US open: S&P 500 and Nasdaq Composite at record highs at Q2's end

Wall Street's main market indices were trading at or near record highs at the end of the second quarter.

The Dow Jones Industrials was rising 0.29% to 39,273.04, having early come within a whisker of its all-time highs.

In parallel, the S&P 500 was up by 0.30% to 5,499.31 and the Nasdaq Composite was adding 0.26% to 17,905.84.

Both of those indices had hit fresh highs coming out of the gate.

The Greenback, 10-year bond prices, West Texas Intermediate crude oil and gold futures were all a tad lower.

Investors appeared to be taking in their stride what some pundits were describing as a disastrous TV presidential debate for Joe Biden the night before.

Some observers also appeared to believe that Donald Trump, should he win the next elections, was more likely to keep deficit spending high.

Also on Thursday, the head of the Atlanta Fed, Raphael Bostic, said he still believes one rate cut this year is likely. In a statement on the Atlanta Fed website, he said: “Taking all the circumstances into account, I continue to believe conditions will likely call for a cut in the federal funds rate in the fourth quarter of the year."

However, a cut was not yet locked-in, he added.

According to the Department of Commerce on Friday, in seasonally adjusted terms personal incomes rose at a month-on-month pace of 0.5% in May (consensus: 0.4%).

Personal consumption expenditures on the other hand increased by just 0.2% (consensus: 0.3%) and the prior month's rise was revised down by a tenth of a percentage point to 0.1%.

Core PCE prices meanwhile slowed from an annual rate of 2.8% for April to 2.6% in May.

For its part, the University of Michigan said that American's inflation expectations one year ahead fell back from 3.3% to 3.0%.

Nike shares were down 19% following the release of a disappointing set of quarterly results on Thursday evening, in which it slashed its sales guidance for the fiscal year ending 2025. The sporting goods giant said sales are now predicted to be down in the mid-single-digit percentage range, surprising the market which had pencilled in growth of around 1%.

Dow Jones - Risers

Unitedhealth Group Inc. (UNH) $500.39 2.87%
Goldman Sachs Group Inc. (GS) $455.92 2.23%
Salesforce.Com Inc. (CRM) $257.88 1.99%
American Express Co. (AXP) $232.60 1.84%
Verizon Communications Inc. (VZ) $41.45 1.54%
Caterpillar Inc. (CAT) $332.04 1.40%
JP Morgan Chase & Co. (JPM) $201.92 1.38%
Intel Corp. (INTC) $30.98 1.26%
Walgreens Boots Alliance, Inc. (WBA) $12.34 1.19%
International Business Machines Corporation (CDI) (IBM) $172.55 1.00%

Dow Jones - Fallers

Nike Inc. (NKE) $76.12 -19.18%
Travelers Company Inc. (TRV) $204.38 -1.24%
Walt Disney Co. (DIS) $101.68 -0.48%
Walmart Inc. (WMT) $67.66 -0.32%
Procter & Gamble Co. (PG) $166.14 -0.29%
3M Co. (MMM) $102.90 -0.26%
McDonald's Corp. (MCD) $257.83 -0.13%
Dowdupont Inc. (DWDP) $0.00 0.00%
Coca-Cola Co. (KO) $63.97 0.09%
Merck & Co. Inc. (MRK) $129.94 0.09%

S&P 500 - Risers

Synchrony Financial (SYF) $46.93 6.10%
Discover Financial Services (DFS) $130.45 5.43%
Comerica Inc. (CMA) $50.30 5.14%
Leggett & Platt Inc. (LEG) $11.15 4.45%
Bread Financial Holdings, Inc. (BFH) $44.90 4.42%
Keycorp (KEY) $14.13 3.71%
Regions Financial Corp. (RF) $19.87 3.49%
Humana Inc. (HUM) $374.70 3.23%
Nucor Corp. (NUE) $159.68 3.21%
United Rentals Inc. (URI) $642.34 3.10%

S&P 500 - Fallers

Nike Inc. (NKE) $76.01 -19.30%
Estee Lauder Co. Inc. (EL) $105.53 -4.81%
AES Corp. (AES) $18.39 -3.67%
NextEra Energy Inc. (NEE) $71.43 -3.11%
Universal Health Services Inc. (UHS) $186.14 -2.83%
Albemarle Corp. (ALB) $94.12 -2.23%
Chubb Corp. (CB) $256.36 -2.16%
VF Corp. (VFC) $13.53 -1.99%
Foot Locker Inc. (FL) $25.07 -1.78%
Hartford Financial Services Group Inc. (HIG) $101.04 -1.67%

Nasdaq 100 - Risers

Charter Communications Inc. (CHTR) $303.13 3.07%
Sirius XM Holdings Inc (SIRI) $2.80 2.62%
Biogen Inc (BIIB) $234.45 2.51%
Microchip Technology Inc. (MCHP) $91.51 2.33%
J.B. Hunt Transport Services Inc. (JBHT) $160.62 2.23%
Tesla Inc (TSLA) $201.81 2.22%
Comcast Corp. (CMCSA) $39.12 2.19%
KLA-Tencor Corp. (KLAC) $832.71 2.19%
Applied Materials Inc. (AMAT) $237.55 2.16%
Synopsys Inc. (SNPS) $604.92 1.67%

Nasdaq 100 - Fallers

Qurate Retail Inc. (QRTEA) $0.65 -2.12%
Mondelez International Inc. (MDLZ) $65.65 -1.43%
Illumina Inc. (ILMN) $105.14 -1.24%
Incyte Corp. (INCY) $60.62 -1.19%
Starbucks Corp. (SBUX) $78.39 -1.07%
DENTSPLY Sirona Inc. (XRAY) $25.03 -1.01%
PACCAR Inc. (PCAR) $103.02 -0.91%
Monster Beverage Corp (MNST) $50.12 -0.90%
Netflix Inc. (NFLX) $678.78 -0.81%
Amazon.Com Inc. (AMZN) $196.50 -0.68%