Stay Informed and Stay Ahead: Market Watch, June 28th, 2024.
Late-Week Wall Street Markets
Key Takeaways
+ Dow, NASDAQ, and S&P 500—fell. Six out of eleven sectors declined, with Real Estate leading and Communication Services trailing. The top performing industry was Consumer Finance.
+ The PCE index remained stable with reduced year-over-year inflation rates. Core PCE slightly increased but aligning with analysts’ expectations.
+ Bond yields rose. NASDAQ’s A/D ratio was 1.15. Mega Cap Growth and Momentum declined. Crude oil and Brent crude stable. Regional Banks Bulls gain.
Summary of Market Performance
Indices & Sectors Performance:
- Today, major US stock indices—Dow, NASDAQ, and S&P 500—fell. Among eleven sectors, six declined, with Real Estate leading and Communication Services trailing. Top performing industries were Consumer Finance (+2.80%), Ground Transportation (+2.08%), and Banks (+2.03%).
Chart: Performance of Major Indices
Moving Average Analysis:
S&P 500 Sectors:
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Among eleven sectors, six declined, with Real Estate leading and Communication Services trailing.
Economic Highlights:
- Today’s reports indicated a modest rise in May’s personal income and spending. The PCE index held steady with lower year-over-year inflation rates. Core PCE edged up, while June’s Chicago Business Barometer and consumer sentiment showed positive trends.
NASDAQ Global Market Update:
- Today’s NASDAQ showed mixed sentiment with a total share volume of 7.77 billion, 115 new highs, 156 new lows, and an advance/decline ratio of 1.15. NVIDIA and ProShares UltraPro Short QQQ led in active trading.
Treasury Markets:
- Bond yields rose, notably with the 30-year bond reaching 4.561% (up by 0.133%) and the 10-year note at 4.401% (up by 0.110%).
Market Trends:
- IPO sector rose by 0.2%, while Large Cap Growth increased by 0.3%. Mega Cap Growth and Momentum declined, with most other categories also seeing decreases.
Currency & Volatility:
- The VIX rose to 12.44, reflecting moderate volatility. The Fear & Greed Index dropped to 44 from 76 last year, signaling a shift from Extreme Greed to Fear during this election year.
Commodities & ETFs:
- Commodity markets showed mixed movement: Crude oil and Brent crude remained stable, unleaded gasoline saw a moderate decline, natural gas was volatile, silver rose, and gold declined.
- ETFs: Bank bulls gained; Direxion Daily Regional Banks Bull 3X up 9.32% to 70.23 (2.9M), natural gas shorts rose.
Cryptocurrency Update:
- Bitcoin held steady at $60,120 (+0.27%), while Ethereum dipped to $3,382.36 (-1.70%).
Stocks:
- Nano Nuclear Energy Inc. (NNE) saw significant activity with 9.3M volume, trading at $23.44, up 7.22% (+44.51% change).
Notable Earnings:
- No significant earnings report today.
Global Markets Summary:
- Asia rises: Nikkei 225 leads with a 1.26% gain. Europe falls, notably France’s CAC 40 down by -0.69%.
In the NEWS:
Central Banking and Monetary Policy:
- Slowing U.S. Inflation Fuels Expectations of Interest Rate Cuts – Wall Steet Journal
- Fed’s Daly Says Latest Data Show Monetary Policy Is Working – Bloomberg
Business:
- Nike’s Slow Recovery Is Testing Investors’ Patience – Wall Steet Journal
- Tesla Investors Brace for Big Share Price Moves as Major Catalysts Loom – Bloomberg
China:
- Chinese companies ‘going global’ should learn from Japan’s mistakes, academic says – South China Morning Post
