Big Tech Companies Boost Nasdaq and S&P 500 to Record Highs Following Positive Jobs Report: Markets Update July 5, 2024
Money | July 5, 2024, 4:03 p.m.
Investors are showing caution ahead of earnings season, with retail traders not increasing their investments as in past quarters, particularly in stocks like Nvidia. Meanwhile, the crypto market took a hit as Mt. Gox began repayments, causing Bitcoin to drop to $54,000. The AI-driven Magnificent 7 stocks face challenges in meeting high expectations, which could impact broader market performance. Macy's stock surged on news of a takeover offer increase, while Tesla rebounded, erasing year-to-date losses. US job growth slowed in June, prompting hopes of interest rate cuts. Ether fell to a two-month low amid liquidations and fears of a market flood. In premarket trading, Teck Resources rose on news of a deal approval, while MicroStrategy and Li Auto saw losses. Despite mixed economic data, Dow futures rose after the jobs report, sparking optimism for future rate cuts.