S&P 500 Index - Daily Chart - Jul 1 - 31, 2024 (Source: Tradingview)

July 1

The market began the second half of the year with a modest uplift. The Dow rose by 50 points, the S&P increased by 0.27%, and the Nasdaq finished 0.66% higher. Despite this, overall market breadth was negative, with the S&P seeing one advancing stock for every two declining. Earnings season started with relative stability, hinging on the performance of big-cap technology companies for growth.

July 2

Major averages continued to climb, bolstered by positive remarks from the Federal Reserve and robust activity from big-tech buyers. The Dow surged by 162 points, the S&P gained 0.62%, and the Nasdaq jumped by 1.01%. Federal Reserve Chair Jerome Powell praised progress on inflation, while a job openings report indicated a cooling but still strong labor market.

July 3

In a shortened trading session before the national holiday, the Nasdaq and the S&P hit record highs. The Dow declined by 22 points, but the S&P rose by 0.51%, and the Nasdaq gained 0.87%. The healthcare sector underperformed, with half of the S&P’s bottom ten stocks belonging to this category.

July 5

The major averages edged up, driven by dominant tech stocks. The Dow added 67 points, the S&P rose by 0.55%, and the tech-heavy Nasdaq increased by 1.02%. Although the monthly employment report appeared healthy, a rising unemployment rate and decreased private sector growth suggested a defensive market.

July 8

The S&P and Nasdaq reached new record highs, helped by big tech stocks like Apple and Amazon. The Dow fell by 31 points, while the S&P gained 0.10% and the Nasdaq rose by 0.23%. Salesforce dragged the Dow into negative territory as ServiceNow received a downgrade to sell from Guggenheim.

July 9

Although the Nasdaq and S&P continued to reach new highs, their gains slowed as the market caught up. The Dow dropped by 52 points, the S&P rose by 0.07%, and the Nasdaq also increased by 0.07%. Big tech names showed mixed results, with Apple hitting new highs while Microsoft and Alphabet declined.

July 10

A broad rally lifted the market, breaking record highs with three stocks advancing for every one declining. The Dow rebounded, jumping by 429 points, the S&P gained 1.02%, and the Nasdaq ended 1.09% higher. After seven consecutive days of gains, the S&P was up 3.2% for the month.

July 11

Big tech stocks sank, contrasting with a broad rally in other sectors. The tech-heavy Nasdaq tumbled by 2.24%, the S&P declined by 0.88%, but the Dow gained 32 points. The June CPI report, which showed a 1% month-over-month drop, triggered a decline in interest rates, leading to the reversal.

July 12

The broad rally continued with stocks advancing at a three-to-one ratio, while the tech sector remained mixed. The Dow rose by 247 points, and the S&P and Nasdaq gained 0.55% and 0.57%, respectively. Earnings growth in tech stocks slowed, while revenue growth expectations in other sectors remained modest.

July 15

The small-cap index Russell 2000 caught up with its large-cap peers, reaching two-year highs. The Dow increased by 210 points, the S&P rose by 0.28%, and the Nasdaq gained 0.27%. Tech stocks were mixed, while Goldman Sachs jumped 2% after posting earnings that beat expectations.

July 16

Small-cap and value stocks led the market, with the Russell 2000 rising by 3% to new highs, despite the tech sector's struggles. The Dow leaped by 742 points, about 1.85%, the S&P drifted 0.64% higher, and the Nasdaq eked out a 0.06% rise. The market's focus shifted away from tech domination, with stocks like Berkshire Hathaway and JP Morgan lifting the S&P.

July 17

Semiconductors dragged the tech sector down, causing the Nasdaq to suffer its worst day of the year, sinking by 2.7%. The S&P lost 1.39%, while the Dow remained positive with a 243-point gain. The drop followed reports that the Biden administration was considering tighter trading restrictions with China.

July 18

The downward trend continued as the broad market fell, with small-cap stocks losing momentum. The Dow dropped by 533 points, the S&P declined by 0.78%, and the Nasdaq ended 0.48% lower. Tech stocks showed mixed performance, while overall stocks sold off at a three-to-one ratio.

July 19

Following mid-week highs, a broad sell-off pushed the S&P into negative territory. The Dow lost 377 points, the S&P fell by 0.71%, and the Nasdaq dropped by 0.93%. A worldwide IT outage impacted the tech sector, causing widespread business disruptions.

July 22

The market had a mixed day with tech stocks rebounding. The Dow rose by 273 points, supported by gains in Microsoft and Apple, while the S&P 500 fell by 0.4%, and the Nasdaq dipped by 0.5%. Investors were cautious due to geopolitical tensions and upcoming earnings reports.

July 23

Markets showed resilience with the Dow gaining 409 points, the S&P 500 advancing 0.5%, and the Nasdaq increasing by 0.3%. Strong earnings reports from Tesla and Netflix boosted investor confidence, offsetting concerns about rising inflation and interest rates.

July 24

A broad rally led to significant gains across the board. The Dow climbed 307 points, the S&P 500 rose by 0.7%, and the Nasdaq jumped by 1.1%. Robust earnings from tech giants and positive economic data, including a rise in consumer spending, fueled the market's upward momentum.

July 25

The market experienced a pullback as investors took profits from the previous day's gains. The Dow fell by 205 points, the S&P 500 declined by 0.4%, and the Nasdaq dropped by 0.7%. Disappointing earnings from several mid-cap companies and concerns over supply chain disruptions contributed to the decline.

July 26

Stocks rebounded slightly to end the week on a positive note. The Dow increased by 102 points, the S&P 500 gained 0.2%, and the Nasdaq rose by 0.4%. Positive earnings reports from Amazon and Alphabet provided a much-needed boost, despite lingering worries about global economic growth and inflation.

July 30

Markets were mixed as investors digested recent earnings and economic data. The Dow edged up 69 points, the S&P 500 remained flat, and the Nasdaq declined by 0.3%. A report indicating a slowdown in manufacturing growth tempered optimism from strong earnings in the tech sector.

July 31

The market ended July on a high note, with broad-based gains following the Federal Reserve's announcement of steady interest rates and progress in curbing inflation. The Dow surged by 223 points, the S&P 500 climbed 1.4%, and the Nasdaq increased by 2.2%. Positive GDP growth data and better-than-expected earnings from several major corporations lifted investor sentiment. Additionally, chip stocks rebounded strongly, contributing to the overall market rally. The central bank maintained its benchmark funds rate between 5.25% and 5.5%, with Fed Chair Jerome Powell noting the improved balance in achieving employment and inflation goals.