Daily Stock Market Report: July 23, 2024

Top Stock Market News

The stock market witnessed a mixed trading session on Monday, July 22, 2024, as investors digested a slew of corporate earnings reports and economic data. The Nasdaq Composite led the way with a 1.6% gain, while the S&P 500 added 1.1%, and the Dow Jones Industrial Average edged up 0.3%.

One of the top stories driving the market was a report from Reuters that chipmaker Nvidia is working on a new artificial intelligence (AI) chip tailored to comply with U.S. export controls to China. The news boosted Nvidia's stock, which outperformed the broader market.

Another significant development was President Joe Biden ending his reelection campaign, a move that initially caused some uncertainty in the markets. However, investors quickly shifted their focus to the start of the tech earnings season, which could provide valuable insights into the health of the economy.

Meanwhile, in Asia, stocks followed Wall Street's rebound, with the MSCI Asia Pacific Index climbing as investors looked beyond Biden's campaign exit.

On the economic front, the U.S. budget for the fiscal year 2024 was a topic of discussion, with experts recommending stocks to buy or sell based on the potential impact of the budget on various sectors.

1. Stock Market Today: Dow, S&P Live Updates for July 23 - Bloomberg

Stocks in Asia followed a rebound on Wall Street as investors looked beyond Joe Biden ending his reelection campaign to focus on the start of the tech earnings season. The MSCI Asia Pacific Index rose, led by gains in Japan and Hong Kong.

2. Stock Market News for Jul 23, 2024 - Yahoo Finance

The S&P 500 gained 1.1% to finish at 5,564.41, marking its best day since Jun 5. Ten out of the 11 broad sectors of the broad-market index ended in positive territory, while one was in the negative zone.

3. Stock Market Today: Asian Shares Are Mixed After Wall Street Breaks Losing Streak - U.S. News & World Report

Asian shares were mixed Tuesday after Wall Street broke a three-day losing streak ahead of a deluge of earnings reports from major U.S. companies.

4. Today's Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers - InvestorPlace

InvestorPlace provided a list of the biggest pre-market stock movers, including the top gainers and losers for the day.

5. Latest Market News Today Live Updates July 23, 2024: Budget 2024: ITC among top stocks to buy - Mint

Stock market experts recommended five stocks to buy or sell on Tuesday, July 23, based on the potential impact of the Budget 2024 on various sectors.

Top Stocks to Watch

As the earnings season kicks into high gear, investors will be closely watching the performance and guidance of several key companies across various sectors. Here are some of the top stocks to watch for July 23, 2024:

1. Best Value Stocks to Buy for July 23rd - Yahoo Finance

• KB Home (KBH): This homebuilding company carries a Zacks Rank #1 and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 5.7% over the last 60 days.

2. Best Value Stocks to Buy for July 23rd - Nasdaq

• KB Home (KBH): This homebuilding company carries a Zacks Rank #1 and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 5.7% over the last 60 days.

3. Best Growth Stocks to Buy for July 23rd - MSN

• Silicon Motion Technology Corporation (SIMO): This manufacturer of NAND flash controllers for solid-state storage devices carries a Zacks Rank #1 and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 8.1% over the last 60 days.

4. Stock Screener: Nvidia Leads List Of Stocks To Watch - Investor's Business Daily

• Nvidia (NVDA): The chipmaker is among the best stocks to watch in the top-ranked industries, meeting the criteria of strong earnings growth, positive price performance, and a high Relative Strength Rating.
• Broadcom (AVGO): Another semiconductor company on the list of top stocks to watch, Broadcom has been exhibiting solid fundamentals and stock performance.

5. Most Active Stocks Today - Yahoo Finance

Yahoo Finance provided a list of the most actively traded stocks for the day, including share price changes, trading volumes, and intraday highs and lows.

Stock Market Expected Movement

Based on the latest market news and analysts' expectations, the stock market is expected to experience a cautious yet optimistic trading session on Tuesday, July 23, 2024. Here are some key factors that could influence the market's movement:

1. Corporate Earnings Reports: As the earnings season progresses, investors will closely monitor the financial performance and guidance of major companies across various sectors. Strong earnings reports could provide a boost to the market, while disappointing results could lead to selling pressure.

2. Economic Data: Several important economic reports are scheduled for release, including the S&P Global Composite PMI and existing home sales data. Positive economic indicators could fuel further gains, while negative data could dampen market sentiment.

3. Federal Reserve Outlook: With the Federal Reserve's next policy meeting approaching, investors will be closely watching for any hints or comments from Fed officials regarding the future trajectory of interest rates and monetary policy.

4. Geopolitical Tensions: Ongoing geopolitical tensions, particularly those involving major economies like the United States and China, could influence market volatility and investor sentiment.

5. Technical Factors: From a technical perspective, the major stock indices have been trading within their respective ranges, and any significant breakouts or breakdowns could trigger further buying or selling activity.

Overall, the stock market is expected to remain volatile as investors navigate the ongoing earnings season, economic data releases, and geopolitical developments. However, solid corporate earnings and positive economic indicators could provide support for further gains, especially in sectors and stocks with strong fundamentals and growth prospects.