Dow Hits Record High as Tech Stocks Await Nvidia Earnings
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U.S. equities ended the trading day with mixed results, reflecting cautious investor sentiment amid ongoing tech stock rotation and the anticipation of potential interest rate cuts by the Federal Reserve. $Dow Jones Industrial Average (.DJI.US)$ closed at a new record high of 41,250.50, up 0.02% (or 9 points). Meanwhile, both the $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ gained 0.2%.
Key Stock Movements
Key Stock Movements
• $Dow Jones Industrial Average (.DJI.US)$ Performers:
• $Nike (NKE.US)$: Rose 1.20% to $85.29.
• $Honeywell (HON.US)$: Gained 1.11% to $206.11.
• $Visa (V.US)$: Increased 0.94% to $270.72.
• $Nike (NKE.US)$: Rose 1.20% to $85.29.
• $Honeywell (HON.US)$: Gained 1.11% to $206.11.
• $Visa (V.US)$: Increased 0.94% to $270.72.
• $S&P 500 Index (.SPX.US)$ Highlights:
• Top Gainers:
• $ResMed (RMD.US)$: Rose 7.26% to $242.25.
• $Insulet (PODD.US)$: Gained 6.58% to $192.58.
• $Royal Caribbean (RCL.US)$: Climbed 4.30% to $169.02.
• Top Gainers:
• $ResMed (RMD.US)$: Rose 7.26% to $242.25.
• $Insulet (PODD.US)$: Gained 6.58% to $192.58.
• $Royal Caribbean (RCL.US)$: Climbed 4.30% to $169.02.
• Biggest Losers:
• $Walgreens Boots Alliance (WBA.US)$: Dropped 8.96% to $9.45.
• $Paramount Global-B (PARA.US)$: Fell 7.15% to $10.52.
• $Martin Marietta Materials (MLM.US)$: Decreased 4.58% to $518.57.
• $Walgreens Boots Alliance (WBA.US)$: Dropped 8.96% to $9.45.
• $Paramount Global-B (PARA.US)$: Fell 7.15% to $10.52.
• $Martin Marietta Materials (MLM.US)$: Decreased 4.58% to $518.57.
• $Nasdaq Composite Index (.IXIC.US)$ Highlights:
• Top Gainers:
• $VOXX International (VOXX.US)$: Skyrocketed 68.07% to $4.79.
• $Addex Therapeutics (ADXN.US)$: Surged 54.61% to $11.58.
• $Ensysce Biosciences (ENSC.US)$: Gained 49.17% to $0.64.
• $VOXX International (VOXX.US)$: Skyrocketed 68.07% to $4.79.
• $Addex Therapeutics (ADXN.US)$: Surged 54.61% to $11.58.
• $Ensysce Biosciences (ENSC.US)$: Gained 49.17% to $0.64.
• Biggest Losers:
• $COSCIENS Biopharma (CSCI.US)$: Declined 32.42% to $3.96.
• $Jiuzi (JZXN.US)$: Fell 28.83% to $1.58.
• $Invivyd (IVVD.US)$: Dropped 28.67% to $0.92.
Market Sentiment
Investors are closely watching the tech sector as they assess the potential longevity of the AI-fueled rally, with Nvidia’s earnings report due after the close on Wednesday serving as a critical gauge. Ahead of the earnings, there was a noticeable rotation out of tech stocks into more cyclical and value-oriented sectors like financials and consumer staples.
• $COSCIENS Biopharma (CSCI.US)$: Declined 32.42% to $3.96.
• $Jiuzi (JZXN.US)$: Fell 28.83% to $1.58.
• $Invivyd (IVVD.US)$: Dropped 28.67% to $0.92.
Market Sentiment
Investors are closely watching the tech sector as they assess the potential longevity of the AI-fueled rally, with Nvidia’s earnings report due after the close on Wednesday serving as a critical gauge. Ahead of the earnings, there was a noticeable rotation out of tech stocks into more cyclical and value-oriented sectors like financials and consumer staples.
The market’s cautious optimism is also influenced by expectations of a 25 basis point rate cut in September, bolstered by recent U.S. consumer confidence data reaching a six-month high. This optimism is tempered by concerns about the tech sector’s sustainability in the face of upcoming economic data releases, including jobless claims and the Q2 GDP revision.
Commodities
• Gold Futures: Increased by 0.18% to $2,559.90 per ounce.
• Crude Oil: Fell by 2.01% to $75.86 per barrel for October delivery.
• Brent Oil: Decreased by 1.74% to $78.96 per barrel for November delivery.
Commodities
• Gold Futures: Increased by 0.18% to $2,559.90 per ounce.
• Crude Oil: Fell by 2.01% to $75.86 per barrel for October delivery.
• Brent Oil: Decreased by 1.74% to $78.96 per barrel for November delivery.
Outlook
The U.S. market continues to display resilience, with the $Dow Jones Industrial Average (.DJI.US)$ leading the way to new record highs. However, the tech sector’s volatility, coupled with the Fed’s upcoming decisions, could lead to short-term fluctuations. Investors will be keenly focused on Nvidia’s earnings and further economic data to gauge the market’s next direction.
The U.S. market continues to display resilience, with the $Dow Jones Industrial Average (.DJI.US)$ leading the way to new record highs. However, the tech sector’s volatility, coupled with the Fed’s upcoming decisions, could lead to short-term fluctuations. Investors will be keenly focused on Nvidia’s earnings and further economic data to gauge the market’s next direction.
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