As the Dow and S&P 500 reached new record highs on Tuesday, CNBC highlighted important developments and trends that could influence the market in the upcoming trading session.
In the latest edition of “Sectornomics,” CNBC’s Dominic Chu reported on the performance of consumer staples, which currently ranks sixth among the 11 S&P sectors with a year-to-date increase of approximately 16%. Walmart leads this sector, showing a remarkable 53% gain in 2024, followed by Kellanova at 44% and Costco at 36.6%. Conversely, several companies have struggled, with Walgreens down 67%, Dollar Tree falling 50%, and Lamb Weston declining by 40% this year.
Investors are closely monitoring the Chinese market following significant gains in Chinese exchange-traded funds (ETFs) after the Chinese government announced a series of stimulus measures to support the economy. The KraneShares China Internet ETF (KWEB) surged by 10.3% on Tuesday and is just 8% shy of its 52-week high. Similarly, the iShares MSCI China ETF (MCHI) increased by 9%, while the iShares China Large-Cap ETF (FXI) rose by 9.8%, reaching a new 52-week peak.
Copper prices have climbed 12.5% over the past six weeks, often reflecting demand trends from China, a major consumer of the metal. Newmont Corporation is also in focus, having reached a 27-month high after a 2.5% increase on Tuesday, marking a 31% rise over the last three months.
Micron Technology is set to report its earnings after the market closes. The company has experienced a challenging three months, with its stock down 32% and currently trading 40% below its June 18 high. Despite these challenges, Micron shares have risen 36.5% over the past year, indicating some resilience.
