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Stock Market Today: Dow Rides Consumer Stocks Higher to Make Strong Start to Q3

Stock Markets Jul 01, 2022 04:21PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com -- The Dow staged a late-day revival Friday, making a positive start to the third quarter underpinned by a jump in consumer stocks offsetting a Micron-fueled slip in chip stocks.

The Dow Jones Industrial Average gained 1%, or 321 points, the Nasdaq was up 0.9% and the S&P 500 gained 1.1%.

Consumer stocks jumped 2% helping the broader market claw its way out of negative territory intraday after homebuilders surged as investors price in a less aggressive Fed rate hike in July.

PulteGroup Inc (NYSE:PHM), Lennar Corporation (NYSE:LEN), and DR Horton Inc (NYSE:DHI) were up sharply.

Tech, meanwhile, underperformed other sectors as weaker-than-expected guidance from Micron soured sentiment on chip stocks.

Micron Technology (NASDAQ:MU) fell 3% after the chipmaker guided fiscal fourth-quarter sales below Wall Street estimates on signs of softening demand.

“Micron's sharply reduced guidance for FQ4 that assumes both bit and ASP (average selling price) declines in DRAM and NAND due to deteriorating end markets in what is typically a seasonally stronger period,” Wedbush said as it cut its price target on the chipmaker’s stock to $85 from $120.

Advanced Micro Devices (NASDAQ:AMD), NVIDIA (NASDAQ:NVDA), and Texas Instruments Incorporated (NASDAQ:TXN) fell more than 3%.

Big tech ended well off session lows after a more than 1% gain in Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) offset weakness in Alphabet (NASDAQ:GOOGL) and Meta Platforms (NASDAQ:META).

The bond market, meanwhile, was also dominating investor attention as Treasury yields continued to slip after data showed a further deterioration in the economy.

Manufacturing activity in May fell to a reading of 53.0, missing the consensus estimate of 54.9, marking the first decline since September.

Kohl's (NYSE:KSS) said that Vitamin Shoppe had ended its takeover pursuit of the grocery chain following a weaker retail and financial environment. Its shares are more than 19% lower.

Boeing (NYSE:BA) shrugged off earlier losses to end the day 2% higher even as rival Airbus secured orders for 300 jets from China's three biggest state-owned airlines at a time when Boeing’s 737 MAX jets are yet to resume commercial flights in the country.

In other news, General Motors (NYSE:GM) rose more than 1% after reporting a fall in quarterly sales and warning of delays to deliveries as supply-chain issues continue to weigh. The automaker, however, kept its guidance for the year unchanged.

Stock Market Today: Dow Rides Consumer Stocks Higher to Make Strong Start to Q3
 

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Comments (8)
Buck Wood
Buck Wood Jul 02, 2022 4:19PM ET
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Kohls is not a grocery chain.
Nils Hullmann
Nils Hullmann Jul 02, 2022 4:41AM ET
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the best thing of the total crypto collapse will be the spam might be less aggressive
Stan Smith
Stan Smith Jul 01, 2022 6:47PM ET
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Of course its up...it the July 4th long weekend!
Gabe Domen
Gabe Domen Jul 01, 2022 5:55PM ET
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I don't know why people react against the market? May be are so u$ele$$ that cannot trade at all? Rigged or not grow up and don't complain.
Brad Albright
Brad Albright Jul 01, 2022 5:55PM ET
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Exactly. People who cannot accept that they misjudged the world invent conspiracies to avoid having to accept responsibility and learn from their mistakes.
حسن فدایی
حسن فدایی Jul 01, 2022 5:46PM ET
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پشمام
FOX MAN
Foxman Jul 01, 2022 5:32PM ET
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A joke
Casador Del Oso
Casador Del Oso Jul 01, 2022 5:32PM ET
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up for one day. down for the week.
Mitchel Pioneer
Mitchel Pioneer Jul 01, 2022 5:03PM ET
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The US Stock Market is a predictable FRAUD.  A flagrantly manipulated, pathetic JOKE.  To think millions of American's have their retirement money invested in this CRIMINALLY RIGGED casino is mind boggling.
FOX MAN
Foxman Jul 01, 2022 5:03PM ET
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well said…..exactly right….could t possibly have a negative day before the 4th of July barbecue….already in recession with inflation out of control….
palmer long
palmer long Jul 01, 2022 5:03PM ET
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you are correcto. The Fed and Banksters manipulate the markets every day. They have no choice.kt. lost 4 trillion in stocks and 6.3 tr. in bonds ONE YEAR. SQQQ.
Brad Albright
Brad Albright Jul 01, 2022 5:03PM ET
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If its so predictable, you must be a billionaire.
 
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