#StockMarket #EarningsReport #InvestmentTrends
Market Open: July 15, 2024
As I look ahead to the market open on July 15, 2024, I'm excited to share the latest updates with you. U.S. stock futures were slightly higher on Monday after the Dow Jones Industrial Average closed at a record high. Futures linked to the $DJI rose by 42 points, or 0.1%. The $SPX and $NQ futures respectively climbed 0.2% and 0.3%.
Earlier in the day, the Dow advanced 0.53% to a record close. The 30-stock index also hit an all-time high during the session. The $SPX added 0.28%, while the $COMP gained 0.4%.
Investors are betting that the unsuccessful assassination attempt on former President Donald Trump will be a tailwind for the Republican presidential candidate and his party in November's election. A victory for the GOP at the polls could pave the way for favorable tax and fiscal policies for investors.
The market also continued its rotation into small-cap stocks, with the Russell 2000 rising 1.8% during Monday's session. Tom Lee, the head of research at Fundstrat Global Advisors, thinks that last week's big gains for the small-cap index marks just the beginning of a longer rotation. The Russell 2000 posted a 6% gain last week.
Lee said that small-cap stocks look comparatively more oversold, with valuations even lower this time around. 'That rally that started last week for small caps is going to be larger than the October to December rally of last year that was over eight weeks and almost a 30% gain for the Russell 2000,' he said on CNBC's 'Closing Bell: Overtime.'
Lee added that the monthly decline in June's consumer price index reading is giving small-cap stocks 'the green light' to rally. 'We think that this move could be something like 10 weeks and as much as 40%,' he noted.
Bank of America, Morgan Stanley, UnitedHealth, and Charles Schwab are set to report earnings Tuesday before the bell. Traders will also watch for the latest economic data, which includes June's retail sales, export and import price indexes, and May's business inventories.
Original Article: https://www.cnbc.com/2024/07/15/stock-market-today-live-updates.html
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