Shortly before 10 a.m. ET markets are little changed today. The Nasdaq Composite is up .03% while other major indexes are down slightly. Let’s look at a round-up of performance:
- Nasdaq Composite: Up 6.05 (+.03%)
- S&P 500: Down 4.31 (-.07%)
- Dow Jones Industrial Average: Down 93.32 (-.22%)
- Russell 2000: Down 7.11 (-.32%)
Let’s check on this week’s most important need-to-know news.
Can the Non-Technology Market Rally Continue?
This might surprise you, but since the market started pricing in increasing rate cuts on July 10th, the only S&P 500 sector that’s down is technology. Here’s a selection of returns since that time
- Utilities (NYSE: XLU): Up 18.1%
- Real Estate (NYSE: XLRE): Up 15.7%
- Healthcare (NYSE: XLV): Up 4.5%
- Energy (NYSE: XLE): Up 2.3%
- Information Technology (NYSE: XLK): Down 3.0%
This broad rally received fresh momentum last week as earnings season heated up. Banking companies like JPMorgan, Bank of America, and Morgan Stanley all beat earnings and moved the sector higher.
NVIDIA Up Again on Monday
NVIDIA (Nasdaq: NVDA) is up again on Monday, having gained 2.4% in early trading. The stock continues to ride a series of recent Wall Street upgrades. The key catalyst driving the company’s continued gains is Wall Street analysts raising forecasts for data center revenue. NVIDIA has said they’re sold out of their next-generation Blackwell chips through 2025, meaning their revenue in the next 12 months will be limited by how many chips partners like Taiwan Semiconductor (NYSE: TSM) are able to produce.
NVIDIA is now up 21% in the past month while the Information Technology index is up 3.8%.
Boeing Strike Could End
Another major market mover today is Boeing (NYSE: BA). The company has been under pressure as a strike from its machinists’ union drags on. Boeing announced today that it has reached a deal where machinists will see a 35% wage increase across four years and includes other benefits like enhanced 401(k) contributions and signing bonuses.
The potential end of the strike is being cheered by Boeing investors, the stock is up 3.8% in early trading.
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The post Nasdaq Composite Flat | NVIDIA (NVDA) and Boeing (BA) See Big Gains | XLU, XLE, XLK appeared first on 24/7 Wall St..