Stocks kicked off the week with a slow start on Monday, resulting in mixed results across major indexes. The Dow Jones Industrial Average and S&P 500 remained relatively flat, while the Nasdaq saw a slight uptick of 0.1%. The standout performer was Tesla (TSLA) stock, which surged after CEO Elon Musk announced plans to unveil the company’s “robotaxi” on August 8th.
The Russell 2000, representing small-cap stocks, saw a modest increase of nearly 0.2%. Trading volume was higher compared to Friday on both the NYSE and Nasdaq. In ETF action, the Invesco QQQ Trust (QQQ) edged up by 0.1%, while the Innovator IBD 50 ETF (FFTY) declined by 0.7%.
Crude oil prices dipped to $86.06 a barrel, while the 10-year yield hovered just under 4.38%. Bitcoin’s price surged to over $71,800, resulting in mixed performance for bitcoin-related stocks. MicroStrategy (MSTR) saw a gain of more than 5%, while Coinbase (COIN) and Marathon Digital (MARA) displayed varying movements in the market.
The banking sector showed strength ahead of the upcoming earnings season. Major banks like JPMorgan (JPM), Citigroup (C), and BlackRock (BLK) are set to report earnings, with JPMorgan trading near its all-time high. Wells Fargo (WFC) formed a bullish pattern, while BlackRock faced challenges falling below key technical levels.
Boeing (BA) saw a slight decline as the Federal Aviation Administration investigated an incident involving Southwest Airlines (LUV). Ulta Beauty (ULTA) rebounded after a recent downgrade, while Take-Two Interactive (TTWO) received a boost from a positive analyst upgrade.
Nvidia (NVDA), a notable stock on the Leaderboard, encountered a slight decline and is trying to regain key technical levels. Overall, the stock market dynamics on Monday showcased a mix of performances across different sectors.
