U.S Stock Market Summary – June 05, 2024

Dreamer

Written by Dreamer

On June 05, 2024, the U.S. stock market closed higher.

  • S&P 500: Closed at 5,354.03, up 62.69 points or +1.18%.
  • Dow 30: Closed at 38,807.33, up 96.04 points or +0.25%.
  • Nasdaq: Closed at 17,187.90, up 330.86 points or +1.96%.
  • Russell 2000: Closed at 2,063.87, up 29.93 points or +1.47%.

The U.S. stock market showed strong performance, particularly in the technology sector, which pushed the Nasdaq up by nearly 2%. The S&P 500 and Russell 2000 also saw significant gains, indicating a positive day across different market segments. The Dow, while showing the least gain, still closed higher, adding to the overall positive market sentiment on this day. This bullish trend was underpinned by optimism for potential rate cuts by the Federal Reserve amidst signs of a cooling economy and slowing labor demand.

Contents:

Insights:

Stock Performance Overview:

Stock performance overview is as below:

  • Gainers: 4,261 stocks experienced an increase in their stock prices.
  • Losers: 2,482 stocks saw a decrease in their stock prices.
  • Unchanged: 413 stocks remained unchanged in their stock prices.

This distribution indicates a positive market day with significantly more gainers than losers.

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 reflects a diverse stock market landscape, dominated by Micro and Small cap companies, indicating a broad base of smaller companies within the total market ecosystem.

Sector-Wise:

Summary of the average trading volume per sector is as below:

  • Telecommunications: Leads with the highest trading volume.
  • Energy: Shows substantial trading activity, closely following Telecommunications.
  • Unknown: Registers the lowest trading volume, indicating minimal trading activity.

Top 10 Traded Telecommunications Stocks:

  • Leader: *HPE leads with the highest trade volume, significantly higher than the rest.
  • Following Closely: ASNS has substantial volumes but significantly less than HPE.
  • Bottom of the List: VOD has the lowest trading volume among the top 10.

Hewlett Packard Enterprise (HPE), established from the split of Hewlett-Packard in 2015, operates globally offering solutions like high-performance computing, AI, storage products, and edge-to-cloud services under its GreenLake platform. The company’s networking products are marketed under the Aruba brand, encompassing devices such as Wi-Fi access points. HPE supports large enterprises and public sectors in digital transformation, also providing financial services to manage IT investments. With a focus on innovation and sustainability, HPE aims to expand its technological and geographical footprint globally.

Top 10 Traded Energy Stocks:

  • Leader: *TELL stands out with the highest trading volume in the sector.
  • Following Closely: PLUG follows with a strong trading volume but still less than TELL.
  • Bottom of the List: PR has the lowest trading volume among the stocks.

Tellurian Inc. (TELL), established in 2016 by Charif Souki and Martin Houston, is an American company focused on the natural gas sector. Its primary project is the Driftwood LNG terminal on the U.S. Gulf Coast, which aims to export liquefied natural gas. This project encompasses natural gas production, LNG marketing, and infrastructure development. Tellurian operates by acquiring natural gas reserves and selling LNG under long-term contracts.

Top 10 Traded Technology Stocks:

  • Leader: *CRKN dominates with the highest trading volume in the sector.
  • Following Closely: MARA shows strong trading volumes, but less than CRKN.
  • Bottom of the List: CYN is at the lower end in terms of trading volume among the stocks.

Crown ElectroKinetics Corp. (CRKN) specializes in smart glass technology, known for its DynamicTint™ system that transforms glass from clear to dark swiftly. Developed from technology originated at Hewlett-Packard, it is used in buildings, vehicles, and homes. The company, established in 2015 in Corvallis, Oregon, focuses on energy efficiency and partners with major manufacturers to produce and distribute its products. CRKN also explores innovations in fiber optics for 5G infrastructure.

See more:
Yahoo Finance: Stock market today: S&P 500, Nasdaq hit record highs as Nvidia leads tech rally


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