Investors had plenty of headlines to sift through Tuesday ahead of a mid-week break. As a reminder, Wednesday is a stock market holiday with the equities and bond markets closed in observance of Juneteenth.
In economic news, data from the Census Bureau
Aron Bohlig, managing partner at ComCap interest rates
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“We are still seeing this broad-based weakness in discretionary spending at individual brands, retailers and marketplaces on a day-to-day basis,” Bohlig adds. “Our outlook is that retail spending will remain depressed until rates fall, which suggests that discretionary spending categories will continue to be weak at least into early 2025.”
Nvidia becomes the most valuable company in the world
In single-stock news, Nvidia NVDA ) continued its red-hot run higher, with the chipmaker adding 3.5%, or $115 billion in market value. NVDA’s market cap
Nvidia edged past Microsoft MSFT , -0.5%) and Apple (AAPL , -1.1%), which both declined Tuesday, bringing their respective market caps to $3.31 trillion and $3.28 trillion.
Occidental Petroleum climbs after Buffett boosts his stake
Elsewhere, Occidental Petroleum (OXY ) gained 1.8% after regulatory filings Warren Buffett ‘s Berkshire Hathaway (BRK.B , +0.2%) has been scooping up shares of the oil stock in recent weeks. Indeed, Buffett’s holding company has bought 7.3 million shares of OXY since June 5.
Buffett & Co. began accumulating shares of the energy stock Berkshire Hathaway equity portfolio oil stocks
Lennar tumbles on soft deliveries outlook
In earnings news, Lennar (LEN ) slumped 5.0% as the homebuilder’s soft fiscal third-quarter deliveries outlook
Most of Wall Street is bullish toward LEN, but Wedbush analyst Jay McCanless consumer discretionary stock mortgage rates
As for the main indexes, the Nasdaq CompositeS&P 500 (+0.3% at 5,487) managed to notch new record closing highs, while the Dow Jones Industrial Average
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Stock Market Today: S&P 500, Nasdaq Hit New Highs Ahead of Juneteenth
