Dow Jones Moves Lower and S&P 500 Sets 36th Week of Highs
US stock indices are up for some but down for the Dow Jones. New economic data coming out later today could impact the market.
The stock market closed with mixed results on Tuesday evening. The Dow Jones dropped by 0.13%, keeping its streak of low closes compared to the rest of the market.
The S&P 500, on the other hand, had its 36th week of high closing numbers for 2024 as it closed with a gain of 0.07%. The index has had a record year so far and has been buoyed off the back of tech and pharmaceutical stocks.
The Nasdaq Composite also closed high, with a gain of 0.14%, keeping up its high overall performance for the year.
Several FOMC members will be speaking today, and we anticipate more consideration about the high interest rate and when that might get a cut. They should also be covering the US inflation rate, which is still elevated. The US labor market and the economy are both reasonably strong right now, though overall performance is slightly down. We will have more data on how those are performing later today when wholesale inventories and crude oil inventories release their latest reports.
Stocks to Watch
Microsoft (MSFT) is declining slightly, continuing a trend of low performance for several days in a row, but it is still much higher now than it was at the beginning of the year. Microsoft could be gearing up for a sharp drop, as it is under scrutiny in the European Union for antitrust issues.
Walmart (WMT) stock continues to climb, keeping up a lengthy streak that has continued for weeks. The retailer is moving from strength to strength this year and is set to have one of its best years ever, beating out many competitors in a tight market where retail sales have significantly dropped and customers are seeking out cheaper alternatives.
Apple (AAPL) is very elevated, up another 0.38% today and up 9% for the month so far. The company is leading many of the tech stocks and is also having one of its better years.
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