Stock Indexes Close High in Market Recap

At the end of trading for Tuesday, all major stock indexes closed up, following several positive earnings reports and a mildly negative US CPI report.

The Dow Jones Industrial closed up 235 points, or 0.61% after closing down the day before. S&P 500 closed with a gain of 1.12%, and the Nasdaq Composite finished off trading for Tuesday up an impressive 1.54%.

The S&P 500’s closing was a new record high, demonstrating that even though the US Consumer Price Index report was not as positive as was hoped for, that did not have a negative impact on the market. That broad measure of goods and services pricing showed that inflation is up slightly.

Consumer goods costs rose by 0.4% for the month and 3.2% for the last 12 months. That is slightly above estimates, but not dangerously so. The core CPI rose 0.4%, and for the past 12 months rose by 3.8%. On the good news side of things, food prices stayed flat for the month.

Stocks in Movement

The S&P 500 recorded its 17^th high for 2024, which indicates a relatively healthy market. That market is led by tech stocks primarily, including Oracle (ORCL) after a 12% climb that occurred when the company’s quarterly earnings report was released. Nvidia (NVDA) continued to climb, gaining more than 7% on strong earnings reports and a rosy forecast for the upcoming year. MicroStrategy (MSTR) gained 7.4% after the bitcoin platform was given a positive outlook by two research companies- TD Cowen and Canaccord. MicroStrategy bought up more bitcoin recently, as the company believes it will be very valuable in the near future.

Kohl’s (KSS) released its earnings report on Tuesday, and the stock fell 6.7% as a result. This was even with a positive report that exceeded industry estimates.

On Holding (ONON) is a Swiss athletic apparel company with a recently released earnings report as well. After the report showed the company’s revenue dropped below expectations, the company’s stock dropped 9%.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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