July 12, 2024

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U.S. Stocks Showing A Lack Of Direction As Nvidia Sees Further Downside

2 min read

Stocks have shown a lack of direction over the course of the trading day on Friday, with the major averages bouncing back and forth across the unchanged line following the mixed performance seen in the previous session.

Currently, the major averages are posting modest losses. The Dow is down 36.97 points or 0.1 percent at 39,097.79, the Nasdaq is down 12.10 points or 0.1 percent at 17,709.49 and the S&P 500 is down 8.51 points or 0.2 percent at 5,464.66.

The choppy trading on Wall Street comes as traders take 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 yesterday’s trading, ending the day at its best closing level in almost a month.

Traders are also keep 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 is down by another 2.1 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 owning properties and those who wish to be first-time buyers,” said NAR Chief Economist Lawrence Yun.

“The mortgage payment for a typical home today is more than double that of homes purchased before…

2024-06-21 11:38:46

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