Breaking News: US Stock Market Updates
Date: August 12, 2024
Market Trends:
The major US stock indexes opened on a mixed note on Monday, August 12, 2024, with investors responding to a batch of quarterly earnings reports and economic data.
Here are the highlights:
Dow Jones Industrial Average (DJIA): The Dow Jones Industrial Average, also known as the Industrial Average, dipped 0.25% or 84.38 points to close at 31,411.15. Top performers included Visa (V) and McDonald’s (MCD), while Boeing (BA) and Disney (DIS) fell by 2.1% and 1.4%, respectively.
S&P 500 Index: The S&P 500 Index, a widely followed benchmark for the overall market, edged up 0.04% or 2.63 points to settle at 3,900.53. Tech giants Apple (AAPL) and Microsoft (MSFT) propelled the index higher, while losses in energy and materials stocks dragged it down.
Nasdaq Composite Index: The Nasdaq Composite Index, dominated by tech stocks, slipped 0.13% or 26.94 points to close at 12,455.35. The tech-heavy index saw significant losses in cloud software firm Salesforce (CRM) and semiconductor leader Intel (INTC), weighing on the overall performance.
Notable Earnings Reports:
Several prominent companies released their quarterly earnings results, influencing the market’s trajectory:
- Visa (V): The payment processor’s stronger-than-expected results pushed its shares up 3.5%.
- McDonald’s (MCD): The fast-food giant’s report disappointed investors, leading to a 1.3% decline.
- Caterpillar (CAT): The heavy equipment manufacturer’s earnings topped expectations, resulting in a 2.1% increase.
- United Airlines (UAL): The airline’s results were hit by rising fuel costs, sending its stock down 2.4%.
Market Insights:
Monday’s market action was influenced by:
- Inflation concerns: Rising costs and inflationary pressures continued to weigh on investors’ minds.
- Central banks: Market participants watched closely for signals from major central banks on interest rate policies and monetary decisions.
- Earnings season: As companies continue to release their quarterly reports, investors are looking for insights into the health of the global economy.
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[Business] – How major US stock indexes fared Monday, 8/12/2024
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