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On June 28, 2021, a surveillance camera is spotted outside the New York Stock Exchange (NYSE) in New York City, New York, United States. ANDREW KELLY/REUTERS Reuters, NEW YORK, June 30 – On Wednesday, Wall Street was quiet, and the S&P 500 flirted with its fifth consecutive record closing high, as investors largely ignored favorable economic data and focused on Friday’s highly anticipated jobs report. The indexes were sluggish and range-bound, with the blue-chip Dow gaining somewhat while the S&P 500 and Nasdaq remained close to the starting line. “We’re not seeing significant movements because the news is benign,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “However, as stock prices reflect the economic recovery, the tendency is higher.” The benchmark S&P 500 was on track to post its fifth consecutive gain for the month, while the Dow was on course to end its four-month winning streak. The Nasdaq was on track for a positive June. Investors’ interest for growth stocks has switched away from economically fragile cyclicals this month. “Through May, we saw a significant preference for cyclicals, and in June, we saw a significant preference change to growth, or ‘tech-plus stocks,'” Ghriskey explained. “It’s been a significant shift.” All three indexes were on track to post their sixth consecutive quarterly increases, with the S&P 500 on track to have its second-best first-half performance since 1998, with a gain of 14.3 percent “”Recent.” The general stock market has been on a tear for quite some time, with fairly constant gains “Ghriskey explained. “While valuations have been high by historical standards, they have remained relatively stable, benefiting from the economic recovery.” According to payroll processor ADP, the private sector added 692,000 jobs in June, above estimates. The figure is 92,000 higher than economists expect from the Labor Department’s more detailed employment report, which will be released on Friday. find out more The Dow Jones Industrial Average (.DJI) increased 167.5 points, or 0.49 percent, to 34,459.79, while the S&P 500 (.SPX) rose 2.05 points, or 0.05 percent, to 4,293.85, and the Nasdaq Composite (.IXIC) fell 20.02 points, or 0.14 percent, to 14,508.31. Energy (.SPNY) was the highest percentage gainer among the S&P’s 11 major sectors, while real estate (.SPLRCR) was the worst loser. Following United Airlines’ (UAL.O) announcement of its largest-ever purchase for new planes, Boeing Co (BA.N) climbed 2.2 percent after Germany’s military ministry stated it would acquire five of the planemaker’s P-8A maritime control aircraft. find out more Micron Technology (MU.O) rose 1.6 percent after BMO upgraded the chipmaker’s stock to “outperform” from “market perform” in 2022, citing a prolonged supply-demand imbalance. After the bell, the firm is expected to release its results. On the NYSE, advancers outweighed decliners by a 1.25-to-1 ratio; on the Nasdaq, decliners outnumbered advancers by a 1.17-to-1 ratio. The S&P 500 made 17 new 52-week highs while the Nasdaq Composite made 55 new highs and 30 new lows. Stephen Culp in New York contributed to this report.
Devik Jain and Medha Singh in Bengaluru contributed additional reporting.
Matthew Lewis edited the piece.
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