Stock Market Today: Dow, S&P 500, Nasdaq Set to Open Up; Nvidia, Tesla, Paramount, More Movers; Fed Rate Cut Hope; Treasury Yields; Trading Hours Today

Bond yields pulled back after the latest wave of economic data came in mostly cooler than expected.

All U.S. markets will be shuttered on Thursday in observance of the Fourth of July, before resuming their normal hours on Friday when the Labor Department will release the June employment report.

The S&P 500 and Nasdaq Composite wrapped up the holiday-shortened session at record closing levels.

The Dow Jones Industrial Average fell about 26 points, or 0.1%. The S&P 500 gained 0.5%, while the Nasdaq Composite rose 0.9%. The S&P and Nasdaq marked their 33rd and 23rd record closes of the year, respectively.

Bond yields pulled back after the latest wave of economic data came in mostly cooler than expected.

“With a broader series of weaker than expected data releases, markets will soon expect the Fed to take keen notice and begin to introduce language commensurate with its dual mandate, but with a renewed focus on its maximum employment directive,” writes Quincy Krosby, chief global strategist for LPL Financial.

The U.S. exchanges will reopen on Friday after the Independence Day holiday, the same day the Labor Department will release the June jobs report. A cool report could send bond yields lower again if it increases the odds of a September interest-rate cut.

The S&P 500’s median performance is a gain of 0.092% on July 5 going back to 1954, according to Bespoke Investment Group’s Paul Hickey. It’s had positive returns 58% of the time. But Friday’s after July 4 are a different animal.

“This July 5th is also a Friday, and Fridays after a holiday are notoriously illiquid given the proclivity to extend the weekend to four days,” Hickey writes. “Illustrating the potential illiquidity of these days, the largest daily decline and gain both occurred on July 5th Fridays.”

He says the worst was in 1996 when the S&P 500 was up 10% heading into the fourth of July but fell 2.2% on Friday, July 5. This time around, the S&P 500 is up 16% year-to-date entering the break.

“Whatever the direction of the market this Friday, a lot will depend on how the June Employment report shakes out,” Hickey writes. “Don’t forget about that!”

The Dow ticked lower as morning rolled on. An influential stock’s decline was the difference.

The blue-chip index was down 39 points, or 0.1%. It was lagging behind the S&P 500 most of the morning. The S&P was up 0.3%, and the Nasdaq was up 0.5%.

Just over half of the Dow’s members were rising, but UnitedHealth stock weighed on the index. It was down 1.7%, shaving 54.1 points off the Dow. The Dow, unlike the S&P, weighs members based on stock prices rather than market caps. With a stock price of $489.72, UnitedHealth has the largest stock price in the Dow, followed by Goldman Sachs and Microsoft.

The stock market closes at 1 p.m. and won’t be back open until Friday due to Independence Day in the U.S. Expect things to stay slow.