Stocks on the Rise: Second Half of 2024 Kickoff Sees Positive Trends in Market Opening

New York City, United States – Stocks opened higher on Monday as trading resumed in 2024, with the S&P 500 rising by 0.2%, the Nasdaq Composite gaining 0.1%, and the Dow Jones Industrial Average adding 200 points or 0.5%. The second half of the year started off on a positive note for investors.

Bitcoin and other cryptocurrencies had a promising start to July, with Bitcoin rising by 5% over the weekend to reach $62,000. Companies tied to the cryptocurrency, such as Coinbase and MicroStrategy, also saw gains in premarket trading. Mining stocks like CleanSpark, Iris Energy, Riot Platforms, and Marathon Digital were all in the green. Despite recent weakness, investors remain hopeful for a positive second half of the year.

In premarket trading, notable stocks making moves included Birkenstock, Chewy, GameStop, Boeing, and Spirit AeroSystems. Birkenstock saw a 3.5% jump after a buy upgrade from UBS, while Chewy soared over 16% following news of a large stake purchase by meme stock trader “Roaring Kitty.” Boeing announced a $4.7 billion deal to buy back Spirit AeroSystems, resulting in a slight dip in Boeing’s shares and a 4.5% increase in Spirit AeroSystems shares.

Nvidia shares slipped by more than 2% in premarket trading, marking a potential sour start to the second half of the year for the AI company. Despite soaring 150% in the first six months of 2024, Nvidia faced challenges as investors speculated on the impact of artificial intelligence on future profitability.

European stocks showed positive momentum on Monday morning, with the Stoxx 600 index bouncing back from previous losses to trade up by 0.45%. France’s CAC 40 index led gains, rising by 1.4% as investors analyzed parliamentary election results. The FTSE 100 in the U.K. and Germany’s DAX also saw modest increases.

As the second half of the year began, major averages reflected varying trends. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite each experienced positive gains over previous months and quarters, setting the stage for potential market movements in the coming months. The outlook for the remainder of 2024 remains uncertain, with investors closely monitoring economic indicators and geopolitical developments.