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A trader is pictured on the trading floor of The New York Stock Exchange (NYSE) in New York City, shortly after the Federal Reserve announced its latest interest rate decision on September 18, 2024.
As the trading day wrapped up, analysts observed significant movements in major indices. The Dow Jones Industrial Average and the S&P 500 both reached new all-time highs on Tuesday, prompting speculation about potential trends for the upcoming trading session.
Market Highlights
In Wednesday’s segment of “Sectornomics,” CNBC’s Dominic Chu delved into consumer staples, which currently hold the sixth position among the 11 S&P sectors. This year, the consumer staples sector has gained approximately 16%. Notably, Walmart leads the sector, with a remarkable 53% rise in stock value in 2024. Following Walmart, Kellanova has appreciated by 44%, and Costco has grown by 36.6% year to date. However, not all companies in the industry are faring well; Walgreens, Dollar Tree, and Lamb Weston have faced significant declines this year, with Lamb Weston down 40%, Dollar Tree decreased by about 50%, and Walgreens plummeting 67% year to date.
Copper Market Insights
The price of copper has surged by 12.5% over the past six weeks, typically aligning its trends with economic activity in China, a major consumer of the metal. Newmont Corporation has also seen its shares climb to a 27-month high, increasing by 2.5% on Tuesday and marking a 31% rise over the last three months.
Upcoming Earnings Report from Micron
As reported by CNBC’s Seema Mody, Micron Technology prepares to announce its earnings later in the day. The company’s stock has experienced a challenging few months, with a 32% drop since the last three months. Currently, it stands 40% lower than its peak on June 18, yet it has managed to gain 36.5% over the past year.
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