S&P 500, Nasdaq Composite and Dow Jones industrial Average All Rise as Wall Street Begins Second Half
Markets traded modestly higher Monday morning, with the $Dow Jones Industrial Average(.DJI.US$, $S&P 500 Index(.SPX.US$ and $Nasdaq Composite Index(.IXIC.US$ all advancing as Wall Street kicked off the second half of a year that's already been highly bullish.
The DJIA led the way higher, gaining 216.02 points (0.6%) to 39,334.88 shortly after 10 a.m. ET, while the S&P 500 added 10.05 ticks (0.2%) to 5,470.53. The Nasdaq brought up the rear, adding 13.94 points (0.1%) to 17,746.55.
The market is starting 2024's second half after notching strong gains in the year's first six months. For example, the S&P 500 added 14.5% during the year’s first half, topping 5,500 for the first time on June 18.
The S&P 500 and the Nasdaq Composite have been drawing strength from tech darling $NVIDIA(NVDA.US$, although NVDA traded 3% lower shortly after 10 a.m. ET Monday at $119.86.
Other big Monday movers included $Chewy(CHWY.US$, which rose some 17% premarket before heading downward despite word that meme-stock influencer Keith McGill -- known as “Roaring Kitty” --- had taken a significant stake in the pet-goods retailer.
After rising some 10% in early trading, CHWY was down 4.2% at $26.10 shortly after 10 a.m. ET.
Macro
Investors will have a short week of trading this week, with markets closed Thursday for the U.S. Independence Day holiday.
However, trading will resume on Friday, with Wall Street likely to closely watch the U.S. government’s June employment report due out before the bell.
Wall Street will want to gauge how many jobs the U.S. economy created in June, with a weaker, less-inflationary number possibly pointing toward future Federal Reserve rate cuts.
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Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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