On today’s Market Domination Overtime, hosts Julie Hyman and Josh Lipton break down the market closing prices and some of the top stories that dominated trading this week.
US stocks finished strong on Friday, with the Dow Jones Industrial Average (^DJI) regaining 650 points, up 1.6%, while the Nasdaq Composite (^IXIC) and S&P 500 (^GSPC) both rose more than 1%. Lauren Sanfilippo, senior investment strategist at Merrill Lynch and Bank of America Private Bank, believes second-quarter earnings will indicate whether the market rotation will continue, which could lead to a market broadening “that’s 493 stocks, so the others will catch up, and that’s magnitude 7,” she said.
Vice President Kamala Harris is poised to take on former President Donald Trump in the upcoming presidential election. But with inflation concerns still lingering, her challenge will be to convince voters of the economic progress made under Biden. Yahoo Finance Senior Columnist Rick Newman analyzes the political landscape and discusses how Harris needs to convince voters that she is the right person to lead the economy.
Lineage (LINE) listed on the Nasdaq on Thursday, raising $4.4 billion in an IPO, making it the largest IPO of 2024. The market has seen a dip in IPOs as inflation puts pressure on all aspects of the economy. Paul Abrahimzadeh, co-head of North American equity capital markets at Citi, believes that “the private market is starting to thaw” in the post-pandemic period. “There are some green shoots in the market. Successive rounds of valuations are increasing. There is a thinning of structure in the current period. But the reality is that the IPO market is providing excess demand. There is plenty of demand to take companies public at high valuations. And deals are generally doing well.”
Finally, Julie Hyman and Josh Lipton share their outlook for the week ahead, from big tech earnings to July jobs data.
This post was written by Melanie Leal
