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Stock Market News for Jun 20, 2024

U.S. stocks ended higher on Tuesday, with the S&P 500 and Nasdaq, closing at new record highs, as NVIDIA continued its surge to new heights. All three major indexes ended in positive territory.

How Did The Benchmarks Perform?

The Dow Jones Industrial Average (DJI) gained 0.2% or 56.76 points to close at 38,834.86 points.

The S&P 500 climbed 0.3% or 13.80 points, to end at 5,487.03 points, registering its 31st record close so far in 2024. Financial and real estate stocks were the biggest gainers.

The Financials Select Sector SPDR (XLF) gained 0.7%, while the Real Estate Select Sector SPDR (XLRE) added 0.4%. The Industrials Select Sector SPDR (XLI) advanced 0.5%. Eight of the 11 sectors of the benchmark index ended in positive territory.


The tech-heavy Nasdaq rose less than 0.1% to finish at 17,862.23 points, recording a seven-day winning streak.

The fear-gauge CBOE Volatility Index (VIX) was down 3.53% to 12.30. Advancers outnumbered decliners on the NYSE by a 1.79-to-1 ratio. A total of 10.96 billion shares were traded on Tuesday, lower than the last 20-session average of 11.79 billion.

NVIDIA Becomes Most Valuable Company, Retail Sales Slows

Wall Street remained mostly quiet on Tuesday ahead of the Juneteenth holiday and swung between minor gains and losses after retail sales data for May showed that consumers have been spending cautiously amid high inflation and high interest rates.

Retail Sales rose a meager 0.1% in May, lower than the consensus estimate of a rise of 0.3%. This follows a 0.2% decline in retail sales in April. Year over year, retail sales rose 2.3%.

However, the S&P 500 and Nasdaq continued their climb on Tuesday, driven by a surge in NVIDIA Corporation (NVDA) stock as the company overtook Microsoft Corporation (MSFT) as the most valuable public company in the United States. NVIDIA’s shares jumped 3.5% on Tuesday. NVIDIA Corporation has a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

The company’s shares have gained 174% year to date, driven by the enthusiasm surrounding artificial intelligence. Shares of several semiconductor companies jumped on NVIDIA’s rally. Shares of QUALCOMM Incorporated (QCOM) and Taiwan Semiconductor Manufacturing Company Limited (TSM) gained 2.2% and 1.4%, respectively.

Economic Data

In other economic data released on Tuesday, industrial production surprisingly came in stronger than expected. Industrial production rose 0.9% in May, more than triple the consensus estimate and the highest gain in 10 months. Capacity utilization increased to 78.7% in May from 78.2% in April.

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