S&P 500 Climbs, Market Declines | Herd on Wall Street
Morning mooers! It is Tuesday, June 25th. The market is open and declining while indexes are mixed, my name is Kevin Travers, I'll share some videos this week from my trip alongside stories from the herd on Wall Street today.
$Carnival (CCL.US)$ was up by nearly 5% Tuesday after the cruise operator swung to a second-quarter profit on wider margins as it benefitted from higher prices. Wall Street analysts had expected a loss. The stock was the highest gainer on the S&P 500, followed by $Norwegian Cruise (NCLH.US)$ and other cruise lines enjoying easy trading waters on the good news.
$Pool Corp (POOL.US)$ was the lowest decliner on the S&P 500, down 7% after lowering its full-year 2024 guidance after the market closed Monday. The firm said fewer consumers were going to buy pools due to the "macroeconomic environment."
$NVIDIA (NVDA.US)$ climbed back 3% or s after its worst day in weeks Monday, pulling the Nasdaq higher.
Investors can watch for a few final earnings calls this week, with $FedEx (FDX.US)$ today after the market close, $BlackBerry (BB.US)$ Wednesday, and $Nike (NKE.US)$ on Thursday.
Within Industries tracked by moomoo, Cruise lines climbed on the Carnival news. Consumer Building supply companies, like $Home Depot (HD.US)$ fell alongside Pool Corp. on fears that consumer home improvement will stall.
Gold fell 0.31%, Silver pulled back 1.23%, and Oil futures fell 0.21% after climbing to an eight-week high on Monday. Traders watched developments in the Middle East and signs of increasing energy demand, according to Bloomberg, and commodity prices fell as the US dollar climbed Tuesday.
Meanwhile, Bitcoin reversed its fall, advancing back over $60k by 3%.
Indexes were mixed for a second session Tuesday, as the $Nasdaq Composite Index (.IXIC.US)$ climbed alongside $NVIDIA (NVDA.US)$ after a pullback to start the week. Just past 11 am EST, the index advanced 0.79%, while the $S&P 500 Index (.SPX.US)$ climbed 0.19%, and the $Dow Jones Industrial Average (.DJI.US)$ fell 0.48%.
The market was declining overall, with 4000 equities climbing while 6200 fell.
In macroeconomics, Federal Reserve Bank of Chicago President Austan Goolsbee gave a dovish stance for rate cuts Monday. In an interview on CNBC, Goolsbee said there are new signs of stress on the economy that should make the U.S. central bank examine its rate stance.
"There are a couple of warning signs," Goolsbee said, including "What seems to be a cooling of consumer spending." He also pointed to a rise in jobless claims and a spike in consumer delinquencies on credit-card debt.
San Francisco Federal Reserve President Mary Daly also spoke, and said she sees more work for higher interest rates to do to reduce demand and control inflation in the U.S. economy.
INvestrs will watch for the final GDP data for the first quarter on Thursday, expected at 3.1%, and PCE inflation data on Friday, expected at 2.6% compared to last month's 2.7%.
Yesterday, users were furious with me for providing free market updates at lightning speed, but I feel they were really just mad because Nvidia was falling, and only one said they were watching puts!
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
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StrykerAce : Here in az, getting a pool installed is still a two year wait for most companies… and they ain’t cheap! Our last house, the pool cost roughly 37k installed. Same pool today is double and they won’t even give an absolute quote or date for completion
Kevin Travers OP StrykerAce : It sounds like if the wait is so long than demand is high? Maybe we are missing something
魔群月光 : Every time you start with “morning mooers” it’s translated as “早起的傻瓜” meaning “morning idiots”
Kevin Travers OP 魔群月光 : HAHA Oh no
iamiam : Oh my, how horrible is that translation
that may explain the unnecessary anger towards you
but that was the funniest thing I've read in a while
SanjBot :
Kevin Travers OP SanjBot : Ayooo!! best gin and tonic I have ever had on that boat!!!
Great pics
Kevin Travers OP iamiam : hahah must be, I'll have to think about changing that line....