Dow Cautious at All-Time High, Market Holding Its Breath
Good morning, traders. Happy Tuesday. The market is pulled back slightly this morning. The Dow Jones is trading flat after hitting an all-time closing high Monday. Investors are holding their breath before this week's Nvidia earnings Wednesday and macroeconomic data.
My name is Kevin Travers; here are stories moving on the U.S. stock market today.
$Paramount Global-B (PARA.US)$ fell 5%, the lowest decliner on the S&P 500 after potential buyer Edgar Bronfman JR. dropped his bid to buy the firm's parent company, National Amusements. National Amusements became up for sale after Skydance Media, the production house behind Mission Impossible and Top Gun 2, said they were interested. However, the board reviewed an alternative $6B proposal from Bronfman. The NYT reported Monday that Brofman was struggling to finance a deal, and it fell apart. According to MarketWatch, Skydance will likely buy National Amusements and merge with Paramount.
Insulet $Insulet (PODD.US)$ climbed 7%, the highest advancer on the S&P 500 after the firm said late Monday that the US Food and Drug Administration has cleared its Omnipod 5 automated insulin delivery system for adults with type 2 diabetes.
Drug manufacturers as an industry tracked by moomoo were higher following news that $Eli Lilly and Co (LLY.US)$ will make Zepbound obesity treatments available to more customers at half the price of alternative treatments. $Hims & Hers Health (HIMS.US)$, a generic drug seller fell nearly 5%. lower.
$Crude Oil Futures(OCT4) (CLmain.US)$ fell 1.6%, $Bitcoin (BTC.CC)$ hovered near $61k, Gold pulled back from its high. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ fell and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
The market fell Tuesday morning after the Dow Jones industrial average closed at a record high Monday. It is a low volume and news day, as the market awaits $NVIDIA (NVDA.US)$ earnings Wednesday night, the PCE report on Friday, and a long holiday weekend to celebrate or despair over the results of those two events.
Just past 11 am ET the $S&P 500 Index (.SPX.US)$ climbed 0.21%, the $Dow Jones Industrial Average (.DJI.US)$ traded flat, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.26%.
Federal Reserve President Jerome Powell said everything short of 'we are cutting rates in September' at the Jackson Hole, WY Economic Symposium Friday. The market reacted positively, every sector on the S&P 500 was in the green Friday after the Fed news, but since reaching a hairs length of records, prices have stayed put in the past two trading sessions.
Powell did not specify the timeline of these rate cuts, but he said he was confident the economy was on the way to 2% inflation. "The time has come to adjust, and the direction is clear," Powell said.
Wednesday's FOMC meeting minutes from July paint a short time frame. Members reportedly were ready to cut rates in September if everything stayed the same; some even wanted to cut rates then.
This week in macro, investors can look forward to more macroeconomic data that might inform how the FOMC will decide on rate cuts to come. CB Consumer Confidence came out Tuesday morning, showing a jump in expectations. Crude Oil Inventories and a speech from FOMC member Bostic will arrive Wednesday; Continuing and Initial Jobless claims will drop Thursday alongside updated GDP numbers for the second quarter.
Friday, we will see the release of the Person Consumption Expenditure index for July, the Fed's favorite inflation measure. Last time, the PCE came in at 2.6% year over year, the lowest since 2021. Michigan consumer expectations and confidence will also drop Friday.
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Yesterday, users were screaming and yelling about the election: things are heating up. When not arguing about which candidate is worse, users watched Oil demand and tech companies like fan favorite $NVIDIA (NVDA.US)$.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
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Stock_Drift : $PDD Holdings (PDD.US)$ oof!!
john song : ok
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