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News Junction > Blog > World News > Stock market today: Live updates
Stock market today: Live updates
World News

Stock market today: Live updates

Published July 16, 2024
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Stock trader Peter Tuchman, left, works on the floor of the New York Stock Exchange.

Spencer Platt | Getty Images

The Dow Jones Industrial Average advanced to new highs on Tuesday, as the bull market broadened out beyond technology names on hopes of forthcoming interest rate cuts.

The Dow surged by 588 points, or 1.45%, hitting a new intraday record. The small cap-focused Russell 2000 rose 2.3% and was on track for its fifth straight day of gains. The S&P 500 added 0.2%, while the Nasdaq Composite shed 0.3% as technology shares, the big winners so far in the 2024 rally, sat out Tuesday’s gains out.

Stock Chart IconStock chart icon

The Dow, 1-day

Industrial bellwether Caterpillar soared 3.6%, making it the second-biggest gainer in the Dow besides insurer UnitedHealth, which reported better-than-expected second-quarter results. Financials — another trailing bull market group — gained after earnings from Bank of America and Morgan Stanley came in ahead of analyst forecasts. Bank of America gained 5% and Morgan Stanley jumped nearly 3%.

The rotation from mega-cap technology shares into small-cap and cyclical stocks began a week ago when June’s consumer price index showed the lowest inflation in three years, seemingly indicating the Fed was able to cut inflation to near its target without causing a recession.

Traders now see 100% odds the Fed will cuts rates in September, according to the CME FedWatch tool. A rate cut is seen as boosting small caps and industrials more reliant on borrowing costs than cash-rich mega-cap technology stocks that have been riding a wave of optimism around artificial intelligence.

In the last one week alone, the Russell 2000 has surged more than 10%, while the blue-chip Dow has gained more than 3%. The Nasdaq is lower over the same period.

Stock Chart IconStock chart icon
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Russell 2000, 5 days

Notably, AI darling Nvidia and software giant Microsoft each dropped more than 1% on Tuesday, adding to their losses in the past one week as the rest of the market has taken off.

“There’s a lot of momentum behind this rotation trade from from big-cap tech into small caps and into the average stock,” said Ross Mayfield, investment strategist at Baird. “It’s a rotation, but it’s much more about the upside in the more cyclical sectors in the market than a referendum on AI’s long-term potential.”

Retail sales data out Tuesday further validated investors’ belief that the Fed had achieved a so-called soft landing with the economy. June sales were unchanged, versus expectations for a decline. Excluding autos, Junes sales rose 0.4%, a larger gain than the 0.1% consensus forecast collected by Dow Jones.

This data “should be positive for markets,” said Quincy Krosby, chief global strategist at LPL Financial. “Investors prefer the launch of a Fed easing cycle to begin with a still solid economic backdrop.”

#Stock #market #today #Live #updates

TAGGED:Bank of America CorpBreaking News: Marketsbusiness newsCharles Schwab CorpDonald TrumpDow Jones Fut (Mar'23)Dow Jones Industrial AverageEconomic eventsiShares Russell 2000 ETFLivemarketMarketsMeta Platforms IncMicrosoft CorpMorgan StanleyNASDAQ 100 Fut (Mar'23)NASDAQ CompositeNetflix IncNVIDIA CorpRussell 2000 IndexS&P 500 Fut (Mar'23)S&P 500 IndexStockStock marketsTesla InctodayUnited StatesUnitedHealth Group Incupdates
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