Stock Market Very Bullish after Heavy Wednesday Trading

We expected the stock market to stay low Wednesday, but the S&P 500 actually set a record with its 1.18% gain that helped it hit 5,354.

The Nasdaq Composite gained appreciably as well, increasing by 1.96%, leaving the Dow Jones Industrial Average with a gain of only 0.25%. The Nasdaq index hit a new record high with 17,187, demonstrating a healthy market that can surprise even during high inflation periods like what we are going through now.

The major gainer across all three indices was Actelis Networks Inc. (ASNS), which grew by 695% after receiving orders from the US government for battle-hardened cyber equipment to be installed at three different military bases. The stock corrected hours later and is now down 36% in premarket trading, still holding onto most of its gains.

Walmart (WMT) stock continues to stay high at $67 per share as the company does well in the tightening economy. With discount prices, the massive retailer is able to draw in customers who have stopped spending money with its competitors in an effort to punch pennies. The company is incentivizing its employees to apply for high-demand positions like software technicians and HVAC workers.

Economic Indicators to Observe

This week, we will be seeing the release of a number of important economic reports. Unemployment claims are expected to increase as the economy grows slightly worse. Revised Nonfarm Productivity and Revised Unit Labor Costs reports are coming out as well, which could give some small indication of where inflation may be going.

Major earnings reports this week revealed dire news for athleisure clothing company Lululemon (LULU), which had a rough quarter for sales, but good news for J.M. Smucker (SJM), which beat quarterly earnings estimates.

As the market opens today, expect trading to continue at a frenzied rate on the news of record achievements for multiple market indices.

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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