Yahoo Finance Stock Market News for Jun 26, 2024
U.S. stocks ended mixed on Tuesday, with the S&P 500 and Nasdaq breaking their three-day losing streak following a rebound in NVIDIA’s shares, while the Dow recorded its worst day in nearly a month. Investors also looked forward to key inflation data scheduled for release later this week.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) declined 0.8% or 299.05 points to close at 39,112.16 points, snapping its five-day winning streak and recording its worst day since May 30.
The S&P 500 rose 0.4% or 21.43 points, to finish at 5,469.30 points. Tech and communication services stocks were the biggest gainers but most of the other major sectors ended in the red.
The Technology Select Sector SPDR (XLK) jumped 1.8%. The Communication Services Select Sector SPDR (XLC) gained 1.1%. The Real Estate Select Sector SPDR (XLRE) slid 1.4%, while the Materials Select Sector SPDR (XLB) lost 1.3%. Eight of the 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq advanced 1.3% or 220.84 points to end at 17,717.65 points, recording its biggest single-day percentage gains in almost two weeks.
The fear-gauge CBOE Volatility Index (VIX) was down 3.68% to 12.84. Decliners outnumbered advancers on the NYSE by a 1.62-to-1 ratio. On Nasdaq, a 1.54-to-1 ratio favored declining issues. A total of 10.01 billion shares were traded on Tuesday, lower than the last 20-session average of 11.90 billion.
NVIDIA Rebounds to Lift S&P 500 and Nasdaq
The S&P 500 and Nasdaq broke their three-day losing streak on Tuesday as shares of NVIDIA Corporation (NVDA) rebounded after a massive selloff in the previous session. The chipmaker’s shares declined 6% on Monday, its biggest drop since April 19.
NVIDIA’s decline on Monday impacted other artificial intelligence beneficiaries like QUALCOMM Incorporated (QCOM) and Super Micro Computer, Inc. (SMCI).
On Tuesday, NVIDIA rose 6.7% and was largely responsible for the broader tech rally. NVIDIA Corporation has a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Other mega-cap tech companies such as Alphabet Inc. (GOOGL) and Meta Platforms, Inc. (META) also rose 2.7% and 2.3%, respectively.
Investors are also awaiting key inflation data scheduled for release later this week, which will give them a clearer picture of the economy’s health and the Federal Reserve’s next move.
Economic Data
In economic data released on Tuesday, the Conference Board said that consumer confidence fell to 100.4 in June from a downwardly revised 101.3 in May. Economists had predicted consumer confidence to decline to 100.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index increased 6.3% year over year in April, down from March’s jump of 8.3%. The 20-City Composite Index rose 7.2% in April on a year-over-year basis compared to a 7.5% jump in March.
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QUALCOMM Incorporated (QCOM) : Free Stock Analysis Report
NVIDIA Corporation (NVDA) : Free Stock Analysis Report
Super Micro Computer, Inc. (SMCI) : Free Stock Analysis Report
Alphabet Inc. (GOOGL) : Free Stock Analysis Report
Meta Platforms, Inc. (META) : Free Stock Analysis Report
