Traders work on the trading floor of the New York Stock Exchange on the afternoon of June 3, 2024 in New York City.
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Stock index futures were little changed Tuesday night Dow Jones Industrial Average The best day since June 2023.
Futures linked to the Dow Jones Index An increase of 29 points, or 0.07%. S&P 500 Index Futures hovers below the flat line, while Nasdaq 100 Futures It fell slightly by 0.03%.
In after-hours trading, Five or less The company’s shares fell more than 9% after announcing the CEO’s departure and naming Kenneth Bull as the new interim president and CEO. Hunter Transportation Service Johor Bahru The company’s shares fell 2.8% as rising insurance costs and a softening freight market hurt competition for over-the-road trucks, leading to weaker-than-expected second-quarter results.
Stocks are experiencing strong trading as investors continue to look beyond technology.
30 stocks Dow Chemical It rose more than 700 points to close at a new all-time high, also recording its best performance since June 2023. S&P 500 Index rose 0.64%, while the Nasdaq, which is dominated by technology stocks, ended the day only up 0.2%.
There has been a resurgence in small-cap stocks since last week’s June Consumer Price Index report, with some investors now moving away from large-cap tech stocks and popular artificial intelligence leaders into small-cap and cyclical stocks. Tuesday, Russell 2000 It rose more than 3%, rising for the fifth consecutive trading day. Small-cap indexes are up more than 10% this month.
“The Dow Jones has lagged the S&P 500 for much of the past two years, but this summer it has new wind in its sails, with hopes that the market rebound will expand beyond a handful of technology companies to the broader economy, ” said Chris Zaccarelli, chief investment officer of the Independent Advisor Alliance.
The market rally is broadening as traders become more optimistic about upcoming rate cuts, which should benefit small-cap stocks and companies with higher financing costs. Traders now see a 100% chance of a rate cut in September, according to the CME FedWatch tool.
Looking ahead to Wednesday, United Airlines, Explore financial services, Johnson & Johnson and U.S. Bancorp Several companies are about to release quarterly earnings results. The Fed’s Beige Book will also be released, along with June housing starts and building permit data.
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