Stock Market Today: S&P 500, Nasdaq Hit New Highs Ahead of Juneteenth
The main indexes notched modest gains ahead of Wednesday's stock market holiday.


Investors had plenty of headlines to sift through Tuesday ahead of a mid-week break. As a reminder, Wednesday is a stock market holiday with the equities and bond markets closed in observance of Juneteenth.
In economic news, data from the Census Bureau showed retail sales rose 0.1% month-to-month in May, an improvement over April's revised 0.2% decline but below economists' forecast for a 0.2% increase.
Aron Bohlig, managing partner at ComCap, a boutique investment bank that works with several consumer-facing businesses, says his firm has witnessed the negative impact that higher interest rates and credit card rates have had on discretionary spending for most of the past year.

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.
"We are still seeing this broad-based weakness in discretionary spending at individual brands, retailers and marketplaces on a day-to-day basis," Bohlig adds. "Our outlook is that retail spending will remain depressed until rates fall, which suggests that discretionary spending categories will continue to be weak at least into early 2025."
Nvidia becomes the most valuable company in the world
In single-stock news, Nvidia (NVDA) continued its red-hot run higher, with the chipmaker adding 3.5%, or $115 billion in market value. NVDA's market cap now stands at $3.33 trillion, making it the most valuable company in the world.
Nvidia edged past Microsoft (MSFT, -0.5%) and Apple (AAPL, -1.1%), which both declined Tuesday, bringing their respective market caps to $3.31 trillion and $3.28 trillion.
Occidental Petroleum climbs after Buffett boosts his stake
Elsewhere, Occidental Petroleum (OXY) gained 1.8% after regulatory filings revealed Warren Buffett's Berkshire Hathaway (BRK.B, +0.2%) has been scooping up shares of the oil stock in recent weeks. Indeed, Buffett's holding company has bought 7.3 million shares of OXY since June 5.
Buffett & Co. began accumulating shares of the energy stock in the first quarter of 2022. At the end of Q1 2024, the holding company owned more than 248 million Occidental shares, accounting for 4.9% of the Berkshire Hathaway equity portfolio. Considering OXY is down nearly 6% since the start of the second quarter, Buffett is likely buying the dip on one of his favorite oil stocks.
Lennar tumbles on soft deliveries outlook
In earnings news, Lennar (LEN) slumped 5.0% as the homebuilder's soft fiscal third-quarter deliveries outlook offset a fiscal second-quarter beat.
Most of Wall Street is bullish toward LEN, but Wedbush analyst Jay McCanless has an Underperform (Sell) rating on the consumer discretionary stock. In addition to elevated mortgage rates, "the competitive threats to Lennar and the industry from higher inventories of new and existing homes for sale versus last year may be another headwind to new home demand," the analyst wrote in a recent note to clients.
As for the main indexes, the Nasdaq Composite (+0.03% at 17,862) and the S&P 500 (+0.3% at 5,487) managed to notch new record closing highs, while the Dow Jones Industrial Average ticked 0.2% higher to 38,834.
Related content
- Apple Shuts Down Buy Now, Pay Later Service in the U.S.
- Adobe Sued By FTC Over Hidden Fees, Cancellation Issues
- Are Banks Open on Juneteenth in 2024?
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
AI Is Missing the Wisdom of Older Adults: What It Means for You
AI will increasingly affect your healthcare and finances, but young workers are primarily designing the systems and getting most of the jobs.
-
The Three C's to Financial Success: A Financial Planner's Guide to Build Wealth
Consistency, commitment and confidence in your chosen strategy are more critical to your financial success than finding the 'perfect' financial plan.
-
The Three C's to Financial Success: A Financial Planner's Guide to Build Wealth
Consistency, commitment and confidence in your chosen strategy are more critical to your financial success than finding the 'perfect' financial plan.
-
A Financial Adviser's Guide to Solving Your Retirement Puzzle: Five Key Pieces
If retirement's a puzzle you're struggling with, try answering these five questions. The answers will guide you toward a solution.
-
You're Close to Retirement and Cashed Out: How Do You Get Back In?
If you've been scared into an all-cash position, it's wise to consider reinvesting your money in the markets. Here's how a financial planner recommends you can get back in the saddle.
-
After the Disaster: An Expert's Guide to Deciding Whether to Rebuild or Relocate
Homeowners hit by disaster must weigh the emotional desire to rebuild against the financial realities of insurance coverage, unexpected costs and future risk.
-
A Financial Expert's Tips for Lending Money to Family and Friends
What starts as a lifeline can turn into a minefield if the borrower ghosts the lender. Following these three steps can help you avoid family feuds over funds.
-
Stock Market Today: Good Feelings and Solid Data Lift Stocks
Resilience and de-escalation defined another generally positive day for financial markets.
-
What the HECM? Combine It With a QLAC and See What Happens
Combining a reverse mortgage known as a HECM with a QLAC (qualifying longevity annuity contract) can provide longevity protection, tax savings and liquidity for unplanned expenses.
-
721 UPREIT DSTs: Real Estate Investing Expert Explores the Hidden Risks
Potential investors need to understand the crucial distinction between a REIT's option to buy a Delaware statutory trust's property and its obligation.