Tech Takes S&P 500, Nasdaq to Another Record Close

The prospects of an interest rate hike in September are increasing by the day

Managing Editor
Jul 8, 2024 at 4:25 PM
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Stocks were rangebound today, with the Dow closing slightly lower ahead of a pivotal week on Wall Street. Thanks to an outsized move from semiconductor stocks, the S&P 500 and Nasdaq both finished in the black for their fifth-straight session alongside a fourth consecutive record close. Elsewhere, the Cboe Volatility Index (VIX) snapped a three-day win streak, while investors now see around a 75% chance of a 25 basis-point rate cut in September, per CME's FedWatch.

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

  • Nvidia bulls unfazed by recent pullback. 
  • 3 beverage stocks to add to your watchlist. 
  • Plus, biotech buyout buzz; GILD upgraded; and bank stock deflates.

closing summary july8

nyse nasdaq July8

5 Things to Know Today 

  1. French stocks pared losses after last night's election drama. (MarketWatch)
  2. Consumer credit borrowing is at three-month highs. (Bloomberg)
  3. Eli Lilly expands its drug portfolio
  4. Analyst goes long view on Gilead Sciences stock.
  5. Bank stock facing stress test headwinds.

There were no earnings of note today

Uvol July8

Oil, Gold Take a Breather

Crude prices cooled some more today, as Beryl, a now tropical storm, makes landfall. August-dated West Intermediate (WTI) crude lost 83 cents, or 1%, to settle at $82.33 per barrel for the session.

Gold prices also fell today as profit taking took hold over the safe-haven asset. August-dated gold 1.5%, at $2,362.70 an ounce for the day.

 

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