Market Averages Conclude Higher Following Trump Assassination Attempt, Rumble Pops 20% After VP Pick

The investment community watched the major market averages conclude higher on Monday, which was the first trading day since Former President Donald Trump was the target of an assassination attempt at a Pennsylvania rally.

Major market averages concluded higher on Monday, despite former President Donald Trump being the target of an assassination attempt at a Pennsylvania rally.

The blue-chip Dow (DJI) closed higher by 0.5% to 35,148.04, while the benchmark S&P 500 (SP500) was able to advance by 0.2% to 4,432.34. Meanwhile, the tech focused Nasdaq Composite (COMP:IND) finished the session on top by 0.4% to 15,115.1.

Switching to a sector-by-sector stance, six of the 11 S&P segments closed out the trading day higher, with Energy on top even as oil (CL1:COM) observed limited movement. On the other end, the worst performing sector on the session was Utilities.

The Treasury market noticed some shifts in yields. The shorter end U.S. 2 Year Treasury yield (US2Y) moved lower by 1 basis point to 4.44%. At the same time, the longer end U.S. 10 Year Treasury yield (US10Y) moved up by 4 basis points to 4.22%.

In other yield focused news, the US30Y jumped above the US2Y for the first time since late January. See how other yields traded across the entire yield curve here.

“Despite strength across financials and select big tech names, broad equity indices lost early gains in today's session, with utilities showing significant weakness as the flight to safety trade unwinds as rate cut expectations continue to pile up,” Ahan Vashi, investing group leader of The Quantamental Investor, told Seeking Alpha.

"Given stretched valuations and heightened market concentration at the index level, the recent broadening to small/mid-caps is heartening. That said, we think prudent investors must continue to operate with caution, i.e., be highly selective with their investments and manage risk proactively,” Vashi added.

On the economic front, the July Empire State manufacturing index came in at -6.60 as compared to the consensus of -5.50.

Additionally, Federal Reserve Chairman Jerome Powell said "the U.S. economy has performed really remarkably well over the last couple of years," at an event hosted by the Economic Club of Washington, DC.

"We didn't gain any more confidence in the first quarter" (that inflation has come down), Powell added.

In the political sphere, former president Donald Trump selected Ohio Senator J.D. Vance as his vice presidential running mate as the Republican National Convention began Monday in Milwaukee. As a result of the selection, shares in conservative-focused media platform Rumble (RUM) popped on the news and ended the day higher by 20.7%.

Regarding other stocks that were on the move on Monday, shares of Trump Media & Technology (DJT) jumped 31.3%.

Also ending in the green were shares of Coinbase Global (COIN) as it finished the day +11.4% as Bitcoin (BTC-USD) rallied 4.3%.

On the other end of the spectrum, popular retailer Macy's (M) plunged 11.7% after the company announced it had ended acquisition talks with Arkhouse Management and Brigade Capital Management.

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