The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Stocks

MarketCarpet Report: Stock Market Remains Resilient With Dow Notching a Record Close

by admin August 31, 2024
August 31, 2024
MarketCarpet Report: Stock Market Remains Resilient With Dow Notching a Record Close

The thin trading ahead of Labor Day weekend is here. Despite that, on Thursday, the Dow Jones Industrial Average ($INDU) notched a record-high close. The S&P 500 ($SPX) was flat, and the Nasdaq Composite ($COMPQ) closed slightly lower.

Both indexes traded higher for most of the trading day, but it seemed that traders sold off on the rally in the afternoon and packed off early to take advantage of the last long summer weekend. Nvidia’s earnings are out, and all that’s remaining is Friday’s PCE Index. Since the Fed has already indicated that rate cuts are on the board, maybe the PCE isn’t such a big deal. Expect a slow day on Friday.

A Closer Look at Stock Market Action

It was an unusual day in the stock market. Since the Dow Jones Industrial Average closed at a record high, the Industrial sector did well. But Tech stocks, for the most part, didn’t fare as poorly as you may have expected. Apple (AAPL) was up 1.46% and Microsoft (MSFT) closed higher by 0.61%. But Nvidia’s 6.38% loss was the one that dragged down the Tech sector, putting it in last place in sector performance (see below).

FIGURE 1. STOCKCHARTS MARKETCARPET FOR AUGUST 29. Energy, Financials, and Utilities take the lead.

The good news is the Financial sector continues to hold up, with PayPal (PYPL) leading in performance with a 3.88% gain. Visa (V) and Mastercard (MA) saw gains of 1.91%. The underperformer was T Rowe Price (TROW) with a 2.37% decline.

Thursday’s top-performing sector was Energy, with Exxon Mobil (XOM) and Chevron (CVX), the two largest stocks in the sector by market cap, trading higher. XOM was up 1.38%, and CVX was up 0.97%.

The rise in crude oil prices may have been the catalyst that helped the Energy sector. The Market Overview panel in the StockCharts Dashboard shows that, except for copper, commodity prices rose. Oil, Natural Gas, and Gasoline prices rose well over 1%.

Going back to Thursday’s MarketCarpet, even though NVDA closed lower by over 6%, other chip stocks did well. This reflects that the AI boom is still in play. Overall, the stock market remains healthy, with expanding market breadth and low volatility. The stock market will see higher trading volume from next week. In the meantime, follow the broader indexes, start building ChartLists of the different sectors, and download a few of the StockCharts free ChartPacks.


StockCharts Tip.

ChartPacks are a great way to get started with building ChartLists and exploring what Technical Analyst experts typically view before, during, and after market hours.


At the Close

A quick glance at Your Dashboard daily will keep you engaged with the stock market. Follow the market action in the broader equity indexes, bonds, commodities, and cryptocurrencies. From the Sector Summary, identify which sectors are performing well and which aren’t. The SCTR Reports and Market Movers can help you identify the strongest and weakest stocks.


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

0
FacebookTwitterGoogle +Pinterest
previous post
Charting Forward: Opportunities You Can Seize in September
next post
Home prices hit record high in June on S&P Case-Shiller Index

Related Posts

AI Stocks and Their Impact on the Stock...

January 29, 2025

One Month of Positive Seasonality Remaining — OBV...

March 29, 2024

3 Essential Lessons We Investors Can Learn from...

June 29, 2024

GET IN EARLY! These Tech Stocks Are Just...

June 15, 2024

Flying Financials. Will It Be Enough?

July 27, 2024

Bearish Divergence Suggests Caution For S&P 500

June 15, 2025

Will XRT (Retail) Sink or Soar? Here’s What...

August 17, 2024

Equities Remain in Strong “Go” Trend, Powered by...

September 24, 2024

4 Ways To ENHANCE The Moving Averages On...

June 22, 2024

What Loss?! NVIDIA and ORACLE Rip Higher

March 13, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • The Real Drivers of This Market: AI, Semis & Robotics

      July 21, 2025
    • What Musk’s fracture with Trump means for GOP’s future: ‘Beating heart of the Republican Party’

      July 21, 2025
    • Trump’s housing chief rips Powell for blowing millions on Fed facelift during housing crisis he perpetuates

      July 21, 2025
    • Trump celebrates 6 months back in office: US ‘totally revived’ after being ‘DEAD’ under Biden

      July 21, 2025
    • Biden admin spent hefty sum of US tax dollars to upgrade embassy swimming pools in Iraq, Russia

      July 21, 2025
    • Trump heads to Scotland, continues ironing out trade deals after notching six months back in office

      July 21, 2025

    Categories

    • Business (1,299)
    • Politics (4,040)
    • Stocks (1,535)
    • Uncategorized (45)
    • World News (1,292)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved