Top Market News for July 11, 2024

In today’s finance news, several major movers in the S&P 500 caught investors’ attention. Here are the highlights from Thursday’s trading session:

**Decliners:**

**1. Tesla (TSLA):** Tesla shares took a hit, dropping 8.4% after reports surfaced that the carmaker would delay the unveiling of its highly anticipated robotaxi. This news ended an 11-session winning streak for Tesla.

**2. Semiconductor Stocks:** Large-cap tech shares, particularly in the semiconductor industry, saw losses. Companies like Lam Research (LRCX), Applied Materials (AMAT), and Nvidia (NVDA) experienced drops in their stock prices.

**3. Airline Stocks:** Delta Air Lines (DAL) reported lower-than-expected profits, attributing it to increasing fuel costs and other fees. This led to a 4% decline in Delta’s shares and a downturn for other airline stocks.

**Advancers:**

**1. SBA Communications (SBAC):** The top performer in the S&P 500 on Thursday was SBA Communications, with its shares jumping 7.5% after announcing changes in its executive leadership.

**2. Homebuilder Stocks:** The housing industry received a boost as the expectation of lower mortgage rates increased investor optimism. Building products distributor Builders FirstSource (BLDR) and flooring manufacturer Mohawk Industries (MHK) saw their shares rise.

**3. Small Caps:** As large-cap tech stocks tumbled, investors shifted towards small-cap stocks like those in the Russell 2000 index. The hope is that small-cap stocks could benefit from potential Federal Reserve rate cuts.

In other news:

**- MicroStrategy (MSTR) announced a 10-for-1 stock split, which led to a 3% increase in its shares.
– Delta Air Lines disappointed with weak earnings, causing a decline in its stock and impacting other airline companies.
– Stock futures were lower ahead of the release of the CPI inflation report.**

Overall, it was a mixed day for the markets, with certain sectors seeing declines while others showed signs of growth and resilience in the face of economic uncertainties.