Stock Indexes Wrap: Big Tech Leads Indexes Higher as Nvidia, AI D💟arlings Lag

The Dow

Tech stocks led the index on Friday, with Intel (INTC) gaining 2.5%. Apple (AAPL) and Microsoft (MSFT) advanced 2.2% and 1.5%🤡, respectively, to close at ജrecord highs. 

Financials lagged, including JPMorgan Chase (JPM), down 1.3%, and Travelers Co. (TRV), down 0.9%. 

S&P 500

Meta (META) surged 5.9%, leading the relatively broad tech rally. Alphabet (GOOGL) climbed 2.6%. 

Advanced Micro Devices (AMD)𒁃 added 4.9% after New Street Research named it a top pick in its review of AI stocks. 

Paramount (PARA) rose 3.1%, continuing to climb after 澳洲幸运5开奖号码历史查询:reports earlier this week that its 🌱merger talks with Skydance Media were back on. 

Gold miner Newmont (NEM) gained 2.4% as the price of gold advanced, buoyed by a slipping U.S. dollar and possibly 澳洲幸运5开奖号码历史查询:central bank purchases. 

Tesla (TSLA) advanced 2.1%, finally erasing its year-to-date loꦅsses, which at one point exceeded 42%.

Netflix (NFLX) advanced 1.2% as the Motion Picture Association-Canada went to bat for it and other streamers on Thursday by filing to force a judicial review of 澳洲幸运5开奖号码📖历史查询:a proposed tax on streaming revenues that would be used to pay for local news. 

Southwest Airlines (LUV) slid 5.7% as markets continued to digest the “poison pill” it 澳洲幸运5开奖号码历史查询:adopted earlier this week. 

Several stocks touted in recent months as AI plays stumbled on Friday, including First Solar (FSLR), down 3.9%, and utility Vistra (VST), down 2.6%. 

Nvidia (NVDA) shed 1.9% as New Street downgraded it to neutral from buy in its previously mentioned AI roundup, citing valuation concerns and high Street expectations. 

Nasdaq 100

Arm Holdings (ARM) led the index higher, surging 7.7%. 

The best-performing semiconductor stocks of late missed out on Friday’s rally. Micron (MU) slipped 3.8% and Broadcom (AVGO) shed 1.5%. 

Retail Investors Are Di༒aling Back Buying Ahead of Earning𝔉s Season

Retail traders haven’t been upping their investments ahead of the coming 澳洲幸运5开奖号码历史查询:earnings season the way they have in past quarters.

“Although investors typically become more active before earnings reports, trying their luck with their favorite stocks, we are not seeing signs of this trend,” Vanda Research, wh𒁃ich tracks retail investment flows, said in a repo𓂃rt earlier this week.

The firm pointed to Nvidia (NVDA), whose shares are up more than 150% year-to-date but have leveled off over the last month, as one exampl𝐆e. “The peak of retail bullishness for NVDA seems to be behind us,” the firm said.

Retail investors have been “heavily overweight” in Tesla (TSLA) shares, but traders could finally engage in some profit-taking with the share price up nearly 50% over tꦫhe past three months.

However, “if the stock continues to gain positive momentum, we expect retail investors to rotate back into TSLA and support the stock" until at least the $250 level, Vanda wrote.

-澳洲幸运5开奖号码历史查询:Andrew Kessel

Bitcoin Falls as Mt. 𝔍Gox Repayment Roils Crypto Marke꧅t

Prices for major cryptocurrencies, as well as shares of Coinbase Global (COIN) and MicroStrategy (MSTR), slumped Friday as collapsed crypto site Mt. Gox began 𝕴paying👍 back creditors.

Nobuaki Kobayashi, the trustee for the Mt. Gox bankruptcy estate, said that the estate “made repayments in Bitcoin and Bitcoin Cash to some of the rehabilitation creditors through a part of the Designated Cryptocurrency Exchanges etc. in accordance with the Rehabilitation Plan.”

He noted that other creditors would🔴 be “promptly” repaid when certain conditions were met, among them that they can be made “safely and securely.”

The anticipation of the Mt. Gox news, which Kobayashi signaled lasಞt month would﷽ happen in July, had already begun to roil the crypto market.

