Listen to this articleIt was another strong week for most stocks, but tech darling Nvidia continued to lose some shine as the trading session closed on June 21, 2024.
The S&P 500 index hit another all-time high on Tuesday, but so did Nvidia, which was bound to cool off after a surge of more than 1,000% since October 2022.
The National Association of Realtors (NAR) said existing home sales fell for the third straight month in May, down 0.7% from April. May is traditionally the busiest month for home sales. NAR said seasonally adjusted sales in May came in at 4.11 million, while economists had expected 4.07 million sales.
The Commerce Department said retail sales in May were roughly flat, increasing 0.1% from April, but April sales were revised downward to down 0.2% from flat. Retail sales rose 0.6% in March and 0.9% in February, driven primarily by gasoline prices.
“Consumer spending is cooling in a pretty orderly way,” said Jeffrey Roach, chief economist at LPL Financial. “So far, it appears the economy could achieve a soft landing, especially if the Fed adjusts policy quickly as conditions change.”
The Journal-Record Stock Price Index rose 33.24 points, or 1.49 percent, to close at 2,267.02. Advancers outnumbered decliners 12 to 8.
Paycom Software shares rose 4.62 points, or 3.24%, despite the price target cut. Investment firm TD Cowen lowered its outlook for the stock to $147 from $170, but maintained a “hold” rating. Analysts cited caution over the company’s strategic initiatives. PAYC closed at 147.40, making it the biggest gainer in dollar terms.
Chesapeake Energy shareholders voted in favor of the merger between the company and Southwestern Energy. Southwestern shareholders also approved the transaction. The merger has been delayed at the request of the Federal Trade Commission and is now scheduled for late 2024. Chesapeake Energy fell 2.72 points, or 3.19 percent, to close at 82.42. CHK was the biggest decliner.
AAON was the top gainer, up 3.32 points, or 4.37%. Goldman Sachs Group Inc. reduced its holding in AAON during the most recent quarter, selling 123.104 billion shares, according to a Securities and Exchange Commission filing. Goldman Sachs now owns 624,299 shares of AAON stock, valued at $46.117 million. AAON closed at 79.28.
