Stock Market Recap: Indexes Edge Lower after Record Highs
The Dow Jones and S&P 500 fell as the Nasdaq ticked upward today.
The honeymoon could not last forever, and the record highs of the stock market are now slipping as the indexes inch lower Tuesday. Was the cause trader fatigue or simply a shift in the economics?
Housing data was released today, and it was softer than anticipated. The market reacted by mostly dipping down. The Dow Jones fell by 0.44%, with the S&P 500 dropping a minor 0.10%. The Nasdaq Composite was up, but barely, with a slight 0.11% gain.
There were a few significant reversals on the stock market for Tuesday morning. Trex went from gaining to losing 2%. Meanwhile Unity fell by 5%, and Amgen dropped 2%.
No Dow Jones stocks rose by more than 0.65% today, but over on the S&P 500 index, Norwegian Cruise Line Holdings jumped more than 17%. Constellation Energy Corp came second with gains of 13%.
The Nasdaq managed to gain a little from yesterday thanks to major gains from Januz Therapeutics, which was up 181%. Viking Therapeutics also gained significantly, up 92% from the previous day. Januz makes prostate cancer drugs, while Viking makes weight loss supplements. New positive trial data helped both of these pharmaceutical companies along today,
Market Expectations for the Week
The cooling stock market will likely have some trouble getting momentum up again, especially as inflation and housing data is not strongly positive. Much of the data coming out for the US economy is very soft and will keep the market from moving too quickly. Traders will have to rely on individual stocks doing well, like Nvidia’s recent success story.
The stock market may tick back up by the end of trading today, but nothing on the Dow Jones is looking to make big moves. Keep an eye on the rapidly moving Nasdaq stocks that could garner public interest and continue to make major gains in the coming days.
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