Markets News, July 1, 2024: US Stocks Kick Off Third Quarter With Gains

S&P 500 Gainers

  1. Tesla (TSLA) shares increased by 6.1% on the first trading day of the third quarter, making it the top performer among S&P 500 components. This growth was driven by optimism surrounding Tesla’s expected strong second-quarter delivery numbers.

  2. Merck (MRK) shares rose by 3.3% following the company’s announcement that it will obtain exclusive rights for the development and commercialization of opevesostat, a compound being investigated for the treatment of certain types of prostate cancer.

  3. Apple (AAPL) shares gained 2.9% amid reports that the tech giant could raise prices for its high-end iPhones to maintain more attractive prices on lower-end models. This strategy could help Apple broaden its user base without jeopardizing its relationship with high-end customers.

S&P 500 Decliners

  1. Shares of cruise operators such as Norwegian Cruise Line Holdings (NCLH) and Carnival Corp. (CCL) declined due to concerns that Hurricane Beryl, a Category 4 storm, could disrupt voyages in the Caribbean.

  2. Shares of casino companies like Caesars Entertainment (CZR) and MGM Resorts (MGM) slipped after gross gaming revenue from Macau, an Asian gaming hotspot, came in below consensus estimates in June, touching its lowest levels in 2024.

  3. Shares of Warner Bros. Discovery (WBD) fell by 4.6% following reports that the entertainment giant could consider a merger between its popular Max service and the Paramount+ streaming platform owned by Paramount Global (PARA).

Additional News

  • GameStop (GME) shares dropped more than 4% due to a potential class-action lawsuit against investor Keith Gill, known as "Roaring Kitty," who is alleged to have manipulated GameStop’s share price.

  • Trump Media & Technology Group (DJT) shares rose after being added to the Russell 3000 and Russell 1000 indexes.

  • Nio’s (NIO) shares surged following the Chinese electric vehicle maker’s report of a second-straight month of record deliveries. This news also lifted shares of rival EV manufacturers.

  • Key S&P 500 levels to watch for the quarter ahead include 5,340, 5,250, and 4,954, which may serve as potential support or resistance levels.

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