US Stock Market: Top Gainers & Losers -31st July 2024

The US stock market is showcasing mixed performance due to heavy selling in tech stocks, disappointing second-quarter results from key industry players, and investors awaiting the outcome of the two-day Federal Reserve policy meeting that started on Tuesday.

On the economic front, CB Consumer Confidence rose from 97.8 in June to 100.5 in July, exceeding the forecast of 99.7. JOLT’s Job Openings decreased from 8.23 million in May to 8.18 million in June. In May, the Case-Shiller Home Price Index rose by 1.0% monthly, compared to the expected 1.2% increase.

Top Gainers and Losers in the US Stock Market

Top Gainers

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

Stocks	Last 7 Days Gains (in %)
3M	20.22
CBRE Group	13.87
RTX Corporation	12.63
Lockheed Martin	9.99
AON	9.79

Top Losers

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

Stocks	Last 7 Days Loss (in %)
Nvidia	15.52
Tesla	12.22
AMD	10.66
AVGO	10.52
Intel	8.59

The top gainers in the index continue to skew towards Electronic and Health Technology stocks. 3M is the top gainer in the S&P500 index because its strong earnings beat analysts’ expectations. CBRE Group’s stock also benefits from the robust earnings report. 

On the other hand, tech stocks, especially AI stocks like Nvidia and AVGO, are under extreme selling pressure because of valuation and demand concerns. Also, Tesla’s stock is impacted by weak Q2 earnings, which were way below analysts’ expectations.  

How did the US stock market indexes perform during the week?

Nasdaq 100

Broader pullbacks in tech stocks and weak earnings by key industry players like Tesla, Meta, and Alphabet have pressured Nasdaq. Traders are worried that high AI spending would hurt profits and that premium valuations of tech companies are not justifiable. 

On Tuesday (30th July 2024), the Nasdaq 100 continued to trade with a negative bias, losing 1.38%. The index has been down 3.49% in the last five trading sessions. 

Looking at the daily chart, the overall momentum of the index has turned negative. The index has broken below the 50-day Moving Average, offering firm support and moving further lower. The Nasdaq is now below one of its key support levels, 18,900. The next major support is at around 18,500. 

S&P 500

The S&P 500 index showcases resilience and falls less than the Nasdaq because of its diversified exposure and investors’ preference for defensive stocks amidst extreme volatility in high-growth tech stocks. 

On Tuesday (30th July 2024), the S&P 500 ended the day lower, down 0.50%. The index was down more than 1.2% in the last five trading sessions. 

The 50-day Exponential Moving Average slope strongly supports the index, coinciding with its primary support level of 5,450. A break below these support levels will turn the market’s momentum negative. The following two major support levels are approximately 5,370 and 5,260. 

Conclusion:

As we move forward, the market’s direction will likely hinge on the Federal Reserve’s policy meeting outcomes and the ongoing earnings season. The tech sector’s performance will be closely watched, especially given recent volatility. Investors should remain cautious, focusing on diversified portfolios and defensive stocks to navigate the current market uncertainty.

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