On Slow Day, S&P 500 Ekes Out Another Record

Fed chief Powell addresses Congress on Tuesday
By Newser Editors and Wire Services
Posted Jul 8, 2024 3:16 PM CDT
On Slow Day, S&P 500 Ekes Out Another Record
The New York Stock Exchange is seen on July 3, 2024.   (AP Photo/Peter Morgan, File)

Stocks wavered Monday but still managed record-high closes for the S&P 500 and Nasdaq:

  • The benchmark S&P 500 ticked up 5 points to 5,572.
  • The tech-focused Nasdaq gained 50 points to 18,403.
  • The Dow fell 31 points to 39,344.

Gains in tech stocks, including several chipmakers, tempered declines in communication services, energy, and other sectors of the S&P 500, per the AP. Nvidia rose 2%, Broadcom added 1.7%. and Advanced Micro Devices was 3.1% higher. Specialty glassware maker Corning surged 11.7% for one of the biggest gains in the market Monday after raising its sales forecast. Troubled airplane maker Boeing was up 0.5% after agreeing to plead guilty to a criminal fraud charge stemming from two crashes of 737 Max jetliners that killed 346 people. The government determined the company violated an agreement that had protected it from prosecution for more than three years.

Entertainment giant Paramount Global fell 4.4% after it agreed to merge with Skydance. Traders are looking ahead to several earnings reports this week including updates from Delta Air Lines on Thursday. JPMorgan, Citigroup, and Wells Fargo will report results on Friday. The latest updates for banks could give Wall Street a clearer picture on how consumers are handling increased debt and whether banks are worried about payments and potential delinquencies. Also of note: Federal Reserve Chair Jerome Powell addresses Congress on Tuesday and Wednesday. The central bank has kept its benchmark interest rate at its highest level in more than two decades in an effort to tame inflation.

(More stock market stories.)

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