Stocks: S&P 500, Nasdaq on a roll, close at new records

Stock market indexes (^DJI, ^IXIC, ^GSPC) all close Tuesday in the green in the middle of this holiday-shortened trading week. The S&P 500 and Nasdaq Composite add another tally to their growing list of record highs in 2024.

Market Domination Overtime’s Julie Hyman reports on the day’s market performances as Jared Blikre recaps tech sector gains after Nvidia (NVDA) reclaims the title of most valuable company/stock from Apple (AAPL) and Microsoft (MSFT).

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.

Video Transcript

All three in the green.

Actually, the Dow finishing higher after you can see kind of bouncing between gains and losses throughout much of the session, but up by about 57 points when all of a sudden down 1/10 of 1% the S and P 500 closing higher by a quarter of 1%.

That means another record close.

And the NASDAQ is it seven in a row now that we’ve got records of record closes for the NASDAQ composite, even though very barely making that today?

Let’s look at a quick 10 year chart.

10 day chart.

Excuse me, NASDAQ.

Can you see that 6% move upward?

Yesterday we were talking about how broad the, uh, the gains were.

And even though the gains overall are not as big today, they’re just about as broad as they were yesterday.

Both the S and P and the S and P Equal Weight Index rising by about a quarter of 1% in the Russell 2000 right there as well, up about 1/5 of 1%.

Well, let’s send it over to Jared for a closer look at today’s action.

Thank you, Julie.

I think it is seven days and, uh, let’s get to some heat maps here and we can the action of what happened just today.

Now here’s the financials in the lead spot there XL up 6/10 of a percent industrials close behind it, but not seeing a lot of out performance to the upside or downside for what it’s worth.

Communication services, consumer discretionary materials, all of those closed in the red here.

But what we’re looking at, what everybody is looking for is to see the pecking order.

And guess what?

NVIDIA is the biggest stock in the solar system again, actually, for the first time ever.

Not again.

Uh, it is past Apple again because it did that last week, and you can see it’s up 3.5%.

I’ll give you the market cap numbers $3.335 trillion for NVIDIA, a little bit less for Microsoft and a little bit less than that for Apple.

But those are the BMO right there.

And if we take a look inside what’s happening in the semiconductor CIR uh, cycle or I guess circle here.

We got a bunch of record closes.

Story continues

NVIDIA um, also KL a Qualcomm and maybe one or two others.

But we’ve just seen this flurry of action inside the semiconductor space and, uh, looking a little bit different in software.

We are seeing some out performers.

Oracle up 2%.

But, uh, for most, for the most part, you’re seeing more downside action than upside.

And that’s kind of what we’ve been seeing more out performance by the semis than just about anything else.

I’m gonna close with our leaders here.

You can see, uh, a lot more green than red.

Number one is the Sox.

That’s a semiconductor index, which, by the way, closed at a record high.

The worst performer is Bitcoin down about 3.5% there.