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Stock Market Update: Riding the Trend to New Heights
As I reflect on Monday's trading session, it's clear that Wall Street's winning streak continues. The S&P 500 futures barely budged, while the Nasdaq 100 futures dipped slightly. The Dow Jones Industrial Average futures, however, registered a more substantial increase of 0.15%. This follows a day of robust gains, with the S&P 500 surging by almost 0.8%, the Nasdaq Composite recording a gain of nearly 1%, and the Dow Jones Industrial Average advancing about 0.5%. All three indexes reached new all-time highs during the session and closed at records.
Sam Stovall, CFRA Research's chief investment strategist, aptly captured the investor sentiment: "I'm riding the trend until it ends. I don't see anything at present that will halt this upward trend."
Technology stocks led the charge, with the tech-heavy Nasdaq outperforming and contributing significantly to the broader S&P 500's rise. $BRCM surged more than 5%, while $AAPL gained around 2%. $NVDA touched an all-time intraday high as State Street predicted that the chipmaker would likely secure a weighting of over 20% in the rebalancing of its popular tech-focused exchange-traded fund. Although $NVDA reversed course, ending the day with a loss of 0.7%, shares are still up by an impressive 165% year-to-date.
Looking forward, I will keenly monitor retail sales data for May, due for release on Tuesday morning, for clues about the consumer's health. Economists, as polled by Dow Jones, anticipate a growth rate of 0.2% compared to April. Additionally, other economic reports on industrial production and business inventories are anticipated in the morning. Several Federal Reserve officials, including Boston Fed President Susan Collins and Richmond Fed President Tom Barkin, are scheduled to speak at various events across the country throughout the day.
Original Article: https://www.cnbc.com/2024/06/17/stock-market-today-live-updates.html
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