The trading day saw the Dow and Nasdaq soaring by triple digits, while the S&P 500 triumphantly closed above the 5,500 mark for the first time. Investors were ruminating on the recent remarks by Fed Chair Jerome Powell regarding inflation, which conveyed a message of progress without signaling an immediate rate cut. Amid this backdrop, Treasury yields experienced a cooling effect, coinciding with Nvidia (NVDA) taking a backseat as Apple (AAPL) scaled to a new pinnacle.
Discover more about today’s market highlights:
- Insights from analysts on 2 cloud-based software stocks.
- 3 solar stocks presenting intriguing prospects for your portfolio.
- The buzz surrounding construction stocks, a respite for a streaming giant, and a retrospective on the initial half of 2024.
5 Key Updates for Today
- FDA endorsement for Eli Lilly’s (LLY) Alzheimer’s drug donanemab.
- The FTC’s veto on Tempur Sealy’s (TPR) proposed $4 billion acquisition of Mattress Firm due to competition concerns.
- Downgrades impacting 2 construction stocks due to risk/reward evaluations.
- Glimpses into the ongoing merger and acquisition speculations lifting the stock of a prominent streaming service.
- A review of the S&P 500 halfway through 2024.
No significant earnings reported today
Oil Prices Dip Amid Impending Hurricane
Despite the forthcoming U.S. holiday and potential production disruptions due to Hurricane Beryl’s imminent arrival, oil prices saw a decline. August WTI crude slid by 57 cents, or 0.7%, to settle at $82.81 per barrel.
Powell’s inflation comments influenced a slight downturn in gold futures today, with investors keeping a close watch on the upcoming employment data releases. August gold was quoted at $2,335.30 an ounce, marking a minor decrease of 0.2%.