𓆉 Today’s announcement sent bౠitcoin tumbling as low as $54,000, its lowest since February.

-澳洲幸运5开奖号码历史查询:Bill McColl

Can AI Enthusiasm Sustain the Magnificent 7's Momentum?

Enthusiasm for 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) has driven six of the 澳洲幸运5开奖号码历史查询:Magnificent 7 stocks to record highs in recent weeks.

Looking to the second half of the year, experts warn investors' lofty expectations for the group—made up of Microsoft (MSFT), Amazon (AMZN), Meta (META), Apple (AAPL), Alphabet (GOOGL), Nvidia (NVDA) and Tesla (TSLA)—could become more difficult to meet, raising questions about how long big tech's ♑AI-fueled momentum can last.

Steve Sosnick, the chief strategist at Interactive Brokers, in an interview with Investopedia expressed concern about AI's long development timelines, which means returns on big tech companies' 澳洲幸运5开奖号码历史查询:AI spending could be years away.

Goldman Sachs analysts project that Nvidia, Meta, Alphabet, Amazon, Microsoft, and Apple will see second-quarter earnings grow 30% year-over-year. Disappointments, the analysts said, are "likely to be heavily punished."

That could take a toll on the broader market. In the first half of the year, the performance of Nvidia, Meta, Alphabet, Amazon, and Microsoft accounted for 62% of the S&P 500's return.

"For better or worse, we're going to live or die with them," said Sosnick.

-澳洲幸运5开奖号码历史查询:Naomi Buchanan

Macy's Stock Soars on Reported Increased Takeover Offer

Shares of Macy’s (M) soared in intraday trading Friday on indications 澳洲幸运5开奖号码历史查询:activist investor✨ Arkhouse Management and partner Brigade Capital Management have again sweetened their offer for the biggest U.S. department store chain𓃲.

The Wall Street Journal reported Wednesday evening that the firms raised their bid for Macy's by about $300 million to $6.9 billion. The price—$24.80 per share for the stock Arkhouse and Brigade don’t already own—would𝔍 be a 38.3% premium to Macy’s closing price Wednesdayꦍ. 

The two companies initially presented Macy’s with a $21-per-share deal in December, which the board rejected. That led Arkhouse and Brigade to launch a 澳洲幸运5开奖号码历史查询:proxy fight that ended when Macy’s approved two board members backed by the investors, after Arkhouse and Brigade came back in March with a $24-per-share bid.

Macy’s shares were up nearly 10% at $19.69 early Friday afternoon. They ♔are down about 2% for 2024.

-澳洲幸运5开奖号码历史查询:Bill McColl

Tesla's Post-Delivery Rally Erases YTD Losses

Shares of Tesla rose for𓂃 an eighth straigh🗹t session on Friday, lifting the EV maker’s stock into positive territory for the year after a dismal first half. 

Tesla stock slumped as much as 42% between the start of the year and mid-April as the company struggled with 澳洲幸运5开奖号码历史查询:sluggish sales and 澳洲幸运5开奖号码历史查询:shrinking margins. Doubts about whether the company would develop a low-cost vehicle—long a primary goal of CEO Elon Musk—and 澳洲幸运5开奖号码历史查询:invest heavily in ar🀅tificial intelligence also weighed on the stock. 

But the stock has been on a tear since last week when anticipation of better-than-expected second-quarter deliveries began to build. The bulls were 澳洲幸运5开奖号码历史查询:proved right on Tuesday when the company reported a s🦋maller year-over-year delivery decline than Wall Street had forecast. That report powered the stock’s more than 25% gain this week. 

Before advancing Friday, Tesla was the only 澳洲幸运5开奖号码历史查询:Magnificent Seven stock trading below its price at the start of the year. Apple (AAPL) also started the year on an off note, but had recovered its first-quarter losses by mid-May and has since 澳洲幸运5开奖号码历史查询:charged even higher on the u✨nveiling o🅷f its AI offering, Apple Intelligence.

US Job Growth Slowedꦿ in J🌱une as Unemployment Rate Rose to 4.1%

Treasury yields fell Friday after data showed U.S. job growt🍷h slowed in June, while the unemployment rate ticked up to 4.1%, raising hopes on Wall Street that the data could help give the Federal Reserve the confidence to start cutting its benchmark interest rate in the com🌼ing months.

