Hello readers,
Today, the U.S. markets experienced a significant downturn, with the S&P 500 and Nasdaq Composite both closing in the red following a break from trading on Juneteenth. This reflected a strong downtick in the frothier parts of the market, mostly those related to artificial intelligence. Chip maker Nvidia slipped 3.5% by the close and ceded back the most-valuable company crown to Microsoft after one day on the top. Apple shares fell 2.2% while Microsoft was down 0.1% by the close. Those three companies each carry market caps of more than $3 trillion each, together accounting for about 20% of the S&P 500's total value.
However, it wasn't a down day for all. Gilead Sciences jumped more than 8%, leading the S&P 500, on news that its twice-yearly HIV prevention drug was highly effective in a study. This also proved to be a good reminder that Gilead's strengths lie outside the obesity drug realm that has Wall Street traders salivating. The Dow got a boost from Salesforce as traders cycled back into the downtrodden cloud software sector. For the day, the Dow Jones Industrial Average closed up nearly 300 points, or 0.8%, at 39,135. The S&P 500 fell 0.3% while the Nasdaq Composite closed down 0.8%.
Stay informed with the latest market news and updates. Don't miss out on the quarterly results from CarMax and FactSet Research coming up on Friday.
Best regards,
Daniel Silva
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