US open: Stocks mostly higher, Nvidia drags on Nasdaq

24th Jun 2024 15:13

(Sharecast News) - US stocks were mostly higher at the start of the last trading week of the second quarter.

As of 1540 BST, the Dow Jones Industrials had snapped higher by 0.97% to 39,527.77, alongside a 0.26% gain for the S&P 500 to 5,478.79.

The Nasdaq Composite meanwhile was drifting down by 0.26% to 17,643.68.

On the positive side of things, analysts at JP Morgan told clients that they were not expecting things to get out of hand in France following the parliamentary elections that would start during the following weekend.

Nonetheless, they did fear that things would need to "get worse in order to get better" between the two rounds of voting and also "for a while" after the elections. They were anticipating a "good entry point" into eurozone stocks in the back half of 2024.

Shares of Nvidia were dropping 5% on apparent profit-taking following its recent sharp run higher.

On the economic side of things, the Dallas Fed's manufacturing sector index improved from a reading of -19.4 for May to -15.1 in June.

The three-month moving average for the Fed's national activity index improved from -0.17 in March to 0.01 in April.

The major release of the week would come on Friday's personal consumption expenditures (PCE) index for May, with the annual change in the core PCE - the Fed's preferred measure of inflation - expected to ease to 2.6% year-on-year from 2.8% the month before.

"Coming off the back of last week's bumper services PMI reading, there is a concern that the vibrancy of the US economy could ultimately produce a longer wait for those desperate for that first Federal Reserve rate cut," said , chief market analyst at Scope Markets.

"With crude oil prices on the rise once again today, keeping a lid on fuel costs will remain a key factor in avoiding a fresh resurgence in price pressures," Mahony said. West Texas crude was up 0.6% at $81.33 a barrel, retesting last week's multi-month highs above $82.

Apple shares were up bv 1% despite an accusation by European regulators that the company breached the Digital Markets Act digital-competition law.

UPS was higher by 2% following the sale of Coyote Logistics to RXO for just over $1bn, a big drop from the $1.8bn price it paid for the division nine years ago.

Dow Jones - Risers

International Business Machines Corporation (CDI) (IBM) $176.35 2.26%

Boeing Co. (BA) $180.36 2.15%

Goldman Sachs Group Inc. (GS) $458.93 1.94%

Coca-Cola Co. (KO) $63.97 1.90%

Chevron Corp. (CVX) $158.18 1.87%

Amgen Inc. (AMGN) $313.73 1.81%

Visa Inc. (V) $279.87 1.69%

Caterpillar Inc. (CAT) $332.98 1.57%

Unitedhealth Group Inc. (UNH) $489.97 1.53%

Apple Inc. (AAPL) $210.63 1.51%

Dow Jones - Fallers

Salesforce.Com Inc. (CRM) $242.72 -0.95%

Intel Corp. (INTC) $30.80 -0.95%

Microsoft Corp. (MSFT) $448.95 -0.18%

Home Depot Inc. (HD) $355.37 -0.12%

Dowdupont Inc. (DWDP) $0.00 0.00%

Walt Disney Co. (DIS) $102.37 0.10%

Procter & Gamble Co. (PG) $169.07 0.48%

Johnson & Johnson (JNJ) $149.49 0.50%

McDonald's Corp. (MCD) $260.82 0.55%

Nike Inc. (NKE) $97.89 0.73%

S&P 500 - Risers

Kohls Corp. (KSS) $24.13 5.51%

VF Corp. (VFC) $14.87 3.91%

Nektar Therapeutics (NKTR) $1.21 3.88%

Foot Locker Inc. (FL) $26.36 3.66%

Packaging Corp. Amer (PKG) $189.38 3.30%

CF Industries Holdings Inc. (CF) $75.52 3.30%

ProLogis (PLD) $112.92 3.22%

Mosaic Company (MOS) $28.67 3.15%

J. M. Smucker Co. (SJM) $112.11 3.14%

Schlumberger Ltd. (SLB) $47.08 3.11%

S&P 500 - Fallers

Resmed Inc. (RMD) $180.60 -12.26%

Nvidia Corp. (NVDA) $119.54 -5.56%

QUALCOMM Inc. (QCOM) $204.74 -3.66%

Broadcom Inc. (AVGO) $1,611.63 -2.83%

Mattel Inc. (MAT) $17.35 -2.61%

Arista Networks Inc. (ANET) $328.80 -2.54%

Netflix Inc. (NFLX) $668.86 -2.52%

Cadence Design Systems Inc. (CDNS) $311.99 -2.01%

Applied Materials Inc. (AMAT) $230.95 -1.89%

KLA-Tencor Corp. (KLAC) $801.08 -1.89%

Nasdaq 100 - Risers

Qurate Retail Inc. (QRTEA) $0.68 4.64%

JD.com, Inc. (JD) $28.78 2.44%

Mondelez International Inc. (MDLZ) $68.09 2.38%

PACCAR Inc. (PCAR) $108.42 2.32%

J.B. Hunt Transport Services Inc. (JBHT) $159.57 2.17%

DENTSPLY Sirona Inc. (XRAY) $25.97 2.02%

Amgen Inc. (AMGN) $313.73 1.81%

NetEase Inc. Ads (NTES) $91.30 1.75%

Liberty Global plc Series C (LBTYK) $17.95 1.73%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $390.45 1.72%

Nasdaq 100 - Fallers

Sirius XM Holdings Inc (SIRI) $2.72 -7.00%