Top Movers of the Day
1min read On Monday, the stock market experienced subdued action with the Dow Jones Industrial Average, S&P 500 index, and Nasdaq Composite finishing with modest losses, while the small-cap Russell 2000 Index ended slightly higher. The market was affected by news from the European Union, which announced a probe into major tech companies Apple, Alphabet, and Meta under its new Digital Markets Act. Additionally, Intel and Advanced Micro Devices faced early trading slumps due to reports of China limiting the use of their products in government computers, though both stocks later rebounded. Micron Technology's shares surged, buoying the chip sector, following strong quarterly results. Economic data revealed a slight decrease in New Home Sales, contrasting with positive reports on Housing Starts, Building Permits, and Existing Home Sales from the previous week. Crude oil prices rose, nearing 2024 highs, after Russia announced output cuts to align with OPEC targets. Market sectors showed varying performance, with energy leading gains, while industrials, information technology, and real estate lagged. Notable stock movements included United Airlines' decline due to FAA scrutiny, Boeing's rise amid CEO changes, Walt Disney's gain on positive analyst remarks, and Coinbase's rally alongside cryptocurrency gains. The upcoming earnings calendar is quiet, with a few companies reporting this week. Market sentiment is influenced by expectations of potential Federal Reserve rate cuts later this year. However, recent comments from Fed officials suggest uncertainty regarding the number and timing of rate cuts. Upcoming economic data releases, including Durable Goods, Consumer Confidence, GDP, and PCE inflation figures, will be closely monitored for their potential impact on Fed policy and market direction.
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