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🌊 Dow And These Growth Stocks Ride The Wave To New Highs
The Dow and this high-growth sector helped drive the overall market to all-time highs Friday, plus a look at Shein ahead of its IPO
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Happy Friday, Zingernation! As much as training for a new job can suck, sometimes you get to learn some cool things. Like when I learned how to ride a jet ski as a lifeguard on the lake. And if you’re a star actress like Sofia Vergara, training for a new job can even entail learning how to smoke.
–Aaron Bry & Nic Chahine
Today’s Price Action:
Plus, check out the company using AI to disrupt the medical and first responder industries.
TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
What Happened: It’s another memorable day for the stock market, as the blue-chip Dow Jones Industrial Average Index reached new record highs, surpassing the 40,000-mark milestone and breaking the previous peak set in May.
So: Small caps continued their rally driven by strong bets on interest rate cuts, sustaining momentum after Thursday’s extraordinary surge. The Russell 2000 Index, as tracked by the iShares Russell 2000 ETF, has had its best week of the year, gaining over 6%.
Basically: Each of the eleven S&P 500 sectors showed a gain Friday, with the index of the 500 largest U.S. corporations rising 0.9%. For the S&P 500, this marks the tenth positive week out of the last twelve. The Nasdaq 100 also showed a solid rebound, rising by 1% after a 2.2% selloff the previous day. Here are the sectors and stocks that drove the market higher.
PRESENTED BY ILEARNINGENGINES
iLearningEngines a leading Applied AI platform for learning and work automation, has recently gone public following a merger with Arrowroot Acquisition Corp. The company was founded by Harish Chidambaran, who drew inspiration for its creation from the time his mother was diagnosed with stage four breast cancer. Despite all the knowledge out there, the information she needed was not available to her.
Chidambaran felt that health systems could do a better job in delivering vital content in realtime and in context. As a microprocessor architect at Sun MicroSystems, Chidambaran leveraged AI principles to vastly improve computing power, which underpinned his conclusion that AI is the key to achieving this vision.
ONE TRADE IDEA FOR TOMORROW
Briefly: Despite a decline in global web traffic, down 13% year-over-year, fast-fashion innovator Shein is showing robust growth in other respects.
What Happened: Ahead of the Singapore-based company’s initial public offering (IPO), Similarweb Stock Intelligence highlighted how, in the U.S. and U.K., monthly active users for Shein's app surged by 11% and 31% respectively. This signals a successful shift from web to mobile engagement.
So: While some web metrics have declined, this appears to be more than offset by the growth in active users on iOS and Android.
Basically: In June, Shein's monthly active users for iOS and Android combined were up 11% year-over-year in the U.S. and 31% in the U.K., according to estimates. This growth is particularly notable in the U.K., where Shein's app user count outpaces that of e-commerce competitor PDD Holdings‘. Here’s what the analysts are saying about Shein ahead of its IPO.
PRESENTED BY BENZINGA PRO
40-year Wall Street veteran Matt Maley sees a massive AI opportunity...
But NOT where you'd expect.
His #1 AI stock pick for 2024 could skyrocket by July 23rd.
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