US Stock Market Recap (24th June, 2024)
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The stock market ended Monday with a mixed performance. The S&P 500 dipped slightly by 0.3%, and the Nasdaq Composite Index fell more sharply at 1.1%. Bucking the trend, the Dow Jones Industrial Average closed up 260 points, or 0.67%.
Investor caution prevailed as they awaited important inflation data and pronouncements from the Federal Reserve later this week. These factors could significantly impact upcoming monetary policy decisions.
Energy stocks led the market, outperforming other sectors. In contrast, technology stocks experienced a pullback after a recent surge, particularly in companies focused on artificial intelligence (AI).
The tech rally appeared to be taking a pause. Nvidia’s losses extended for a third day, with a drop of 6.7%, causing it to fall behind Microsoft and Apple in terms of market capitalisation.
ResMed suffered a significant decline, experiencing its steepest plunge since August 2023 with a 13.2% drop. This news came on the heels of Eli Lilly’s announcement regarding their weight-loss drug, Zepbound, which has the potential to lessen the severity of sleep apnea, a condition treated by ResMed’s devices.
On a brighter note, Meta Platforms managed a gain of 0.8%. This increase could be attributed to reports of a potential AI partnership with Apple. Affirm Holdings also enjoyed a strong increase of 12.8%, possibly fuelled by Goldman Sachs initiating coverage with a bullish “Buy” recommendation and a price target of $42.