U.S Stock Market Summary – July 1, 2024

Dreamer

Written by Dreamer

On July 1, 2024, the U.S. stock market had mixed results:

  • S&P 500: Closed at 5,475.09, up 14.61 points or +0.27%.
  • Dow 30: Closed at 39,169.52, up 50.66 points or +0.13%.
  • Nasdaq: Closed at 17,879.30, up 146.70 points or +0.83%.
  • Russell 2000: Closed at 2,030.07, down 17.62 points or -0.86%.

Despite a strong performance in tech stocks, particularly from Tesla and Apple, market breadth was weak, with about three-fourths of S&P 500 stocks falling. The Nasdaq achieved a record close driven by gains in major tech firms, while the broader market awaited key economic data and Federal Reserve signals.

Contents:

Insights:

Stock Performance Overview:

Stock performance overview is as below:

  • Gainers: 2,379 stocks experienced an increase in their stock prices.
  • Losers: 4,313 stocks saw a decrease in their stock prices.
  • Unchanged: 409 stocks remained unchanged in their stock prices.

Overall, the market saw more declines than advances, reflecting cautious investor sentiment. This trend aligns with the weak market breadth, with about three-fourths of S&P 500 stocks falling.

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 highlights the predominance of smaller companies in the market.

Sector-Wise:

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

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

Top 10 Traded Technology Stocks:

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

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 Utilities Stocks:

  • Leader: *OPTT stands out with the highest trading volume in the sector.
  • Following Closely: INFN is second in trading volume but significantly less than OPTT.
  • Bottom of the List: NOVA has the lowest trading volume among the stocks.

Ocean Power Technologies Inc. (OPTT) focuses on innovative ocean energy solutions by utilizing wave power to generate electricity. Their flagship product, PowerBuoy, provides sustainable energy for offshore industries, scientific research, and defense applications. OPTT aims to revolutionize how energy is harnessed from the ocean, offering an eco-friendly alternative to traditional power sources.

Top 10 Traded Energy Stocks:

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

Tellurian Inc. (TELL) is an energy company that develops, produces, and delivers natural gas. They focus on creating a low-cost, global natural gas business and are involved in the entire value chain from production to delivery. Tellurian aims to address the growing global demand for energy with its innovative approach to natural gas supply and infrastructure.

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