U.S Stock Market Summary – June 26, 2024

Dreamer

Written by Dreamer

On June 26, 2024, the U.S. stock market showed mixed results with majority of major indices closed higher.

  • S&P 500: Closed at 5,477.90, up 8.60 points or +0.16%.
  • Dow 30: Closed at 39,127.80, up 15.64 points or +0.04%.
  • Nasdaq: Closed at 17,805.16, up 87.50 points or +0.49%.
  • Russell 2000: Closed at 2,018.12, down 4.23 points or -0.21%.

The U.S. stock market experienced gains in major indices driven by strong performances from companies like Tesla, FedEx, and Amazon. Despite these overall gains, market breadth was weak, with more than two-thirds of S&P 500 stocks declining rather than advancing.

Contents:

Insights:

Stock Performance Overview:

Stock performance overview is as below:

  • Gainers: 3,170 stocks experienced an increase in their stock prices.
  • Losers: 3,473 stocks saw a decrease in their stock prices.
  • Unchanged: 500 stocks remained unchanged in their stock prices.

This is consistent with the observed market breadth, where more stocks declined than advanced, indicating weak market sentiment.

Market Cap Category Distribution:

The market cap breakdown of companies is as below:

  • Micro Cap: These smallest companies form nearly half the market, representing 50%.
  • Small Cap: Almost a quarter of the companies are small caps, accounting for 22%.
  • 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 a market heavily dominated by smaller companies.

Sector-Wise:

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

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

Top 10 Traded Utilities Stocks:

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

Ocean Power Technologies Inc. (OPTT) is a leader in innovative and cost-effective ocean energy solutions. The company specializes in harnessing the power of ocean waves to generate electricity, which is then used to power offshore industries, scientific research, and defense applications. OPTT’s proprietary PowerBuoy technology offers reliable, renewable energy and data services, addressing the growing need for sustainable energy solutions and offshore power autonomy.

Top 10 Traded Technology Stocks:

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

NVIDIA (NVDA), founded in 1993 and based in Santa Clara, California, leads the technology industry with its advanced graphics processing units (GPUs). The company excels across various markets, including gaming, professional visualization, and artificial intelligence, contributing significantly to advancements in these fields.

Top 10 Traded Consumer Discretionary Stocks:

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

Faraday Future Intelligent Electric Inc. (FFIE) is an electric vehicle (EV) startup focused on developing intelligent, luxury electric cars. The company’s flagship model, the FF 91, aims to combine advanced technology, performance, and comfort, targeting high-end consumers. Faraday Future leverages AI and machine learning to enhance vehicle performance and user experience, positioning itself as a significant player in the burgeoning EV market with a vision of connected, sustainable urban mobility.

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