Market Summary for January 6th

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Samiat

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Nov 12, 2024
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Market Summary for January 6th

Nasdaq and S&P 500 Gain Amid Tech Stock Rally
The Nasdaq Composite and S&P 500 closed higher on Monday, driven by a surge in technology and semiconductor stocks.

  • Nasdaq Composite: Rose 1.2% to 19,865.
  • S&P 500: Increased 0.6% to 5,975.4.
  • Dow Jones Industrial Average: Declined 0.1% to 42,706.6.
Sector Performance:

  • Top Gainer: Communication services, up 2.1%.
  • Biggest Loser: Real estate.
Key Stock Highlights:

  • Micron Technology (MU): Gained nearly 11%, leading the S&P 500 and second on the Nasdaq.
  • Super Micro Computer: Rose 9.4%, the second-best performer on the S&P 500.
  • MicroStrategy: Led gains on the Nasdaq.
  • ASML and ARM: Also among Nasdaq's top performers.
  • Nvidia: Topped the Dow, up 3.4%.
Corporate News:

  • US Steel and Nippon Steel: Filed a lawsuit against President Biden’s decision to block their deal. US Steel shares surged 8.1%.
  • Disney and FuboTV: Announced a merger of Hulu + Live TV and FuboTV, granting Disney a 70% stake in FuboTV. FuboTV shares skyrocketed 251%, while Disney dipped 0.1%.
  • Axon Enterprise and Palantir Technologies: Declined 5.1% and 5%, respectively, marking the worst performances on the S&P 500 and Nasdaq.
Economic Updates:

  • Treasury Yields:
    • 10-Year Yield: Rose by 1.7 basis points to 4.61%.
    • Two-Year Yield: Fell by 1.7 basis points to 4.26%.
  • Federal Reserve:
    • Governor Lisa Cook urged caution in further interest rate cuts, citing progress on disinflation but noting more work is needed to reach the 2% inflation target.
  • US Services Sector:
    • Expanded to a 33-month high in December, with new orders growing at the fastest pace since March 2022, according to S&P Global.
    • “The strong services PMI sets the US economy up for a strong start to 2025,” said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.
Commodities:

  • West Texas Intermediate (WTI) Crude Oil: Fell 0.7% to $73.46 per barrel.
  • Gold: Dropped 0.3% to $2,645.70 per troy ounce.
  • Silver: Increased 1.3% to $30.46 per ounce.
 
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