Stock market news for July 16, 2024

Traders work on the floor of the New York Stock Exchange on June 14, 2024.

Brendan McDermid | Reuters

THE Dow Jones Industrial Average Stocks hit new highs Tuesday as the bull market broadened beyond technology stocks on hopes of upcoming interest rate cuts.

The Dow Jones Industrial Average jumped 742.76 points, or 1.85%, to close at 40,954.48. The 30-stock index hit an all-time high and closed at a record high, in addition to recording its best session since June 2023. The small-cap-focused index Russell 2000 rose more than 3% for its fifth consecutive day of gains.

THE S&P 500 added 0.64%, closing at 5,667.20. Nasdaq Composite Index Technology stocks ended the day up just 0.2% at 18,509.34, lagging as tech stocks largely stayed away from Tuesday's rally.

The Dow Jones, 1 day

Industrial indicator caterpillar climbed more than 4%, making it the second-biggest gainer on the Dow behind United HealthThe insurer rose 6.5% on better-than-expected second-quarter results.

Financials, another bull market laggard, gained after earnings Bank of America And Morgan Stanley Bank of America's results beat analysts' forecasts. Bank of America jumped more than 5%, while Morgan Stanley gained nearly 1%.

The rotation from large-cap tech stocks to small-cap and cyclical stocks began a week ago, when the June consumer price index showed the lowest inflation in three years. That reading was seen as a sign that inflation was moving closer to the Federal Reserve’s 2% target and that the central bank might be able to cut interest rates.

Traders now see a 100% chance the Fed will cut rates in September, according to CME FedWatch. A rate cut is seen as a boost to small-cap and industrial stocks, which are more dependent on borrowing costs than cash-rich, large-cap tech stocks riding a wave of optimism around artificial intelligence.

Over the past week, the Russell 2000 index has climbed more than 11%, while the flagship Dow Jones Industrial Average has gained more than 4%. The Nasdaq has gained just 0.4% over the same period.

Russell 2000, 5 days

Notably, the AI ​​darling Nvidia and Google's parent company Alphabet Stocks fell more than 1% on Tuesday, extending their losses from last week, while the rest of the market took off.

“There’s a lot of momentum behind this rotation from large-cap tech to small-cap and midcap,” said Ross Mayfield, investment strategist at Baird. “It’s a rotation, but it’s much more about the rise of the more cyclical sectors of the market than it is a referendum on the long-term potential of AI.”

Retail sales data released Tuesday confirmed investors' belief that the Fed had achieved a soft landing for the economy. June sales were unchanged, while a decline had been expected. Excluding autos, June sales rose 0.4%, a bigger gain than the 0.1% expected by the Dow Jones consensus.

The data “should be positive for markets,” said Quincy Krosby, chief global strategist at LPL Financial. “Investors prefer that the launch of a Fed easing cycle begins amid continued strong economic conditions.”

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