Stock Market Today: Dow Snaps Losing Streak on Strong Economic Data
The blue chip index notched its first win in seven sessions even as Walgreens Boots Alliance spiraled.


A slow start for stocks Tuesday turned into a sprint for the fine finish, with all three indexes posting solid gains amid an onslaught of better-than-expected economic reports. Still, not all of the day's price action was positive, with one electric vehicle (EV) stock plunging on bankruptcy news.
Ahead of the opening bell, the Census Bureau said orders for durable goods were up 1.7% from April to May, their third straight monthly rise. Excluding transportation and defense, new orders were 0.6% and 3.0% higher, respectively.
The Census Bureau also said new home sales jumped 12.2% on a monthly basis in May and 20.0% on an annual basis. Separate data from both the Federal Housing Finance Agency and S&P Dow Jones Indices showed home prices rose in April.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Rounding out the economic calendar was a report from The Conference Board that showed consumer confidence jumped 7% in June vs the month of May. At 109.7, the confidence index posted its highest reading since January 2022.
"Greater confidence was most evident among consumers under age 35, and consumers earning incomes over $35,000," said Dana Peterson, chief economist at The Conference Board, in today's press release. "Nonetheless, the expectations gauge continued to signal consumers anticipating a recession at some point over the next six to 12 months."
Taken as a whole, today's slew of data supports the view that the U.S. economy "is not breaking just yet," says Edward Moya, senior market strategist at currency data provider OANDA.
Rate-hike expectations for the next Fed meeting ticked slightly higher after today's data, with futures traders now pricing in a 76.9% probability of a quarter-point increase vs Monday's reading of 74.4%, according to CME Group.
Lordstown Motors files for bankruptcy
Meanwhile, Lordstown Motors (RIDE) stock plunged 17.2% after the electric vehicle maker filed for Chapter 11 bankruptcy. The company, whose electric Endurance pickup was once praised by former President Donald Trump, has seen its share price steadily decline since peaking near $450 in September 2020. Today, RIDE closed in penny-stock territory, at $2.29.
As for the major indexes, the Nasdaq Composite closed up 1.7% at 13,555 and the S&P 500 was 1.2% higher at 4,378. The Dow Jones Industrial Average gained 0.6% to 33,926, snapping its six-day losing streak even as component Walgreens Boots Alliance (WBA) tumbled 9.3% following a fiscal Q3 earnings miss and downwardly revised full-year guidance.
Travel stocks shine
Drilling down into today's sector performances, consumer discretionary stocks (+2.2%) led the way thanks to big gains for a pair of travel names. Cruise operator Carnival (CCL), for one, surged 8.8% after reporting better-than-expected fiscal second-quarter revenue. Delta Air Lines (DAL) jumped 6.8% after boosting its full-year profit and cash flow guidance.
Coming in a close second were tech stocks (+2.0%), while communication services stocks landed at a distant third (+1.7%). Only one of the market's 11 sectors – healthcare (-0.2%) – closed in the red, hurt by weakness in shares of diagnostics firm Thermo Fisher Scientific (TMO, -2.4%), as well as the aforementioned drop in WBA stock.
Related Content
- Kiplinger's Weekly Earnings Calendar
- When Is the Next Fed Meeting?
- Is the Stock Market Open on July 4th?

With over a decade of experience writing about the stock market, Karee Venema is an investing editor and options expert at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
-
Stock Market Today: Stocks Head South as Treasury Yields Hit New Highs
Expectations for another potential rate hike sent yields on both the 2-year and 10-year Treasury bonds to their highest levels in almost two decades.
By Karee Venema Published
-
Biden Cancels $37M in Student Loan Debt for Phoenix University Borrowers
Student loans for 1,200+ Phoenix University enrollees cancelled over misleading ad campaign.
By Joey Solitro Published
-
Stock Market Today: Stocks Head South as Treasury Yields Hit New Highs
Expectations for another potential rate hike sent yields on both the 2-year and 10-year Treasury bonds to their highest levels in almost two decades.
By Karee Venema Published
-
Stocks Close Lower After Hawkish Fed Pause
The major indexes finished in the red after the Federal Reserve kept interest rates unchanged, but left open the possibility of one more rate hike.
By Karee Venema Published
-
Stock Market Today: Stocks Drop Ahead of Fed Announcement, Klaviyo IPO
Instacart's successful IPO stood out in an otherwise down day on Wall Street.
By Karee Venema Published
-
Stock Market Today: Stocks Close Flat With Fed Meeting in Focus
A choppy session for stocks turned into a flat finish as investors looked ahead to Wednesday's Fed announcement.
By Karee Venema Published
-
Stock Market Today: UAW Strike Sends Stocks Lower
The main benchmarks ended the week with a thud as contract negotiations between the Big 3 automakers and the United Auto Workers stalled.
By Karee Venema Published
-
Stock Market Today: Stocks Rise After PPI Report, Arm IPO
The main indexes closed comfortably higher, while Arm stock soared on its first day of trading.
By Karee Venema Published
-
Stock Market Today: Markets Close Mixed on Inflation Data
August's inflation reading keeps the Fed on course to leave interest rates unchanged at its next meeting.
By Dan Burrows Published
-
Stock Market Today: Stocks Close Lower Ahead of August CPI Report
The main indexes were choppy Tuesday as investors looked ahead to August inflation data and the Arm IPO.
By Karee Venema Published