Written by Dreamer
On Thursday, May 2, 2024, the U.S. stock market closed with gains across major indices, buoyed by anticipation of a forthcoming employment report and Apple’s earnings.
- S&P 500: Closed at 5,064.20, up 45.81 points or 0.91%.
- Dow 30: Closed at 38,225.66, up 322.37 points or 0.85%.
- Nasdaq: Closed at 15,840.96, up 235.48 points or 1.51%.
- Russell 2000: Closed at 2,016.11, up 35.88 points or 1.81%.
The bond market saw yields dropping, with the 2-year Treasury yield falling to 4.889% and the 10-year yield to 4.58%. The market’s positive movement followed comments from Federal Reserve Chair Jerome Powell, suggesting a potential cut in interest rates later this year, which would take longer than initially expected by traders.
The upcoming Friday’s employment report and Apple’s earnings are highly anticipated indicators that could influence future market movements. Market analysts expressed cautious optimism, citing that while lower bond yields have helped the rally, more might be needed to sustain it.
Contents:
Insights:
Stock Performance Overview:
Stock performance overview is as below:
- Gainers: 4,742 stocks experienced an increase in their stock prices.
- Losers: 1,941 stocks saw a decrease in their stock prices.
- Unchanged: 447 stocks remained unchanged in their stock prices.
Overall, the stock market showed a generally positive performance, with more stocks increasing in value than decreasing or remaining unchanged.
Market Cap Category Distribution:
The market cap breakdown of companies is as below:
- Micro Cap: These smallest companies form nearly half the market, representing 49%.
- Small Cap: Almost a quarter of the companies are small caps, accounting for 23%.
- Mid Cap: Medium-sized companies make up a significant portion, with 16%.
- Large Cap: Larger companies constitute just over a tenth of the market, at 11%.
- Mega Cap: The largest companies, or Mega Caps, are rare, making up only 1%.
This distribution indicates that Micro Cap companies dominate the market, whereas Mega Cap companies, the largest in the sector, are relatively scarce.
Sector-Wise:
Summary of the average trading volume per sector is as below:
- Energy: Leads with the highest trading volume.
- Telecommunications and Basic Materials: These sectors show substantial trading activity, closely following Energy.
- Finance: Has relatively lower trading volumes compared to other sectors.
- Unknown: Registers the lowest trading volume, indicating minimal trading activity.
Investors show the highest engagement in sectors such as Energy, Telecommunications and Basic Materials, as evidenced by their higher trading volumes.
Top-10 Traded Energy Stocks:
Below is a rundown of the top 10 Energy stocks with the highest daily trade volume:
- Leader: FCEL leads with the highest trade volume, significantly outstripping other stocks in this sector.
- Close Contenders: PLUG follows closely behind, with a substantial volume but not quite matching FCEL’s peak.
- At the Bottom: SLB exhibits the lowest trade volume among the top 10, indicating less trading activity compared to its counterparts.
These trading volumes illustrate diverse areas of investor focus within the energy sector, spanning from established oil and gas corporations to emerging alternative energy companies. As FCEL leads, we can observe heightened interest and investment potential in renewable energy solutions alongside traditional energy firms.
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