Stock Market Update: S&P 500 Briefly Tops 5,500, Dow Jones Soars
As I monitored the stock market on Thursday, I witnessed a historic moment: the S&P 500 briefly surpassed the symbolic 5,500 threshold for the first time. This milestone was accompanied by mixed performances from the major indices.
S&P 500 futures hovered near the zero mark, recording a subtle 0.03% uptick. Dow Jones Industrial Average futures inched up by 3 points, or 0.01%, while the Nasdaq 100 index advanced 0.1%. In the regular trading session, the S&P 500 closed 0.25% lower, having reached a peak of $5,505.53 during the day, marking a 0.34% increase. The Nasdaq Composite experienced a 0.79% decline, having touched an all-time high earlier in the day. The 30-stock Dow, however, bucked the trend, registering a 0.77% rise, or nearly 300 points, for its best performance this month.
Nvidia, the leading tech stock, shed 3.5% on Thursday, contributing to the information technology sector's 1.6% decline. Despite this, Nvidia remains an impressive year-to-date performer, with a gain of over 160%. Briefly surpassing Microsoft to become the most valuable public company on Tuesday, Nvidia showcased the meteoric rise of the artificial intelligence-driven market.
Despite emerging indicators of an overextended market, it remains uncertain whether the market has reached its limit in this AI-fueled rally. Jamie Cox, managing partner at Harris Financial Group, commented, "The good news is, reality does not mean markets crashing or experiencing significant drawdowns. Instead, it's more about a rebalancing of the field, as the valuations of those companies have strayed quite far from the average stock."
As of Thursday's close, all three major averages are on course for weekly gains. The S&P 500 is projected to record a roughly 0.8% advance, while the Nasdaq is up 0.2%. The Dow is the standout performer, boasting a 1.4% rise week to date.
On the economic data front, investors will be monitoring manufacturing and services Purchasing Managers' Index readings for June, as well as existing home sales data for May, set for release on Friday.
In corporate earnings news, CarMax is scheduled to report its quarterly results on Friday morning.
Original Article: https://www.cnbc.com/2024/06/20/stock-market-today-live-updates.html
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