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Tesla Leads the Way for US Stock Indices

Skerdian Meta•Monday, July 22, 2024•1 min read

Tesla stock and US stock markets showed resilience today, as Joe Biden pulled back from the presidential race, with the Nasdaq making the most of it. Tech stocks surged higher today which benefited the Nasdaq index, with the Tesla stock leading the way higher as it surged by more than 5% higher.

Tesla stocks resume the bullish trend

Tesla Chart Daily – Making Higher Lows

Closing Bell Recap for US Indices

As the closing bell rang, the IT sector and small-cap stocks led the market surge, with the Russell 2000 and Nasdaq indexes showing notable gains. Small-cap stocks outperformed last week as funds rotated from high-cap tech into smaller equities.

Stock Market Highlights

  • Russell 2000 and Nasdaq: Both indexes saw a 1.6% increase today, continuing their upward momentum.
  • Dow Jones: Despite leading last week, the Dow trailed today, gaining only 0.32%.

Closing Figures

  • S&P 500: Up 60 points, or 1.10%, closing at 5,564 points.
  • Nasdaq: Increased by 2,793 points, or 1.60%, ending at 18,007 points.
  • Dow Jones Industrial Average: Rose by 128 points, or 0.29%, finishing at 40,415 points.
  • Russell 2000: Advanced by 37 points, or 1.70%, reaching 2,220 points.

Top Performers

  • GPU: Increased by 4.76%.
  • Meta Platforms: Rose by 2.23%.
  • Alphabet: Climbed by 2.26% ahead of its earnings report.
  • Microsoft: Up by 1.33%.
  • Tesla: Jumped by 5.15%, with an additional 2.83% increase ahead of its earnings report tomorrow.

Overall, the market saw significant gains today, driven by strong performances in the IT sector and small-cap stocks. Investors are closely watching upcoming earnings reports, which are expected to further influence market trends.

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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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