Stocks Eke Out Solid Start to July, Holiday-Shortened Week

Outsized moves from Big Tech stocks buoyed the Nasdaq

Managing Editor
Jul 1, 2024 at 4:25 PM
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Stocks started a historically bullish month on the right foot, albeit barely. The three major indexes all finished in the black, though the Dow closed well off its session highs. The S&P 500 marched closer to 5,550, while mega-cap tech stocks helped the Nasdaq score a triple-digit pop, with both indexes securing a fourth win in the last five sessions. Elsewhere, the Cboe Volatility Index (VIX) fell for the fourth time in the last five trading days. 

Continue reading for more on today's market, including:

  • 25 stocks that outperform in July, historically.
  • 3 fintech stocks at intriguing entry points.
  • Plus, oil stock sell signal; Chewy stock gets a famous fan; and BIRK's big upgrades.

closing summary july1

nyse nasdaq july1

5 Things to Know Today 

  1. Federal Reserve Governor Michelle Bowman isn't ready to cut rates. (CNBC)
  2. Democrats are rallying behind President Joe Biden amid calls to replace him as presidential race nominee. (Reuters)
  3. Signal says buy puts on these oil stocks.
  4. Chewy stock gets Roaring Kitty bump.
  5. Analysts praised Birkenstock stock.

There were no notable earnings reports today.

Due to technical issues, there is no unusual options activity chart today.

Oil Logs Highest Front-Month Close Since Late April

Oil prices popped today, hitting two-month highs after the number of active U.S. rigs fell for the fifth-straight week. For the session, August-dated West Intermediate (WTI) crude gained $1.84 cents, or 2.3%, to settle at $83.38 per barrel, the highest front-month close since April 26.

Gold futures were flat ahead of jobs data later this week. August-dated gold was last seen at $2,338.90 an ounce for the day.

 

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