Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Monday, July 7
    Facebook X (Twitter) Instagram Pinterest Vimeo
    Invest Insider News
    • Home
    • Bitcoin
    • Commodities
    • Finance
    • Investing
    • Property
    • Stock Market
    • Utilities
    Invest Insider News
    Home»Stock Market»Stock Market Today: A Widespread Rally on Wall Street Sends Stocks Rising, Both Big and Small
    Stock Market

    Stock Market Today: A Widespread Rally on Wall Street Sends Stocks Rising, Both Big and Small

    July 26, 20245 Mins Read


    NEW YORK — U.S. stocks are rallying in near unison on Friday as they close out a bumpy week that had been dominated by sharp, market-cleaving swings.

    The S&P 500 was 0.9% higher in morning trading following stronger-than-expected profit reports from 3M and several other big companies. The Dow Jones Industrial Average was up 602 points, or 1.5%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.7% higher.

    Widespread Gains Across Market Sectors

    The market’s gains were widespread, including both Big Tech behemoths and smaller stocks. That’s a departure from much of the week, where a divide deepened between the handful of elite stocks that had dominated the market earlier this year and almost everyone else.

    Nvidia rose 1.2% to cut into what had been a 4.8% loss for the week. Most of the other members of the small group of stocks known as the “Magnificent Seven” also rose to claw back some of their losses from earlier in the week.

    They were under pressure after the latest profit results from Tesla and Alphabet raised worries that investors had gotten carried away by the frenzy around artificial-intelligence technology and taken Magnificent Seven prices too high.

    Related Story: Stock Market Today: A Wipeout on Wall Street Sends the S&P 500 Down by …

    Smaller Stocks and Industrial Companies Rally

    As those old leaders of the market’s leaderboard tumbled, formerly downtrodden areas of the market turned higher, and they continued their momentum Friday. The Russell 2000 index of smaller stocks climbed 1.3%. It’s up more than 10% this month, far better than the slight dip for the big stocks in the S&P 500.

    Industrial companies and other businesses whose profits are closely tied to the strength of the economy also rallied. They had lagged this year as high interest weighed on the U.S. economy and slowed its growth.

    Norfolk Southern jumped 11% to erase what had been a loss for the year so far after the rail company reported better profit for the latest quarter than analysts expected. It got a boost from insurance payments related to last year’s disastrous East Palestine derailment. The company also made progress in reducing its expenses and improving efficiency.

    3M rose 17.4% after reporting stronger profit and revenue for the latest quarter than analysts expected. The company behind the Scotch-Brite and Nexcare brands also raised the bottom end of its forecasted range for profit for the full year of 2024.

    Related Story: US Economic Growth Increased Last Quarter to a Healthy 2.8% Annual Rate

    Inflation Update Boosts Market Sentiment

    Stocks generally got another boost from the latest update on inflation, which investors saw as further evidence their expectations for coming cuts to interest rates will prove true.

    U.S. consumers paid prices in June that were 2.5% higher than a year earlier, down from May’s inflation rate of 2.6%, the Commerce Department said on Friday. That’s according to the personal consumption expenditures index, which the Federal Reserve pays more attention to than the consumer price index, or CPI.

    With inflation resuming its slowdown following a discouraging start to the year, traders are continuing to bet on a 100% probability that the Fed will begin easing its main interest rate in September, according to data from CME Group. The Fed has been keeping its federal funds rate at the highest level in more than two decades for roughly a year.

    “Income growth is slow, spending growth is moderating, goods prices are in deflation, service price inflation is tame,” according to Brian Jacobsen, chief economist at Annex Wealth Management. “If this doesn’t give the Fed confidence to cut, nothing will.”

    The yield on the 10-year Treasury fell to 4.20% following the inflation report from 4.25% late Thursday and from 4.70% in April. That’s a significant move for the bond market and offers support for stock prices.

    Related Story: Is Inflation Finally Corralled? Powell Says Federal Reserve Believes It’s …

    Notable Stock Performances

    Among the other winners on Wall Street, where nearly 90% of the stocks in the S&P 500 were rising, Deckers Outdoors climbed 9.1% after it breezed past Wall Street’s earnings expectations on the strength of its Ugg and Hoka brand footwear. The California company also raised its full-year profit forecast.

    Newell Brands soared 36.6% after the owner of Coleman camping supplies and Sharpie markers easily topped analysts’ profit targets.

    Among the relatively few stocks to drop was DexCom, which tumbled nearly 40%. The diabetes care company reported stronger profit for the latest quarter than expected, but its revenue fell short of analysts’ expectations. So did its forecast for revenue in the current quarter.

    In stock markets abroad, stock indexes were higher across much of Europe and Asia. Japan’s Nikkei 225 was an outlier and slipped 0.5% amid expectations the Bank of Japan may raise interest rates at a policy meeting next week.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous Article3 Big Shifts From PYMNTS’ Embedded Finance and BaaS Report
    Next Article Jersey City Mayor’s Plan To Introduce Bitcoin ETFs Into Pension Funds

    Related Posts

    Stock Market

    Weekly Market Wrap: Insurance, Consumer goods sectors shine as All-Share Index gains 0.83% 

    July 6, 2025
    Stock Market

    Vosges. À Saint-Dié, le supermarché Vosges Market rouvre ses portes après plusieurs semaines de fermeture administrative

    July 4, 2025
    Stock Market

    GTCO to list on London stock exchange, seeks $100mln for recapitalisation

    July 4, 2025
    Leave A Reply Cancel Reply

    Top Posts

    How is the UK Commercial Property Market Performing?

    December 31, 2000

    How much are they in different states across the US?

    December 31, 2000

    A Guide To Becoming A Property Developer

    December 31, 2000
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Bitcoin

    climbs marginally to $61.4k amid regulatory fears, hot CPI By Investing.com

    October 11, 2024
    Investing

    US stock futures fall as Meta, Microsoft underwhelm By Investing.com

    October 31, 2024
    Stock Market

    US stock markets rise after days of turmoil

    August 6, 2024
    What's Hot

    Why this venture capitalist is investing in women’s sports

    October 18, 2024

    Private equity shop seeks finance to deliver £250m Notting Hill project

    August 8, 2024

    Current price of Bitcoin: Oct. 11, 2024

    October 11, 2024
    Most Popular

    Bowleven to delist from London Stock Exchange’s AIM amid stalled oil project

    August 9, 2024

    China to push supportive monetary policy as financial risks ease: central bank chief

    August 25, 2024

    China economic spillovers to Asia hinge on property, Nomura says

    October 11, 2024
    Editor's Picks

    ‘Rich Dad, Poor Dad’ Author Kiyosaki Warns to Move Your Money to Bitcoin By U.Today

    August 18, 2024

    Farming union members from across Wales were at the Senedd for a debate on the UK Government’s controversial changes to Agricultural Property Relief

    March 10, 2025

    Crypto-actifs : “ce n’est pas une monnaie et c’est risqué”

    February 3, 2025
    Facebook X (Twitter) Instagram Pinterest Vimeo
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions
    © 2025 Invest Insider News

    Type above and press Enter to search. Press Esc to cancel.