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There was some leakage in most of the indices yesterday, but what was lost in that leakage didn't measure up much relative to the gains that have been logged recently. To that end, it would be remiss not to mention that the Dow Jones Industrial Average and equal-weighted S&P 500 both hit new record highs in yesterday's trade.
There is a feeling this morning that things could measure up in much the same way today, which is to say it could be another lackluster day of trading.
Currently, the S&P 500 futures are down 15 points and are trading 0.2% below fair value, the Nasdaq 100 futures are down 67 points and are trading 0.3% below fair value, and the Dow Jones Industrial Average futures are down 96 points and are trading 0.2% below fair value.
Market participants have been confronted with a lack of market-moving news, making it easier for them to divert their attention elsewhere. Then again, the upcoming Labor Day weekend is probably enough of a pleasant distraction on its own.
There has been a smattering of notable news items:
- Apple (AAPL) CFO Luca Maestri is stepping down from that post (but remaining with the company) on January 1, 2025.
- Edward Bronfman, Jr., and his consortium of investors, have withdrawn their acquisition proposal for Paramount Global (PARA).
- Eli Lilly (LLY) has announced 2.5 mg and 5 mg single-dose vials of Zepbound are available for self-pay at a 50% or greater discount for patients with on-label prescriptions.
- Morgan Stanley has named Coca-Cola (KO) a Top Pick.
- Notices of a proposed sale of securities by a large shareholder, as well as the CEO and co-founder, have Cava Group (CAVA) under pressure.
There are other news items, but one can surmise that there isn't anything too scintillating out there to ignite a broad market response. That might have to wait until after Wednesday's close when NVIDIA (NVDA) is slated to report its quarterly results.
That report, and the response to it, has market-moving capability, as does the July Personal Income and Spending Report, which will be released before the open on Friday.
So, the stock market may just remain stuck in a rut until it can get a push that gets it moving one way or another with more conviction. Right now it is more of a pull requiring added effort that participants -- or buyers anyway -- are want to expend in the absence of a new catalyst or in the midst of a late summer vacation period.
