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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Business

Tech-driven Nasdaq rises; Dow falls.

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image credit: nasdaq

The Dow fell as retailers dragged and investors waited for critical inflation data this week, while the Nasdaq rose 1.3% on Tuesday, led by Nvidia and other tech firms.
After a three-session sell-off, Nvidia rose 6.8%, and the Philadelphia Semiconductor index rose 1.8%.
Chips helped the S&P 500 technology index recover from a three-day slide, while Alphabet, up 2.7%, and Meta Platforms, up 2.3%, helped the communication services index.

The rest of the S&P 500’s 11 major industry sectors were worse on Tuesday than the day before, when energy and utilities were the biggest gainers.
“Seeing the tech stocks perking up has been a key driver” for Tuesday’s market, said John Hancock Investment Management co-chief investment strategist Emily Roland. After many days of weakness, “investors that have scooped up some of those names today were looking for a better entry point.”

The Conference Board’s survey showed U.S. consumer sentiment dropping somewhat in June amid economic fears, which may have favored megacaps. Its consumer confidence index dipped to 100.4 from 101.3 in May after being revised down.
“In an environment where economic growth is potentially decelerating, which we’re seeing signs of, that would tend to benefit higher-quality stocks that have less sensitivity to the economic cycle,” he added.
Dow Jones Industrial Average declined 299.05 points, or 0.76%, to 39,112.16, S&P 500 gained 21.43 points, or 0.39%, to 5,469.30, and Nasdaq Composite gained 220.84 points, or 1.26%, to 17,717.65.
As the Dow fell from its one-month high on Monday, Home Depot which was its biggest loser, falling 3.6%.
Walmart slumped 2.2% after its CFO called the second quarter the “most challenging quarter” at the NYSE 2024 European Investor Conference in London.

The Dow Jones Transport Average fell 0.8% after losing 1.6% earlier in the day following three straight advances. After an analyst lowered the price target and the National Transportation Safety Board suggested safety reforms after a derailment last year, Norfolk Southern was its second-biggest decliner.
After losing 0.05% in the regular session, FedEx that rebounded 15% after the bell when it anticipated 2025 profit beyond analysts’ projections. Even though parcel delivery demand is weak, it expects cost reductions to boost margins.
This week’s most anticipated economic data is Friday’s consumption expenditures  price index, the Fed’s favored inflation gauge.
Spirit Aero Systems shares slumped 3.96% to $31.76 after a media report on Monday stated Boeing sought to buy the airplane fuselage maker in a primarily stock transaction valuing its key supplier at $35 per share. Boeing shares declined 2.2%.
Carnival Corp rose 8.7% after upgrading its annual profit prediction for the second time this year.
Declining issues outnumbered advancers 1.62-to-1 on the NYSE, which had 122 new highs and 87 new lows.
1,681 Nasdaq stocks climbed, and 2,589 fell as decliners outweighed advancers 1.54-to-1.
S&P 500 had 20 52-week highs and four lows; Nasdaq Composite had 45 highs and 178 lows.
U.S. exchanges traded 10.01 billion shares, compared to 11.90 billion in the prior 20 sessions.

 


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