Today’s Market Wrap Up and a Glimpse Into ThursdayThe Nasdaq set a new record and was buoyed by gains in EV stock Tesla.
Stocks took a breather today, with the S&P 500 interrupting recent gains and finishing the day fractionally lower. The Dow Jones Industrial Average also closed in the red, while the tech-heavy Nasdaq managed to post a new record high fueled by gains in Elon Musk’s company Tesla. Shares of the electric vehicle maker rose more than 5% on the day. Tesla was the best-performing stock in both the S&P 500 and Nasdaq today.
Tesla has strengthened its footprint in China, opening its maiden solar charging station with embedded power storage capacity in Lhasa. The Supercharger station, as its known, is strategically located in the Tibetan capital, where the sun shines for more than 3,000 hours per year.
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The bottom fell out in the lumber price after an index reflecting the framing lumber market fell from USD 1,210 last week to USD 1,010 today. A month ago the Random Lengths index was trading at more than USD 1,500 when demand was through the roof.
Builders addressed their short-term needs for the summer months but the demand has waned. Lumber has taken investors on a roller-coaster ride, as the spot-price index was below USD 500 last year at this time.
Oil is trading at its best level in more than two years after the Brent price reached USD 76 and crude surpassed USD 74 per barrel. U.S. crude supply has dropped just as the summer driving season gets underway.
Diamondback Energy and Occidental Petroleum both finished the day in the green. Meme stock Torchlight Energy Resources bucked the positive trend and saw its value shrink by nearly 30% today. The stock is trading higher in after-hours.
Stocks to watch for tomorrow include:
- Beyond Meat: The stock is down almost 2% in after-hours trading. According to JPMorgan, Dunkin’ is taking its Beyond Sausage breakfast sandwich off the menu.
- KB Home: The housing stock is down close to 3% in extended hours after Q2 revenue missed Wall Street estimates.
- Sprinklr: The software company’s stock is up 8% in after-hours trading on its first day as a publicly traded company.
On the economic data front, Advance Durable Goods orders for May will be released at 8:30 a.m. EDT. The Fed will be releasing its results on the bank stress tests, so the financials sector could be one to watch. Additionally, five Fed officials are gearing up to speak:
- Atlanta Fed President Raphael Bostic
- Philadelphia Fed President Patrick Harker
- New York Fed President John Williams
- St. Louis Fed President Jim Bullard
- Dallas Fed President Robert Kaplan