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Stock Market News for June 21, 2024

Stock Market News for June 21, 2024

Traders work on the floor of the New York Stock Exchange.

New York Stock Exchange

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.”

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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.