S&P 500 Hits 5500 Milestone; Nasdaq and Dow Surge S&P 500 Hits 5500 Milestone; Nasdaq and Dow Surge

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By Ronald Tech

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.

Closing Indexes Summary July 2
NYSE and Nasdaq Stats July 2

5 Key Updates for Today

  1. FDA endorsement for Eli Lilly’s (LLY) Alzheimer’s drug donanemab.
  2. The FTC’s veto on Tempur Sealy’s (TPR) proposed $4 billion acquisition of Mattress Firm due to competition concerns.
  3. Downgrades impacting 2 construction stocks due to risk/reward evaluations.
  4. Glimpses into the ongoing merger and acquisition speculations lifting the stock of a prominent streaming service.
  5. A review of the S&P 500 halfway through 2024.

No significant earnings reported today

Unusual Options Activity July 2

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%.

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