The S&P 500 reached a new record high on Monday, July 8, 2024, as the trading week started with significant events such as testimony from the Federal Reserve chairman, important inflation data, and bank earnings reports. Intel saw an increase in its stock price due to potential benefits from artificial intelligence. Conversely, Paramount Global shares dropped after agreeing to merge with Skydance Media, ending a prolonged negotiation process.
The market indices, including the S&P 500 and Nasdaq, continued their streak of record closes, while the Dow saw a slight dip. Corning shares surged by 12% on Monday, driven by strong demand for its optical connectivity products used in power generation. Supermicrocomputer shares also jumped 6.2% as investor interest in AI-related stocks grew. Intel shares rose by the same percentage following positive comments from analysts about its potential to catch up with peers in the tech sector.
On the other hand, Paramount Global shares declined by 5.3% after finalizing a merger agreement with Skydance Media. Etsy shares fell by the same percentage after restricting the sale of certain products and reporting disappointing first-quarter earnings. Chipotle Mexican Grill shares experienced a 5.2% drop amid concerns over portion sizes and inconsistencies highlighted in a recent study.
Overall, the market showed resilience and positive momentum, with companies like Corning and Intel benefiting from strong demand and potential advances in artificial intelligence. Conversely, Paramount Global faced challenges following its merger agreement, while Etsy and Chipotle Mexican Grill saw declines due to company-specific issues. The stock market’s performance at the beginning of the week set the stage for further developments with upcoming economic and corporate reports shaping investor sentiment.
Article Source
https://finance.yahoo.com/news/p-500-gains-losses-today-211231474.html