Stock market close: S&P 500 reaches 36th record high in 2024

The S&P 500 (^GSPC) closes at a record high for the 36th time in 2024, the Nasdaq Composite (^IXIC) moving higher by 0.14% to notch its own record high. The Dow Jones Industrial Average (^DJI) fell by 0.13%.

Market Domination Overtime’s Julie Hyman looks back on the day for markets and sectors as stocks digest Federal Reserve Chair Jerome Powell’s ongoing testimonies to the Senate and how his statements translate into the likelihood of future interest rate cuts.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.

Video Transcript

There’s the closing bell on Wall Street now it is market domination.

Over time, we’re joined by Jared to get you up to speed on the action from today’s session.

Let’s start with where the major averages ended the day not too far from where they were about an hour ago when we checked them here.

We’ve got the Dow lower by about 53 points, about 1/10 of 1%.

Here we have the S and P 500.

Very little change to the upside.

But any gain today means another record close for the S and P 500.

That also means it’s it’s 36 record close 36 record close of the year.

The NASDAQ also finishing higher on the day by about 1/10 of 1%.

Part of what propelled stocks well not propelled exactly but allowed them to rise, I guess, is the fact that Fed Chair J Powell testified before the Senate Banking Committee and did not offer any commentary that dramatically changes.

What is the current market view that we could get to interest rate cuts?

The, uh, still this year beginning in September?

So all of that, uh, allowing stocks to kind of drift here.

Um, if we take a look within the market internals here and what we saw on the day, let’s take a look.

First of all, at the sectors here, we did see a drop in materials related shares here.

Albemarle, which we talked about earlier.

The lithium producer getting, um, some negative analysts commentary around lithium pricing.

That’s one of the things that weighed on that group.

Energy stocks also lower financials here as well as health care, health care, uh, trading higher.

And I like to keep checking on the NASDAQ here and on the majors.

Uh, the mega cap tech, because we keep talking so much about what has been going on and how much these have been lending.

One I didn’t mention earlier is Tesla.

Now, as we talked about, there’s some new data from Cox Automotive that shows US market share in electric vehicles below 50% with Tesla for the first time.

However, the stock remains on a winning streak, and I believe we’re looking at nine straight days of gains here.

Might even be 10 straight days of gains.

But you see, this has been quite a run in the stock.

It’s up about 44% in that point, uh, point in time.

And it also means that Tesla over the past couple of days has now flipped back into the green for the year to date.

So this year to date return now looks like it’s about 5.5%.

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