Stock Market News for June 21, 2024

the Standard & Poor’s 500 Dropped on Friday As market leading stocks Nvidia I withdrew for the second day.

The broad market index decreased by 0.16% to close at 5464.62 points, while the broad market index decreased Nasdaq Composite It fell by 0.18% to settle at 17689.36. the Dow Jones Industrial Average The stock rose 15.57 points, or 0.04%, to close at 39,150.33 points.

“Technology stocks remain in the spotlight,” said Emily Rowland, chief investment strategist at John Hancock Investment Management. “I can’t remember a time when a single stock had so much impact on the market, and this has actually been a major driver of market movement recently.”

Nvidia shares fell 3.2%. On Thursday, the stock hit an all-time high before closing down more than 3%. However, the chipmaker is still up 155% year to date, and it briefly overtook Microsoft as the most valuable public company on Tuesday.

The S&P 500 hit an intraday record of 5,505.53 earlier in the week, posting a weekly advance of 0.6%. The Nasdaq ended the week flat, while the Dow Jones rose 1.45% for its best weekly performance since May.

Some signs of an overextended market have begun to emerge in recent sessions, although it is unclear whether the AI-fueled rally has reached its limits. Even Nvidia, which is big enough to influence the market, is showing signs that its upward momentum may be slowing.

“Maybe it’s not a bad time to take some chips off the table,” said Dave Grecsek, managing director at Aspiriant. “We’ve had a great run, and the market looks a bit stretched.”

The overall US market saw its highest trading volume since March 15, due to the triple magic – i.e. the expiration of stock options, stock index options, and stock index futures options.

The day in mid-March happens to be the same date as the last Witch of the Trilogy.