Market Review 24th June 2024

Simplify the craziness

DAILY REVIEW

2 min read

Stocks Ended Mixed: Stocks ended the day mixed after falling back at the end of last week.
- US equities (^GSPC, ^DJI, ^IXIC) were mixed on Monday morning.
- Awaiting key data: Consumer confidence, GDP, and initial jobless claims data.
- Personal Consumption Expenditures (PCE) data, the Fed's preferred inflation measure, is slated for release.
Nvidia’s Pullback:
- Nvidia fell 6.7%, adding to last week's 4% decline.
- The pullback is seen as a healthy rotation into other sectors such as banks and energy.
- Despite the drop, Nvidia shares are still up nearly 140% for the year.
Index Performances:
- Dow Jones Industrial Average: Climbed 260.88 points, or 0.67%, to close at 39,411.21.
- S&P 500: Fell 0.31% to 5,447.87.
- Nasdaq Composite: Declined 1.09% to 17,496.82, the worst day since April for the Nasdaq.
Sector Movements:
- Information technology was the biggest declining S&P 500 sector, falling over 2%.
- Energy advanced 2.7%.
- Financials and utilities were up roughly 1%.
- Dow members JPMorgan Chase gained 1.3%, while Goldman Sachs and Chevron climbed more than 2% each.

Upcoming Data Releases:
- Key data this week includes consumer confidence, GDP, initial jobless claims, and PCE data.
- The core PCE index, the Fed's preferred inflation measure, is due Friday.

Bond Yields:
- The yield on the benchmark 10-year Treasury note was at 4.251%.
- The two-year yield was at 4.738%.

Crude Oil:
- West Texas Intermediate crude for August delivery rose 90 cents, or 1.1%, to $81.63 a barrel.
- Brent crude for August added 77 cents, or 0.9%, to $86.01 a barrel.
Gold:
- Gold futures settled at $2,344.90 USD per ounce, up 0.02%.

Quarterly Results to Watch:
- Carnival Cruises (CCL)
- FedEx (FDX)
- Nike (NKE)
- Micron (MU)
- Levi's (LEVI)

Bitcoin:
- Bitcoin traded at about $60,200, down from its recent highs.
- It is down 11% in June but remains up 42% year-to-date.
- The recent decline was influenced by sales linked to the Mt. Gox exchange and the German government's reported sale of Bitcoin.
Other Cryptocurrencies:
- Ether, Binance coin, and Solana all fell 2.8% or more.