U.S. employers added 206,000 jobs in June, according to data released Friday by the Bureau of Labor Statistics. Economists surveyed by the Wall Street Journal and Dow Jones Newswires expected the jobs report to show 200,000 new positions added in June, with the unemployment rate staying at 4%.

The BLS also significantly lowered the job growth figures for the previous two months. The May jobs figure was cut by 54,000♍ to 218,000, while the April number was cut by 57,000 to 108,000.

Some Fed officials have said now that 澳洲幸运5开奖号码历史查询:inflation is moving lower, they are looking 澳洲幸运5开奖号码历史查询:more closely at the labor market, as sudden shifts in unemployment levels could move 澳洲幸运5开奖号码历史查询:the central bank to act more quickly on interest rate cuts.

-澳洲幸运5开奖号码历史查询:Terry Lane

Watch These Ether ꧋Chart Levels Amid Rising Liquidations

Ether (ETH), the world’s second-largest cryptocurrency by 澳洲幸运5开奖号码历史查询:market capitalization, fell sharply early Friday to trade near a two-month low, part of a broad sell-off across the asset class sparked by fears the market could soon be flooded with coins from defunct Japanese exchange Mt. Gox.

Moreover, selling has intensified due to Ether 澳洲幸运5开奖号码历史查询:long position liquidations totaling nearly $180 million over the past two days, according to data from analytics site Coinglass, the highest two-day period of forced sales since mid-April.

Since topping out in early March, Ether has remained mostly 澳洲幸运5开奖号码历史查询:rangebound between $3,900 and $2,900 to establish key 澳洲幸运5开奖号码历史查询:support and resistance levels. However, the cryptocurrency broke beneath the closely watched 澳洲幸运5开奖号码历史查询:200-day moving average on ♈Thursday and dropped below $2,900 Friday morning.

The first area to watch sits around $2,600, a region that may provide support near a peak in January that formed part of the cryptocurrency’s broader uptrend between October and March. A close beneath this level could see Ether fall to the $2,150 area, where a 澳洲幸运5开奖号码历史查询:horizontal line connects a series﷽ of prices from November to early January.

A deeper 澳洲幸运5开奖号码历史查询:retracement in the asset class could trigger a decline below the key $2k 澳洲幸运5开奖号码历史查询:psychological level to $1,950, where buyers would likely emerge near a horizon🎃tal line extending from April to November last year.

-澳洲幸运5开奖号码历史查询:Timothy Smith

Stocks Making the Biggest Moves Premarket

Gains:

• Teck Resources (TECK): Shares of the mining company rose nearly 4% after Canada approved Glencore’s $6.9 billion acquisition of its coal mining business, the proceeds from which Teck expects to spend on buybacks and investments in its copper business. 
• Tesla (TSLA): The electric vehicle maker’s stock continued its winning week, rising about 2% amid reports that several Chinese state-owned firms had purchased its vehicles. Tesla’s struggle to compete with Chinese rivals has been a major overhang for the stock this year. 
  

Losses:

• MicroStrategy (MSTR): Shares of the software company, which has pegged much of its fortune on Bitcoin, slumped 7% amid a cryptocurrency sell-off. Crypto came under pressure from reports the custodian of bankrupt exchange Mt. Gox had begun the disbursement of nearly $9 billion in assets to creditors. Crypto exchange Coinbase (COIN) and digital trading platform Robinhood (HOOD) were also lower. 
• Li Auto (LI): Shares of the Chinese electric vehicle maker slid 3% after European regulators confirmed on Thursday that they were raising tariffs on Chinese TVs effective Friday. 

Dow Futures Join S&P, Nasdaq in the Green After🐷 Jobs Data

Dow futures jumped into positive territory Friday morning after the release of jobs data showed the unemployment rate ticked up slightly in June as wage growth slowed. The data boosted optimism that the Federal Reserve will be in a posit🌟ion to cut interest rates as early as September.

Stock Futures Little Changed Ahead of Jobs Data

Futures contracts connected to the Dow Jones Industrial Average were off about 0.1% in premar𝄹ket trading on Friday.

S&P 500 futures were flat a🐼fter giving up earlier gains☂.

📖Nasdaq 100 futures ♛were holding steady up about 0.1%.