The Dow Jones Industrial Average closed at 33,945.58 on Tuesday with a gain of 68.61 points or 0.20%. The S&P 500 closed at 4,246.44 for a gain of 21.65 points or 0.51%. The Nasdaq Composite closed at 14,253.27 for a gain of 111.79 points or 0.79%. The VIX Volatility Index was lower at 16.66 for a loss of 1.23 points or -6.88%.
Tuesday’s Market Movers
U.S. stocks continued Monday’s gains for a higher close Tuesday. The Nasdaq reported a record closing high at 14,253.27. Investors and valuations continued to align with the Fed’s slightly changed outlook from last week. Fed Chair Jerome Powell gave a House testimony Tuesday, further discussing the economy. The Fed has become a little less passive on rising inflation but does still feel that the higher price pressures are transitory. Two Fed rate increases are now likely in 2023.
Cryptocurrencies were also on watch Tuesday, with a renewed crackdown in China a lead catalyst for recent selling. Chinese officials closed down mining efforts and warned financial institutions against conducting any crypto transactions.
- Bitwise 10 Crypto Index Fund (BITW) -5.56%
- Grayscale Digital Fund (GDLC, Financial) -4.49%
- Bitcoin gained approximately 3.955% on Tuesday to a price of $33,922.56
In other news:
- Existing home sales decreased -0.9% in May. The seasonally adjusted annual rate for home sales was 5.8 million. Home prices have been on the rise with the Wall Street Journal reporting a new median home price high of over $350,000.
- The Richmond Fed Manufacturing Index increased to 22 in June from 18.
- The Treasury held auctions for 42-day bills at a rate of 0.040% and 2-year notes at a rate of 0.249%.
- GameStop (GME, Financial) gained 10% with reports of a new share offering.
- Amazon (AMZN, Financial) gained 1.49% on its second day of its annual Prime Day event.
- The 10-year Treasury ended with a yield of approximately 1.46%.
Small-Cap Stocks
In small-caps, the Russell 2000 closed at 2,295.95 for a gain of 9.85 points or 0.43%. The S&P 600 closed at 1,367.38 for a gain of 6.50 points or 0.48%. The Dow Jones U.S. Small-Cap Growth Index closed at 15,222.10 for a gain of 82.63 points or 0.55%. The Dow Jones U.S. Small-Cap Value Index closed at 11,271.48 for a gain of 1.05 points or 0.01%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,674.31 for a gain of 2.46 points or 0.092%; the S&P 100 at 1,940.89 for a gain of 12.65 points or 0.66%; the Nasdaq 100 at 14,270.42 for a gain of 133.19 points or 0.94%; the Russell 3000 at 2,541.50 for a gain of 13.60 points or 0.54%; the Russell 1000 at 2,392.76 for a gain of 12.98 points or 0.55%; the Wilshire 5000 at 44,462.56 for a gain of 226.14 points or 0.51%; and the Dow Jones US Select Dividend Index at 833.74 for a loss of 2.19 points or -0.26%.
