US Stock Market Recap (28th June, 2024)
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US stocks closed lower on the final day of June as investors reacted to mixed economic signals. The S&P 500 dipped 0.4% after reaching an intraday peak of 5,500. The Nasdaq 100 also retreated 0.7% following a brief touch of its record high at 19,980. The Dow Jones Industrial Average shed 41 points.
Economic data released that day provided some conflicting clues. The Federal Reserve’s preferred inflation gauge remained flat in May, potentially opening the door for a rate cut later in the year. However, revised consumer sentiment data from the University of Michigan showed a significant improvement, with inflation expectations also declining.
Communication services stocks led the decline, with companies like Alphabet (down 1.7%), Meta (down 2.9%), Netflix (down 1.4%), and Walt Disney (down 2.8%) all suffering losses. Conversely, energy and real estate sectors managed small gains. Several megacap stocks closed in the red, including Nvidia (down 0.3%) and Amazon (down 2.3%).
Despite the session’s losses, June ended positively for major indexes. The S&P 500 rose 2.9%, the Dow gained 0.7%, and the Nasdaq climbed 4.9% for the month. Looking at the first half of 2024, the S&P 500 advanced 15.1%, the Nasdaq surged 20%, and the Dow increased 3.7%.
Data: Trading Economics