Stocks meandered today, with an air of tepidity prevailing, despite hopeful whispers of a forthcoming rate cut from the Federal Reserve flying in the wind. Positioned on a wavering seesaw, the Nasdaq managed a modest crawl upwards, its climb carefully orchestrated by investors bracing themselves for Nvidia (NVDA) earnings slated to unravel after tomorrow’s closing bell. The Dow and the S&P 500 also made sluggish gains, with the former jubilantly clinching its consecutive record-setting close.
For insights into today’s market tableau, delve further into the proceedings:
Highlights of the Day
- June saw a surge in home prices across the U.S., hitting a resounding crescendo, perched 5.4% above the record mark achieved in June 2023. (CNBC)
- A deluge of Republican luminaries and over 200 aides have officiated their support for the Harris-Walz campaign through a signed appeal. (MarketWatch)
- Cocoa inflation has dealt a heavy blow to the beloved chocolatier.
- A mundane quarterly report sent a defense stock into a downward spiral. (Schaeffer’s Research)
- Keep an eye on the shifting winds in the world of weed stocks. (Schaeffer’s Research)
No notable earnings surfaced on the horizon.
Oil Slumps Amid Lingering Demand Anxieties
The oil market witnessed a sobering downturn, ending a triumphant three-day rally as apprehensions over demand surged through the collective investor psyche. Consequently, the price of October’s West Texas Intermediate (WTI) crude nosedived by $1.89, plummeting 2.4% to rest at $75.53 per barrel.
The Wall Street is aflutter with reverberations of prospective rate cuts, propelling gold prices marginally downwards. At the final tick, December-dated gold relinquished a modest 0.4%, settling at $2,545.60 per ounce.
