S&P 500 and Nasdaq Index Post Gains, Dow Ends Third Consecutive Q2 Session in Losses

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S&P 500 and Nasdaq Index Post Gains, Dow Ends Third Consecutive Q2 Session in Losses

The Dow Jones Industrial Average (^DJI) closed Wednesday lower for the third-straight day of losses in 2024’s second quarter, while the S&P 500 (^GSPC) and the Nasdaq Composite (^IXIC) both moved higher.

Yahoo Finance’s Julie Hyman observes how markets are reacting to Federal Reserve Chair Jerome Powell’s recent comments on inflation, while Senior Markets Reporter Jared Blikre examines leaders across sectors and the Nasdaq 100 (^NDX) after the market close.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

Editor’s note: This article was written by Luke Carberry Mogan.

Video Transcript

JULIE HYMAN: The Dow, little changed very slightly to the downside here off by 43 points. About a tenth of 1% here. After the selling pressure that we had the other day, not really seeing a lot of follow through in today’s session because the Dow wasn’t down much, and the S&P 500 was up about a tenth of 1%.

The NASDAQ up about a quarter of 1%. And also, in a sharp reversal from what we saw yesterday, the VIX here, not really going much of anywhere below 15. So not seeing that sort of concern being expressed in the markets here.

We, of course, heard from Fed Chair Jay Powell who seemed to emphasize the same thing that he’s been emphasizing. That we’re going to get rate cuts later this year. But that the committee needs to see more data before it’s comfortable doing so. Jared’s got a closer look at today’s sector action. Hey, Jared.

JARED BLIKRE: Yes. Thank you for that. Let’s go to the sector action right here on the Wi-Fi interactive where we have communication services in the lead. We’ll get to the NASDAQ 100 in a second.

But energy, materials, industrials, tech, that rounds out the outperformers that you see on the top line there. Now, what’s in the red consumer staples, that is down over 1%. And also utilities, health care, and financials, a little bit less in the red there.

Before I proceed here, I just want to go to my leaders page. Here at cannabis is having an outsized day. MJ that harvest ETF up almost 10%.

After that, we have oil up 2%. That says WTI crude oil holds above $85 a barrel. We also have gambling solar momentum, homebuilders, small caps, and IPOs. That’s a top row there.

To the downside, it was actually retail XRT. That is the biggest loser there. Now, I said that communication services was the biggest gainer.

A lot of that is just Meta. That’s up 1.88%. Although Alphabet is also helping up 0.23%.

You can see a mixed board for the mega-caps. A little bit more green than red. And the only outlier I’m really seeing here is Intel trading to the downside 8%, Josh.

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