Jason Meshnick, CMT
5 min read
In This Article:
Stock Market Today: Stocks Continue Rally; Consumer Confidence Weakens originally appeared on TheStreet.
It was a good day to be an investor. Stocks ended the day up across the board. All of the major stock indexes gained at least 1%, though there was some profit taking into the close.
Bonds were strong, too, sending yields lower. The benchmark 10-Year Treasury yielding 4.29%.
What was weak? Oil. And oil stocks. Oil closed down 5%, but managed a late day rally to finish above $65.
Gold was also lower, falling 1.7% to close at $3337.
Overnight, we'll continue watching the situation in the Middle-East, to see if the ceasefire continues to hold.
Tomorrow, the Census Bureau will release May's New Home Sales report.
Heading into the last minutes of trading, stocks remain higher and are trending near the best levels of the day.
The big-cap indexes, Dow Jones Industrials and S&P 500, are up by about 1.25% each. The tech-heavy Nasdaq is higher by 1.6%, while the smaller-cap companies in the Russell 2000 are up 1.4%.
The rally is broad-based. Most stocks are still up.
The Semiconductors remain among the leaders, with Intel and AMD both gaining more than 6.5%.
Energy stocks and Tesla are among the big losers so far today as oil holds below the $65 level we've been discussing this week.
The Conference Board reported earlier today that Consumer Confidence declined in June. Consumers are worried about the economy, especially jobs and the impact of the Trump administration's tariffs. For the first time in some time, the shift was across the board, as Republicans showed the largest decline in confidence.
As for Fed Chairman Powell, he's been on Capitol Hill all day today, telling lawmakers that the economy is on good footing but that tariffs will raise inflation. The question is whether the inflation will be a single step-up in prices or something more persistent. With that in mind, the Fed plans to wait before cutting rates.
And, of course, the Middle East. This morning, we had a ceasefire. But then, rockets were fired. Trump fired back and things seem to have settled. For now.
Stocks are up strongly at midday Tuesday. The S&P 500 and Dow Jones Industrial Average are both up almost 1% while the tech-heavy Nasdaq and Small Cap Russell 2000 are each higher by more than 1%.
Nine of the 11 S&P sectors are up today, led by Information Technology and Communication Services. Consumer Staples and Energy are the only losing sectors.
