U.S Stock Market Summary – May 30, 2024

Dreamer

Written by Dreamer

On May 30, 2024, the U.S. stock market saw a general decline across most major indices, with the exception of the Russell 2000.

  • S&P 500: Closed at 5,235.48, down 31.47 points or -0.60%.
  • Dow 30: Closed at 38,111.48, down 330.06 points or -0.86%.
  • Nasdaq: Closed at 16,737.08, down 183.50 points or -1.08%.
  • Russell 2000: Closed at 2,056.60, up 20.41 points or +1.00%.

Today, most major indices were in the red. Despite these declines, the Russell 2000 managed a gain, suggesting resilience among smaller cap stocks. This mixed performance reflects ongoing uncertainties and investor caution as market participants await more definitive economic indicators that could influence future monetary policy decisions by the Federal Reserve.

Contents:

Insights:

Stock Performance Overview:

Stock performance overview is as below:

  • Gainers: 4,354 stocks experienced an increase in their stock prices.
  • Losers: 2,336 stocks saw a decrease in their stock prices.
  • Unchanged: 438 stocks remained unchanged in their stock prices.

With most major indices in the red and only the Russell 2000 managing a gain, this distribution suggests a day with more gainers from smaller cap stocks.

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 dominance of smaller companies in terms of numbers, with micro and small caps together comprising a substantial portion of the market. Conversely, the larger entities, though fewer in number, generally hold larger financial influence due to their substantial market capitalizations.

Sector-Wise:

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

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

Top 10 Traded Industrials Stocks:

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

Cue Health Inc. (HLTH), headquartered in San Diego and founded in 2010, is a healthcare technology firm offering the Cue Integrated Care platform. This platform delivers lab-quality diagnostic tests that are convenient for both individuals and healthcare providers. It features the Cue Health Monitoring System, including a portable Cue Reader, single-use Cue Cartridge, and Cue Wand for sample collection. The platform integrates cloud-based data analytics, virtual care apps like the Cue Health App and Cue Enterprise Dashboard, and connects with EMRs, pharmacies, clinician networks, and laboratories. Originally known as Cue Inc, the company rebranded to Cue Health Inc. in December 2017 and is notable for its COVID-19 testing kits.

Top 10 Traded Technology Stocks:

  • Leader: *CRKN stands out with the highest trading volume in the sector.
  • Following Closely: PATH follows with a strong trading volume but still less than CRKN.
  • Bottom of the List: AI has the lowest 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.

Top 10 Traded Consumer Discretionary Stocks:

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

Faraday Future Intelligent Electric Inc. (FFIE), founded in 2014 and based in Gardena, California, specializes in the design, development, manufacture, engineering, sale, and distribution of electric vehicles and related products across the United States.

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