Stocks closed lower as tech and discretionary sectors dragged down indexes, introducing political uncertainty.

From Nasdaq: 2024-07-01 09:26:00

Wall Street closed lower on Friday, with tech and discretionary stocks dragging down the indexes. The Dow Jones Industrial Average fell by 0.1% while the Nasdaq Composite dropped 0.7% and the S&P 500 lost 0.4%. The first Presidential debate introduced political uncertainty, impacting investor sentiment. Mega-cap growth stocks like Meta Platforms, Inc. and The Walt Disney Company saw declines.

For the week, the S&P 500 and Dow Jones Industrial Average closed 0.1% lower, while the Nasdaq Composite rose by 0.2%. Amid sectoral corrections and political uncertainty, investors remained cautious. However, for the month of June, all three indexes posted gains. The Nasdaq surged by 6%, the S&P 500 by 3.5%, and the Dow Jones by 1.1%.

Economic data showed consumer sentiment for June at 68.2, higher than the consensus estimate of 66. While still lower than May’s numbers, it indicated some positive sentiment among consumers. Experts highlight 7 elite stocks as “Most Likely for Early Price Pops”. These Zacks Rank #1 picks have historically outperformed the market, delivering an average gain of +24.2% per year.



Read more at Nasdaq: Stock Market News for Jul 1, 2024