U.S Stock Market Summary – July 2, 2024

Dreamer

Written by Dreamer

On July 2, 2024, the U.S. stock market showed positive results across major indices.

  • S&P 500: Closed at 5,509.01, up 33.92 points or +0.62%.
  • Dow 30: Closed at 39,331.85, up 162.33 points or +0.41%.
  • Nasdaq: Closed at 18,028.76, up 149.46 points or +0.84%.
  • Russell 2000: Closed at 2,033.87, up 3.81 points or +0.19%.

The S&P 500 and Nasdaq Composite marked record closes, driven by gains in megacap technology firms and positive investor sentiment. Bond yields turned lower, reflecting optimism about the Federal Reserve’s progress on reducing inflation.

Contents:

Insights:

Stock Performance Overview:

Stock performance overview is as below:

  • Gainers: 3,635 stocks experienced an increase in their stock prices.
  • Losers: 3,044 stocks saw a decrease in their stock prices.
  • Unchanged: 408 stocks remained unchanged in their stock prices.

The market saw more advances than declines, reflecting positive investor sentiment. This aligns with the positive performance of major indices such as the S&P 500 and Nasdaq hitting new records, driven by gains in tech stocks and overall market optimism.

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:

  • 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: PCG has substantial volumes but significantly less than OPTT.
  • Bottom of the List: EXC has the lowest trading volume among the top 10.

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 Technology Stocks:

  • Leader: *NVDA stands out with the highest trading volume in the sector.
  • Following Closely: MAXN is second in trading volume but significantly less than NVDA.
  • Bottom of the List: PLTR 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 Energy Stocks:

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

FuelCell Energy, Inc. (FCEL) is a global leader in providing clean, efficient fuel cell solutions for power generation and storage. Specializing in renewable energy technologies, FCEL’s platforms offer reliable, low-emission power for utility-scale and on-site applications, enhancing energy security and sustainability.

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