Stock Market Today: Dow, S&P 500 Up; Nvidia, Spirit AeroSystems, Boeing, Tesla, Chewy, GameStop, More Movers; Treasury Yields; France Election (2024)

What to Watch Today

The Institute for Supply Management’s Purchasing Managers Index fell in June, and came in below economists’ expectations. It was the third month in a row of contraction.

Meanwhile, the yield on the 10-year Treasury spiked, up to 4.478%.

Chewy stock was fell after investor Keith Gill, also known as Roaring Kitty, disclosed a 6.6% stake in the pet-supplies retailer founded by GameStop CEO Ryan Cohen.

Tesla was the top performer in the S&P 500.

Traders will have a shorter week because of the July 4 holiday on Thursday.

Big technology stocks helped carry the Nasdaq to a record close on Monday.

The Dow Jones Industrial Average was up 50 points, or 0.1%. The S&P 500 was up 0.3%. The Nasdaq Composite was up 0.8%.

Market breadth was week, as about three-fourths of S&P 500 stocks fell on the day. Gains for megacap technology firms like Tesla and Apple helped the S&P 500 finish the day within striking distance of a record close while the Nasdaq marked its highest close on record.

Market breadth was weak, as about three-fourths of S&P 500 stocks fell on the day. Gains for megacap technology firms such as Tesla and Apple helped the index finish the day within striking distance of a record close.

In the bond market, prices were falling and yields were rising once again. The yield on the 2-year Treasury note was up to 4.77% while the 10-year yield jumped to 4.478%. The bond market appears to be reacting to better odds of another Donald Trump presidency.

“This means that markets are starting to fear a Trump victory,” writes Andrew Brenner, head of international fixed income at NatAlliance Securities. “It will be temporary, but given the positioning of the street, we are looking at the potential for higher longer rates and a steeper yield curve... That is what the Trump dogma points to.”

The Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey tomorrow. Federal Reserve Chair Jerome Powell will also appear in a policy panel discussion at the European Central Bank Forum on Central Banking 2024 in Portugal.

Brenner expects Powell to be dovish, given the encouraging personal consumption expenditures index from last week. But he concedes that other Federal Reserve speakers have been more hawkish in recent appearances.

Concerns that increased confrontation between Israel and Hezbollah could drag other countries into the conflict, expectations of strong summertime demand, and early signs of a busy Atlantic hurricane season come together to push crude prices higher at the start of the third quarter.

The market is also paying attention to the decline in the number of rigs drilling for oil in the U.S., which could eventually lead to lower production.

WTI rises 2.3% to $83.38 a barrel, its highest settle level since late April, and Brent advances 1.9% to $86.62 a barrel.

The stock market was losing steam in the final hour of trading.

The Dow was down 23 points, or 0.1%. The S&P 500 was up just 0.1%. The Nasdaq Composite was up 0.6%.

Most of the S&P 500 has been falling all day, but gains from influential largecap stocks had been enough to lift the S&P 500 for most of the session. That changed as the market entered its final half-hour.

Bond yields continued the march higher that began after last week’s presidential debate. Increasing odds of another Donald Trump presidency has pushed long-term yields higher.