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Stock Market Surges: S&P 500 Closes Above 5,500 for the First Time
As I analyzed the stock market's performance on Tuesday, I noticed that stock futures in the United States hovered close to the unchanged mark, following the S&P 500's historic close above the 5,500 level for the first time. Futures linked to the $SPX slightly decreased by 0.1%, while $DJI and $NQ100 futures showed declines.
The real excitement came from Paramount Global shares, which surged nearly 7% in after-hours trading after reports indicated that Skydance Media has struck a preliminary deal to acquire National Amusements, the controlling shareholder of the entertainment giant.
During the primary trading session on Tuesday, the broad market index climbed by 0.62%, closing above 5,500 for the initial time. The $COMP achieved a record high, advancing by 0.84%, and the 30-stock $DJI increased by 0.41%.
However, as the S&P 500 continues its ascent, concerns are mounting within Wall Street regarding the sustainability of the narrow leadership of the surge. The uncertainty surrounding the timing of the Federal Reserve's commencement of rate cuts is also weighing on investors. Federal Reserve Chair Jerome Powell emphasized that although progress has been made in curbing inflation, the readiness to reduce rates is still pending.
Scott Chronert, Citi Research's U.S. equity strategy head, expressed concerns about a potential downturn in the upcoming months. He highlighted that the market might be overestimating growth expectations, posing challenges for companies to meet these projections amidst prevailing economic pressures.
A series of fresh economic indicators are set to be released on Wednesday, including ADP's private payrolls data for June, weekly jobless claims figures, the U.S. trade deficit balance for May, S&P Global U.S. Services Managers Index, and ISM Non-Manufacturing PM readings for June. Additionally, the minutes from the Federal Open Market Committee's June meeting will be disclosed in the afternoon.
Original Article: https://www.cnbc.com/2024/07/02/stock-market-today-live-updates.html
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