Dow and S&P 500 record highs, homebuilder sentiment: Market Domination Overtime
All three of the major market averages (^GSPC, ^DJI, ^IXIC) closed the day higher: the Dow Jones Industrial Average and the S&P 500 both achieving new record highs. This is the S&P 500's 38th record-high close in 2024. Meanwhile, small caps stocks, which are tracked on the Russell 2000 (^RUT), out erformed large caps on the Nasdaq 100 (^NDX) for their fifth straight day. New data shows that homebuilder sentiment in July has fallen to its lowest level since December 2023 as mortgage rates remain high. Yahoo Finance housing reporter Dani Romero joins Market Domination Overtime to break down the strain on homebuilders and how the Biden administration's proposal to cap rental price increases at 5% nationwide may impact the housing market. SMART Global Holdings (SGH), known for designing, building, and managing AI infrastructure systems, announced it secured a $200 million investment from SK Telecom (SKM) and that it will be changing its name to Penguin Solutions, its biggest brand. SGH CEO Mark Adams joins the show to discuss the new $200 million investment into the company, its involvement in the AI sector, and more. For more expert insight and the latest market action, click here. This post was written by Nicholas Jacobino