U.S. Nonfarm Jobs Report: June data expected to show 190,000 new jobs, down from 272,000 in May. Unemployment rate forecast to remain steady at 4.0%.
Labor-Force Participation Rate: Expected to increase from 62.5% to 62.6%.
Average Hourly Earnings: Anticipated to cool from 4.1% to 3.9% year-over-year.
Federal Reserve Meeting: Scheduled for July 31, with markets expecting the Fed to hold rates at 5.25%-5.5%. CME FedWatch predicts two rate cuts in 2024, possibly in September and December.
US Bonds and Treasury Yields
10-Year Treasury Yield: Climbed nearly 13 basis points to 4.471%.
2-Year Treasury Yield: Increased by 4 basis points to 4.762%.
Futures, Crude Oil, Gold, & Other Commodities
Crude Oil (WTI): Rose by 2.1% to $76.22 per barrel amid supply concerns.
Gold: Decreased by 0.4% to $1,923 per ounce, influenced by rising bond yields.
Natural Gas: Increased by 3.5% to $3.45 per MMBtu due to hotter weather forecasts.
Copper: Gained 1.2% to $4.22 per pound, supported by stronger demand from China.
Notable Earnings & Big Movers
Nike (NKE): Reported earnings beating expectations with $1.17 per share. Stock surged 3.8%.
Amazon (AMZN): Posted robust sales growth, pushing shares up 2.5%.
Chewy (CHWY): Plunged 6% after meme trader Roaring Kitty acquired a significant stake.
MongoDB (MDB): Rose 5.4% but remains below key moving averages.
Carnival (CCL): Fell 5.4% due to Hurricane Beryl impacts.
Royal Caribbean (RCL): Dropped 1.9% under similar pressure.
Boeing (BA): Rose 2% after finalizing a $4.7 billion all-stock deal to acquire Spirit AeroSystems (SPR).
Tesla (TSLA): Surged 6% on AI news and Wells Fargo’s tactical list addition.
Merck (MRK): Best performer on the Dow Jones, rising nearly 4%.
Caterpillar (CAT): Lagged, falling more than 2%.
Crypto: Bitcoin, Ethereum, and Other Coins
Bitcoin (BTC): Skyrocketed to $62,970, reflecting strong market confidence and institutional interest.
Ethereum (ETH): Climbed to $3,350, benefiting from continued adoption and DeFi growth.
Ripple (XRP): Rose by 4% to $0.72 following positive developments in its ongoing legal battles.
Cardano (ADA): Increased by 2.8% to $0.39, driven by advancements in its blockchain technology.
Solana (SOL): Jumped 3.5% to $25.30, supported by rising popularity in the NFT space.
GameStop (GME): Dropped nearly 7%, continuing its volatile trend.
Chewy (CHWY): Initially rose on news of Roaring Kitty’s stake but reversed to a 6% loss, closing below the 10-day moving average.
AMC Entertainment (AMC): Remained flat amid overall market movements.
References
CNBC Market Summary
Federal Reserve Meeting Expectations
U.S. Treasury Yields
Commodity Prices
Earnings Reports
