U.S. Stocks Move Mostly Higher, Largely Offset Monday’s Sell-Off
09 Agosto 2024 - 5:44PM
IH Market News
Following the rally seen during Thursday’s session, stocks
turned in a relatively lackluster performance during trading on
Friday but managed to end the day mostly higher.
The major averages finished the session off their highs of the
day but still in positive territory. The Dow edged up 51.05 points
or 0.1 percent to 39,497.54, the Nasdaq climbed 85.28 points or 0.5
percent to 16,745.30 and the S&P 500 (SPI:SP500) rose 24.85
points or 0.5 percent to 5,344.16.
The higher close on Wall Street came as stocks continued to
recover from recent selling sparked by concerns about the outlook
for the U.S. economy.
With the upward move seen over the course of the session, the
Nasdaq and the S&P 500 largely offset the steep losses posted
on Monday, closing only slightly lower for the week.
For the week, the S&P 500 edged down by less than a tenth of
a percent and the Nasdaq dipped by 0.2 percent, while narrower Dow
slid by 0.6 percent.
The major averages still remain well off their recent highs
after also moving sharply lower last Thursday and Friday.
Traders may have been reluctant to make more significant moves
amid a lack of major U.S. economic on the day ahead of the release
of several key reports next week.
Key inflation data is likely to be in the spotlight next week,
although reports on retail sales and industrial production may also
drive trading amid recent concerns about the outlook for the
economy.
Among individual stocks, shares of Expedia (NASDAQ:EXPE) moved
sharply higher after the travel technology company reported better
than expected second quarter results.
Cloud computing company Akamai Technologies (NASDAQ:AKAM) also
saw significant strength after reporting second quarter results
that beat estimates and raising its full-year guidance.
On the other hand, shares of e.l.f. Beauty (NYSE:ELF) came under
pressure even though the company reported better than expected
fiscal first quarter results.
Sector News
Pharmaceutical stocks showed a strong move to the upside on the
day, driving the NYSE Arca Pharmaceutical Index up by 1.8
percent.
Notable strength was also visible among gold stocks, as
reflected by the 1.1 percent gain posted by the NYSE Arca Gold Bugs
Index. The strength in the sector came amid a modest increase by
the price of the precious metal.
Software and brokerage stocks also saw some strength, while most
of the other major sectors ended the day showing only modest
moves.
Other Markets
In overseas trading, stock markets across the Asia-Pacific
region moved mostly higher during trading on Friday. Japan’s Nikkei
225 Index climbed by 0.6 percent, while Hong Kong’s Hang Seng Index
shot up by 1.2 percent.
The major European markets also moved to the upside on the day.
While the German DAX Index edged up by 0.2 percent, the U.K.’s FTSE
100 Index and the French CAC 40 Index both rose by 0.3 percent.
In the bond market, treasuries regained ground after trending
lower over the past few sessions. As a result, the yield on the
benchmark ten-year note, which moves opposite of its price, slid
5.5 basis points to 3.942 percent.
Looking Ahead
While reaction to the U.S. economic data is likely to drive
trading next week, traders are also likely to keep an eye on the
latest corporate earnings news, including results from Walmart
(NYSE:WMT) and Home Depot (NYSE:HD).
SOURCE: RTTNEWS
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