1. Home
  2. /
  3. Investing
  4. /
  5. Global
  6. /
  7. US Stock Market: Top...

US Stock Market: Top Gainers & Losers – 19th June 2024

  1. Home
  2. »
  3. Investing
  4. »
  5. US Stock Market: Top Gainers…
US Stock Market: Top Gainers & Losers - 19th June 2024
5
(1)

Weaker than expected May inflation data cheered the US financial market last week, but the underwhelming retail sales data during the month was a cause of worry. Retail sales rose by a meager 0.1% in May.

On the other hand, US non farm payrolls rose by 272,000 jobs in May, against the expected 185,000 jobs. Despite a strong job market, household spending is depressed amid higher credit cost and inflation. 

Speaking about rate cuts, last week the Fed announced its decision to maintain the current rates due to persistent inflation rates that exceed the target range. However, Fed Chair, Jerome Powell has indicated a single rate cut in 2024, but refrained from giving any specific timeline. 

Nasdaq 100

Bullish investor sentiment and better than expected quarterly earnings of semiconductor and AI stocks pushed Nasdaq to scale new highs. 

On Tuesday (18th June 2024), Nasdaq extended its upward journey to seven sessions, rising by 2.99% in the last one week. The index has gained by 18.99% to-date in 2024, making it one of the best performing global indexes. 

Nvidia- the AI chipmaker’s market cap has surged past Microsoft and Apple to become the most valuable company in the world. 

AD 4nXcg01dxCOYjY174ah6w1icEJu0jC3XsZkvTHxIqoX dbVufHe2EZ3 wJsSGZkVMwIsVLD ofpLqtgocxZ5 a3uBgCo5NsoyFa dxrBcrI6lQnxNCns4K3vFnzCbBvyHiwVP SXyry8X9pgjPZNPIZRieP9G?key=gvJrmQNycz1Cuf7OZRtEvQ
Source: Tradingview

Nasdaq is currently trading in the uncharted area, trying to break above the psychologically important 20,000 level. By looking at the Relative Strength Index, we can see the overall sentiment continues to be extremely bullish and has strong support at around 19,215 and 18,900 level. 

S&P 500

Amid mixed retail sales data and concerns around the sticky inflation, strength in key technology stocks has kept the overall market outlook optimistic.

On Tuesday (18th June 2024), S&P 500 continued its upward journey rising by 0.25%, making an all-time new high during the day. The index has gained 1.22% in the last week and is up by 15.04% in 2024. 

Like Nasdaq 100, S&P 500 is also guided by the strength in the technology stocks as all other sectors in the index are showcasing mixed performances. 

AD 4nXcl6F9ungdruo1MQzgqCwYxpK79HhJ3g
Source: Tradingview

S&P 500 is currently trading in an uncharted territory, guided by the strength in technology stocks. It is trying to break above the psychologically important 5,500 level. The index has a strong support at around 5,400 level, and then at around 5,250 level. Relative Strength Index is currently above 70 and is indicating a strong bullish sentiment. 

Top Gainers and Losers in the US Stock Market

Top Gainers

The following are the top gainers in the last one week. 

StocksLast 7 Days Gains (in %)
Broadcom Inc.25.33
Oracle16.60
Autodesk Inc15.70
Adobe14.30
Micron Technology13.39
Nvidia11.34
Apple10.66
Qualcomm9.63
Source:Tradingview

Top Losers

The following are the top losers in the last one week across various sectors:

StocksLast 7 Days Loss (in %)
ETSY13.00
PayPal11.93
Enphase Energy8.02
Boeing7.57
Crown Castle5.89
Zimmer Biomet5.37
Costar Group4.42
Ford4.38

Source: TradingView

All the top gainers in the US stock market are from the technology sphere, especially from the electronic technology segment. Oracle, which has second-highest gainers in the last week, has reported its Q4 earnings report of FY24 (June-May). The company provided better than expected financial guidance for FY25, resulting in stocks to surge higher. 

On the other hand, ETSY- an e-commerce company is the top loser of the week. It is affected by slowdown in business and declining revenue sources and user acquisitions. PayPal is also facing the same issues, as it is facing tough competition from Apple and declining margins. 

Conclusion

The current upside momentum in the US market is mostly driven by a strong bullish trend in technology stocks. In contrast, sectors such as finance and consumer durables are having a less significant impact. For the market’s upward momentum to continue, a combination of lower inflation and increased consumer spending will be required.

FAQs

  1. Why are tech stocks rising?

    Tech stocks are considered defensive bets. In the long term, they have historically provided better returns to investors than the broader market. Currently, tech stocks are benefiting from the ongoing revolution in Artificial Intelligence.

  2. Why is the US stock market rising?

    Better-than-expected corporate earnings, improving economic indicators, and bullishness surrounding technology stocks are driving the US stock market higher.

  3. What are the top 3 US stock market indexes?

    The Dow Jones Industrial Average Index, S&P 500 Index, and Nasdaq 100 are the top three stock market indexes in the US. Investors worldwide follow these three indexes closely.

How useful was this post?

Click on a star to rate it!

Average rating 5 / 5. Vote count: 1

No votes so far! Be the first to rate this post.

+ posts
Share on:

Want A Personalized Portfolio of 20-25 Potential High Growth Stocks?

*T&C Apply

Chat with us