U.S. Stocks Reach New Highs as Tech and Telecom Sectors Lead the Way
U.S. equities closed higher on Wednesday, with the Dow Jones Industrial Average (DJIA) reaching a new one-year high, boosted by strong performances in the technology and telecommunications sectors.
At the close on the New York Stock Exchange (NYSE), the DJIA gained 0.31%, while the S&P 500 index rose 0.24%, and the Nasdaq index increased by 0.03%.
Several companies stood out as top performers during the trading session. Verizon (NYSE: VZ) saw its shares surge by 5.27% or 1.70 points to close at $33.97. Salesforce Inc (NYSE: CRM) also had a strong showing, with its shares rising 2.96% or 6.74 points to end at $234.37. Cisco Systems Inc (NASDAQ: CSCO) experienced a 2.32% or 1.19 point increase to reach $52.43 in late trade.
However, some companies faced declines during the session. Boeing Co (NYSE: BA) saw its shares fall by 1.40% or 2.97 points to close at $208.60. Microsoft Corporation (NASDAQ: MSFT) declined by 1.23% or 4.41 points to end at $355.08. American Express (NYSE: AXP) also slipped by 0.52% or 0.92 points to close at $177.12.
On the S&P 500, top performers included Northern Trust Corporation (NASDAQ: NTRS) with a 13.36% increase to $81.28, AT&T (NYSE: T) with an 8.48% rise to $14.59, and KeyCorp (NYSE: KEY) which rose by 6.54% to close at $11.41.
The worst performers on the stock market were Omnicom (NYSE: OMC) with a 10.36% decline to $87.78, Ai Peizhi (NYSE: API) which fell by 7.88% to close at $37.66, and Lay Technologies Corporation (NASDAQ: LAYT) which dropped 5.00% to trade at $342.58 at the closing bell.
Among the top performers on the Nasdaq Composite were 60 Degrees Pharmaceuticals Inc (NASDAQ: DPBIX) with a 36.36% increase to close at $3.30, SMX Security Matters Ord Shs Class A (NASDAQ: PRN) which rose by 28.08% to settle at $0.19, and Enveno Medical Corp (NASDAQ: ECPR) which experienced a 27.47% increase to trade at $4.64 at the close.
The worst performers on the Nasdaq Composite were Sono Group NV (NASDAQ: SONO) with a 32.42% decline to $0.23, Amarin (NASDAQ: AMRN) which lost 24.48% to settle at $1.08, and Carmell Therapeutics Corp (NASDAQ: CARR) which saw a drop of 24.21% to close at $6.51.
In terms of market breadth, 1,836 stocks rose on the NYSE, surpassing the 1,072 stocks that closed down, while 113 stocks remained flat. On the Nasdaq Stock Exchange, 1,944 stocks rose and 1,571 stocks fell, with 149 individual stocks remaining stable.
Notably, shares in Salesforce Inc (NYSE: CRM) reached a one-year high, climbing 2.96% or 6.74 to $234.37. Cisco Systems (NASDAQ: CSCO) also hit a one-year high, rising by 2.32% or 1.19 to $52.43 at the close. On the other hand, shares in Carmell Therapeutics Corp (NASDAQ: CARR) dropped to an all-time low, falling 24.21% or 2.08 to $6.51.
The implied volatility, used to measure S&P 500 options, rose by 3.46% to 13.76.
In the commodities market, gold futures options for August delivery rose slightly by 0.01% or 0.15 points to $1,980.95. Meanwhile, WTI crude oil futures for September delivery fell by 0.44% (0.33 points) to $75.33, and the September London Brent crude oil futures contract declined by 0.19% (0.15) to trade at $79.48.
Regarding the currency market, the EUR/USD exchange rate remained unchanged, while the USD/JPY rose by 0.65%, quoting 139.71.
Lastly, U.S. dollar index futures rose by 0.38% to 100.00.
Overall, the U.S. stock market remained strong, setting new highs with support from the tech and telecom sectors. Investors continue to monitor various market indicators and prepare for potential shifts in the coming days.