U.S. stocks were higher late Monday afternoon as the third quarter got underway amid questions about whether artificial intelligence-fueled gains and hopes for interest rate cuts can continue to sustain the broader market.
The Dow Jones Industrial Average and S&P 500 were both up 0.1%, while the Nasdaq Composite was up 0.6% The major indexes finished off the second quarter on a down note Friday.
Despite losing ground on Friday, the S&P 500 and Nasdaq gained about 4% and 8%, respectively, during the second quarter as big gains for big technology companies, including Nvidia (NVDA) and Apple (AAPL) powered the indexes. The Dow lost about 2% during the quarter.
Heading into the back half of the year, market watchers have expressed concerns about the S&P 500’s heavy concentration in tech and the possibility that chipmaker stocks, which have been the big winners so far this year, are overextended.
Six out of 11 sectors in the S&P 500 lost market value in the quarter, showcasing the technology sector’s dominance on the index, but also highlighting softness in other pockets of the market.
Boeing (BA) shares were nearly 3% higher Monday after announcing a long-awaited deal to reacquire parts supplier Spirit AeroSystems (SPR). Among other notable movers, Tesla (TSLA) shares were up 6% and Apple gained nearly 3%, while Advanced Micro Devices (AMD) dropped 3%.
Treasury yields were moving higher Monday, with the 10-Year at 4.48%, which is up from less than 4.3% as recently as Friday. Market participants are looking for clues on when the Federal Reserve might be in a position to consider interest rate cuts.
With the July 4th holiday coming later in the week, the economic data calendar is light. The big data release of the week will come Friday, with the monthly jobs report.
Tesla Shares Jump Ahead of Delivery Numbers
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Tesla (TSLA) shares gained Monday, lifted by optimism that the electric vehicle (EV) maker will post solid second-quarter delivery numbers tomorrow.
Chinese demand “is slowly turning around,” and a “mini rebound” occurred there for the company in the second quarter, according to Wedbush Securities analysts led by bull Dan Ives.
Visible Alpha’s current consensus is for just under 439,000 deliveries; the company reported nearly 387,000 for the first quarter.
Tesla’s shares were up more than 6% in late trading, but were still down 15% so far in 2024.
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GameStop Stock Slides
1 hr 37 min ago
Shares of GameStop (GME) fell more than 4% in intraday trading Monday as investors reacted to news about Keith Gill, the investor known as “Roaring Kitty” who was one of the key drivers of the meme-stock craze of late 2020 and early 2021.
Gill is facing a potential class-action lawsuit, filed late last week, over alleged manipulation of GameStop’s share price. Investors may also think Gill has moved on from the video-game retailer after news of his 6.6% stake in online pet store Chewy (CHWY).
Trump Media Rises as Stock Joins Pair or Russell Indexes
3 hr 7 min ago
Trump Media & Technology Group (DJT) shares rose in intraday trading Monday after the owner of the Truth Social platform has been added to the Russell 3000 and Russell 1000 indexes as part of their annual adjustments.
The media company of the former president will be a part of the indexes until the next annual rebalancing that takes place in June. This year’s adjustments were finalized after markets closed Friday and were effective Monday morning, with dozens of other companies also joining the indexes along with Trump Media.
The Russell 3000 tracks the largest companies that trade on U.S. stock exchanges by market capitalization, and is the basis for the smaller Russell 2000 and Russell 1000 indexes, which track the bottom two-thirds and top third of the larger index, respectively.
Trump media shares have experienced significant volatility since the company merged with Digital World Acquisition Corp. and became a public company in March.
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EV Makers Get Boost From Nio’s Record Deliveries
4 hr 36 min ago
Nio’s (NIO) shares jumped Monday after the Chinese electric vehicle maker reported a second-straight month of record deliveries. The news lifted shares of rival EV manufacturers.
Nio said it delivered 21,209 vehicles in June, a near-doubling from last June’s number and a record high.
Nio’s U.S.-listed American Depositary shares were recently up more than 5%. Those of Li Auto (LI) and XPeng (XPEV) also advanced as those EV firms also announced deliveries.
Shares of Tesla (TSLA) and Rivian Automotive (RIVN) were also higher. Rivian secured a multibillion-dollar investment from Volkswagen last week.
Key S&P 500 Levels to Watch
5 hr 46 min ago
The large-cap S&P 500 added 3.9% in the second quarter, driven by artificial intelligence (AI)-themed stocks, from chipmakers developing sophisticated processors that power the technology to utilities companies providing electricity for energy-hungry data centers that house AI infrastructure.
These are the key chart levels worth watching out for in the quarter ahead.
The index broke out to a new record high in mid-May and traded in a narrow channel for several weeks before continuing to trend higher throughout most of June.
More recently. several technical indicators point to slowing upward momentum. Firstly, a bearish engulfing pattern appeared on the chart Friday. This price formation indicates a shift in psychology among market participants and cautions of a potential reversal. Also, as the S&P 500 made a higher high last week, the relative strength index (RSI) made a lower high to create a technical divergence between the price and indicator, also suggesting a weakening of longer-term buying pressure.
The first level to monitor sits at 5,340, an area on the chart that may find support from a horizontal line that connects a series of price action between May and June. A move below this level could see the index revisit the key 5,250 region, where it would likely encounter buying interest near the 50-day moving average, which closely aligns with a horizontal trendline that has flipped from providing resistance to offering support. Finally, a more significant retracement could see a test of the prominent mid-April swing low at 4,954.
Premarket Trading Movers
7 hr 29 min ago
Gains:
- Chewy (CHWY): The online pet retailer is soaring 12% after Keith Gill, also known as “Roaring Kitty,” disclosed an ownership stake of about 6.5% of Chewy shares in an SEC filing. Gill’s posts on X, formerly Twitter, led followers to believe he had invested in Chewy or another pet-related company like Petco (WOOF).
- Spirit AeroSystems (SPR): Shares of the aerospace parts manufacturer are up 4.5% after Boeing (BA) announced a deal has been finalized to reacquire the company.
- Li Auto (LI): The Chinese electric vehicle maker rose 3% as it was one of a number of EV makers to report delivery and production numbers for June Monday morning.
Losses:
- GameStop (GME): Shares of the video game retailer sank more than 7% as markets reacted to Gill’s disclosure of his Chewy shares. Other meme stocks like AMC Entertainment (AMC) and Tupperware (TUP) also traded lower.
- Micron Technology (MU): Micron is down 0.8%, continuing a downward trend that has been ongoing since its disappointing earnings report last week affected its stock along with others in the tech world like Nvidia (NVDA).
Stocks Futures Higher to Kick Off Third Quarter
7 hr 48 min ago
Futures contracts connected to the Dow Jones Industrial Average were up 0.2%.
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S&P 500 futures were up 0.3%.
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Nasdaq 100 futures also gained 0.3%.
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