July 16, 2024

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U.S. Stocks Close Mixed Following Lackluster Session

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Following the mixed performance seen in the previous sessions, stocks showed a lack of direction over the course of the trading day on Friday. The major averages spent the day bouncing back and forth across the unchanged line.

The major averages eventually ended the day narrowly mixed. While the Dow inched up 15.57 points or less than a tenth of a percent to 39,150.33, the Nasdaq dipped 32.23 points or 0.2 percent to 17,689.36 and the S&P 500 dipped 8.55 points or 0.2 percent to 5,464.62.

For the holiday-interrupted week, the Dow jumped by 1.5 percent and the S&P 500 climbed by 0.6 percent, while the Nasdaq was nearly unchanged.

The choppy trading on Wall Street came as traders took a step back to assess recent activity in the markets, which saw the Nasdaq and the S&P 500 reach new record intraday highs on Thursday before turning lower.

The narrower Dow, on the other hand, saw further upside over the course of Thursday’s trading, and today’s uptick lifted the blue chip index to its best closing level in a month.

Traders also kept an eye on shares of Nvidia (NVDA), as the AI darling has recently been a key driver of the markets.

Nvidia tumbled by 3.5 percent on Tuesday and by slumped by another 3.2 percent today after briefly surpassing Microsoft (MSFT) as the world’s most valuable public company on Tuesday.

On the U.S. economic front, The National Association of Realtors released a report showing existing home sales in the U.S. decreased roughly in line with economist estimates in the month of May.

The report said existing home sales slid 0.7 percent to an annual rate of 4.11 million in May after tumbling by 1.9 percent to an annual rate of 4.14 million. Economists had expected existing home sales to drop to a rate of 4.10 million.

The continued decline by existing home sales came as the median existing-home price reached a record high $419,300 in May, up 5.8 percent from $396,500 a year ago.

“Home prices reaching new highs are creating a wider divide between those…

2024-06-21 16:19:10

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