Market Summary: December 2
- Posted on December 03, 2024
- Stock Market
- By Samiat
The U.S. equities market delivered a mixed performance as December trading began. The S&P 500 edged up 0.2%, reaching a record high for the second consecutive session, supported by strong performances in technology, communication, and consumer discretionary sectors.
Meanwhile, the Nasdaq jumped 1% to a new high, while the Dow Jones Industrial Average dipped 0.3%.
Investors also turned their attention to Cyber Monday sales and upcoming economic reports, including Friday's November jobs report.
Top Performers on the S&P 500
Super Micro Computer (SMCI):
Performance: +28.7%
Driver: Shares soared after an independent review committee found no evidence of accounting misconduct. The server maker also announced governance reforms, including appointing new executives.
Lam Research (LRCX):
Performance: +6.3%
Driver: Continued optimism following reports of less stringent export restrictions to China boosted semiconductor equipment stocks.
Norwegian Cruise Line Holdings (NCLH):
Performance: +5.4%
Driver: Positive industry commentary from Truist analysts and raised price targets.
Applied Materials (AMAT):
Performance: +4.9%
Driver: Benefited alongside Lam Research from easing concerns over export restrictions.
Carnival (CCL) & Royal Caribbean (RCL):
Performance: +3%-4%
Driver: Continued strength in the cruise industry driven by favorable booking and pricing trends.
S&P 500 Losses
Texas Pacific Land (TPL):
Performance: -6.1%
Driver: Reversed gains following its recent inclusion in the S&P 500 as momentum faded.
PG&E (PCG):
Performance: -5%
Driver: Declined after announcing a $2.4 billion stock offering to fund capital investments.
Targa Resources (TRGP):
Performance: -4.6%
Driver: Pressured by falling natural gas prices, driven by forecasts for mild winter weather and record-high inventory levels.
Oneok (OKE):
Performance: -2.8%
Driver: Also affected by the decline in natural gas prices and demand concerns.
Sector Highlights
Technology and Communication: Led market gains, driven by optimism in semiconductor stocks and strong performances from Super Micro Computer.
Consumer Discretionary: Cruise operators benefited from favorable analyst commentary and rising bookings.
Energy: Declined as natural gas prices slipped due to mild weather forecasts and high inventory levels.
Investors will now look ahead to critical economic data later in the week, culminating in Friday’s jobs report, which could provide further insight into market trends.
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