Stocks were in the familiar green on the market today as Wall Street reacted to last night’s presidential debate. Donald Trump stock Trump Media & Technology (DJT) is back on the decline after a strong start, as more positive news on the inflation front is also reflected in the stock price on the final trading day of the second quarter.
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Nasdaq hits 18,000 mark after third straight win; Meta, Monday.com, ServiceNow in focus
The VanEck Semiconductor ETF (SMH) rose nearly 3%, helped by a strong start. Taiwan Semiconductor (TSM) and NVIDIA (NVDA). Nvidia and TSMC make up 33% of the fund, with Nvidia having the largest holding at just over 20%.
The Dow Jones Industrial Average rose 0.5%, or 198 points, after the core personal consumption expenditures index, one of the Federal Reserve’s preferred inflation measures, rose 2.6% from a year ago as expected. The 10-year Treasury yield rose to around 4.30% ahead of the data release. Around 10:15 a.m. ET, the yield was trading around 4.27%.
Crude oil prices rose slightly to around $82 per barrel. Weatherford Industries WFRD, a maker of equipment for the oil and gas industry, formed the right side of the base and rose 0.2%. The company is a leader in its industry group, buoyed by strong fundamentals and growing fund holdings.
Stock Market Today
The Nasdaq Composite Index rose 0.8%, continuing its climb towards the 18,000 level. The S&P 500 rose 0.7%, and the Russell 2000 small-cap index also added 0.7%.
Qualcomm (QCOM) was the biggest gainer on the Nasdaq 100 Index, rising about 4%, and has found support at its 50-day moving average after its earnings surge on May 2.
Early gainers on the Dow Jones today included: Salesforce (CRM) Nike (NKE) plunged 19% after it reported earnings, revenue fell short of expectations and warned of an economic slowdown in China.
Salesforce rose 1.5% on the stock market today, but the stock is hitting a potential resistance level around the 257-261 mark. apple AAPL rose 0.3% after the company launched its Vision Pro mixed-reality headsets in China, Hong Kong, Japan and Singapore, while iPhone shipments in China rose 40% in May, according to Bloomberg.
Advancing issues outnumbered declining ones on the New York Stock Exchange by more than two to one, and advancing issues outnumbered declining ones on the Nasdaq by less than two to one.
Growth stock trends
Recent IPOs Viking HoldingsVIK has surged to an all-time high, up about 3%, and the stock has performed well since debuting at $24 a share on May 1.
Inside the MarketSurge Growth 250 Protagonist Therapeutics (PTGX) rose 9% on news that it would be added to the S&P SmallCap 600 index. Encore Wire (WIRE) Effective Wednesday.
On the negative side, Kura Sushi USA (KRUS) shares fell more than 20% on the market today ahead of its earnings report on July 9. Late Thursday, the restaurant chain issued guidance for slightly lower-than-expected revenue for the fiscal year ending in May. The company now expects revenue to be $63.1 million. Prior to the warning, the FactSet consensus had been calling for revenue to increase 32% year over year to $64.8 million.
For more stock market analysis and insight, follow Ken Shreve at X @IBD_KShreve..
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