Traders were active on the floor of the New York Stock Exchange during the afternoon of June 3, 2024. Stocks saw minor fluctuations in futures trading on Tuesday night, following the Dow Jones Industrial Average’s best day since June 2023. Futures for the Dow rose by 29 points (0.07%), while S&P 500 futures were nearly flat, and Nasdaq 100 futures dipped slightly by 0.03%.
In after-hours trading, Five Below experienced a significant drop of over 9% after announcing the resignation of its CEO and the appointment of Kenneth Bull as interim president and CEO. Meanwhile, J.B. Hunt Transportation Services fell 2.8% due to disappointing second-quarter results, attributed to higher insurance costs and a subdued freight market affecting truck competition.
The previous trading session showcased a strong performance as investors diversified beyond technology stocks. The Dow soared by more than 700 points, achieving a record high and marking its best session since June 2023. The S&P 500 advanced by 0.64%, while the Nasdaq Composite inched up by 0.2%.
Small-cap stocks have gained momentum since last week’s consumer price index report for June. Investors are now shifting from megacap technology and AI leaders to small caps and cyclical stocks. The Russell 2000 surged over 3% on Tuesday, achieving its fifth consecutive day of gains and rising more than 10% this month.
“The Dow has spent most of the past two years lagging the S&P 500, but it has new wind in its sails this summer on the hopes that the market rally will broaden,” said Chris Zaccarelli, chief investment officer of Independent Advisor Alliance.
The optimism in the market is bolstered by traders’ expectations of a forthcoming interest rate cut, which would benefit small-cap companies with higher financing costs. According to the CME FedWatch tool, traders are now betting 100% on the Federal Reserve reducing rates in September.
Looking ahead, United Airlines, Discover Financial Services, Johnson & Johnson, and U.S. Bancorp are slated to announce their quarterly earnings on Wednesday. The Fed’s Beige Book, housing starts, and building permits data for June will also be released.
Original Story https://www.cnbc.com/2024/07/16/stock-market-today-live-updates.html
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