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The first half of 2024 has concluded with technology stocks taking the lead. The Nasdaq Composite surged 18.1%, fueled by investor enthusiasm for artificial intelligence advancements. In comparison, the S&P 500 rose by 14.5%. However, the Dow Jones Industrial Average lagged behind, with a modest increase of 3.8%. All three major indexes posted gains in June. Moreover, recent Commerce Department data indicated that inflation in May reached its lowest annual rate in over three years. As investors look forward to the holiday-shortened trading week, attention is focused on the upcoming June jobs report, set to be released on Friday morning.
Disney and Pixar's Box Office Triumph
Disney (NYSE: DIS) and Pixar have achieved a significant milestone with their latest animated film, “Inside Out 2,” which has grossed $1.014 billion worldwide as of Sunday.
This makes it the highest-grossing film of 2024 so far and the first to surpass $1 billion at the global box office since Warner Bros.' “Barbie” last summer.
The success of “Inside Out 2” is a major victory for Pixar, which has faced box office challenges since the pandemic. The film’s performance highlights the crucial role of family audiences in driving box office success.
Boeing's Strategic Acquisition
Boeing (NYSE: BA) announced on Monday its plan to repurchase fuselage manufacturer Spirit AeroSystems (NYSE: SPR) in an all-stock deal valued at $4.7 billion. The total transaction value, including Spirit’s debt, amounts to approximately $8.3 billion.
Boeing's decision to reacquire Spirit, which was spun off nearly two decades ago, is driven by the need to address persistent quality control issues that have affected the key supplier in recent years. By bringing Spirit back under its wing, Boeing aims to streamline operations and improve quality assurance at a critical time.
French Elections Impact Markets
The results of the French elections have caused the euro to bounce back, reaching a two-week high.
The CAC 40, France's benchmark equity index, also saw gains, recovering after recent losses following President Emmanuel Macron's dissolution of parliament.
As of 04:20 ET, EUR/USD traded 0.4% higher at 1.0758, and the CAC 40 rose by 1.9%. Investors remain cautious due to pledges from both far-right and left-wing alliances for increased spending, which could exacerbate France's high budget deficit. The outcome of the elections is still uncertain, with more volatility expected ahead of next Sunday's runoff and potential alliance-building.
China's Economic Indicators Boost Crude Prices
Positive economic indicators from China have led to a rise in crude prices. In June, China's Caixin/S&P Global manufacturing purchasing managers' index (PMI) climbed to 51.8, marking the fastest growth in over three years.
This result comes after official PMI data showed a decline in China's manufacturing activity for the second consecutive month and a five-month low in services activity. By 08:20 ET, U.S. crude futures (WTI) had risen by 0.9% to $82.27 per barrel, while Brent crude increased by 0.8% to $85.70 per barrel. Both contracts saw approximately 6% gains in June, following OPEC+ extending significant oil output cuts into 2025.
