Daily Stock Market Update

Daily Stock Market Update

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Daily Stock Market Update
Daily Stock Market Update
Stock Market Update August 26, 2024

Stock Market Update August 26, 2024

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Tom
Aug 26, 2024
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Daily Stock Market Update
Daily Stock Market Update
Stock Market Update August 26, 2024
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Stock Market Update August 26, 2024 The Dow Jones Industrial Average closed at a new all-time high, while the S&P 500 and Nasdaq Composite ended the session lower. This divergence suggests a sector rotation, with traders reallocating capital from technology stocks into other market segments.

Semiconductor stocks like Super Micro, Broadcom, Micron Technology, and Lam Research led the decline, with losses exceeding 3%. Notably, Super Micro saw an 8% drop.

Energy was the top-performing sector, gaining nearly 1%, with notable performances from Eccon and ConocoPhillips, both up approximately 2%. Consumer Staples and Utilities also outperformed the broader market.

Despite today’s pressure on the major indices, the S&P 500 remains within 1% of its July high, and the Nasdaq Composite is roughly 5% away from reclaiming its peak.

Away From Stocks: Treasurys lost their early momentum, with the 2-year and 30-year yields each closing higher by one basis point at 3.91% and 4.11%, respectively. WTI crude surged above $77 per barrel, while gold consolidated Friday's gains, settling at $2,518 per ounce. Bitcoin retreated to $63,000, and the VIX edged slightly above 16.

Low volume summer trading is in full swing as most senior Wall Street traders take their final vacation ahead of Labor Day, the last major US holiday of the summer. Today's volume for the SPY ETF was notably light at 34 million shares, reflecting the seasonal lull in market activity. This reduced participation could lead to increased volatility in the near term as liquidity thins out.

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