The stock market experienced a mixed trading day. The Dow and Russell 2000 saw declines. However, the Nasdaq advanced, led by strong tech sector gains. Notably, Nvidia and Google shares rose significantly.
Major Index Movements
The Dow Jones Industrial Average fell 0.25%, settling at 42,982.43.
Meanwhile, the S&P 500 struggled to cross 6,100. It closed at 6,092.16 after multiple failed attempts. Profit-taking later pushed it down.
The Nasdaq, conversely, climbed 0.31%. It finished the day at 19,973.55. This rise was largely due to key tech stock performance.
The Russell 2000 dropped 0.97%. It ended at 2,140.27. Small and mid-cap stocks experienced the steepest declines today.
Market Volatility and Sentiment
The VIX, or volatility index, remained stable. It decreased by 3.215% to 16.93. This indicates a general reduction in market fear. Optimism about a “golden cross” emerged. This suggests potential positive market momentum ahead. Despite this, overall market breadth was weak. More stocks declined than advanced today. The CNN Fear & Greed Index rose. It moved from 55 to 59. This indicates increasing investor optimism. Quarter-end rebalancing may also influence market moves.
Fed Chair’s Testimony
Jerome Powell testified before Congress again. He spoke to the Senate Banking Committee. Powell reiterated concerns about tariffs. He emphasized watching their inflation impact. Senators highlighted macroeconomic issues. These included tariffs, tax legislation, and recession risks. This shifted market focus. It moved towards broader economic uncertainties. Powell implied potential rate cuts. However, current uncertainties might delay them.
Bond Market Dynamics
Treasury bond auctions showed weak demand. The 2-year and 5-year auctions were poor. Bid-to-cover ratios were low. Still, bond yields surprisingly fell. This reflected increased investor demand. Concerns from Powell’s testimony likely drove this. The 10-year Treasury yield dipped 0.12% to 4.28%. The 30-year Treasury fell 0.02% to 4.83%. The 2-year Treasury decreased 0.24% to 3.77%.
Currency and Commodity Trends
The Dollar Index declined 0.17% to 97.28. Oil prices, conversely, rose. This was due to ongoing geopolitical events. Brent Crude gained 0.70% to $66.63. WTI Crude climbed 1.24% to $65.17. Gold prices also increased. They were up 0.45% to $3,348. This suggests a flight to safe-haven assets.
Key Corporate Updates
FedEx did not provide a full-year outlook. This decision stemmed from tariff uncertainties. TSMC issued new shares. Surprisingly, its stock price still increased. Apple announced App Store policy changes. These aim to avoid EU antitrust fines. Google unveiled new Gemini AI coding tools. This boosted its stock performance. Meta announced a $10 billion data center investment. A federal judge blocked efforts. These efforts would defund EV charging. This positively impacted EV infrastructure stocks.
Stock Performance Details
Nvidia surged nearly 4%. It achieved a $3.76 trillion market cap. It is now the world’s most valuable company. An analyst predicted a $250 price target. This suggests a $6 trillion valuation. Nvidia CEO Jensen Huang highlighted robotics. He sees it as a major future growth area. Google shares rose 2.30%. Eli Lilly gained 1.83%. Other notable gainers included Microsoft and Apple.
Conversely, Tesla fell 3.79%. Reports of declining European sales impacted it. Issues with Full Self-Driving (FSD) beta performance also weighed on shares. Concerns about scalability of robotaxi services emerged. However, Elon Musk announced Optimus v3. This new robot will feature Grok AI voice.
Semiconductor stocks generally performed well. The Philadelphia Semiconductor Index rose 0.90%. AI and robotics stocks mostly advanced. This included SMCI and Resolve AI. Yet, some quantum computing stocks adjusted. IonQ and QBTS both saw pullbacks. Retail and consumer staples were mixed. Some banks performed well. This was due to eased regulator
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Consult a qualified financial advisor before making investment decisions.