In a notable trading session, the Dow Industrials reached a new record, bolstered by some key movements in the housing market and energy sector, as well as the introduction of SpaceX options on the Cboe. This daily recap highlights significant market developments and what investors can expect moving forward.
Housing data is set to be released at 8:30 a.m. on Tuesday, which will be a focal point for traders. CNBC’s housing reporter Diana Olick will provide insights on how this data might affect the stock market throughout the day. Major home builders have shown varying performance in the past month, reflecting a resilient housing sector despite some earlier challenges. Notably, Toll Brothers has seen a remarkable 18% increase over the past month. Although up 7% for June, it still represents an 11% decline from its February highs.
Meanwhile, Hovnanian has surged by about 25% over the last month and has gained nearly 11% in just the past week, although it remains down 26% from its high in September. D.R. Horton is also making strides, up 5.4% in June, translating to a 14.5% increase over the month, yet it still trails by 16% from September’s peak. Lennar holds steady with zero growth so far in June but shows a 9% rise over the month, alongside a significant 37% drop from its September high. PulteGroup has seen an 11.5% increase in the past month and approximately a 4% rise in June.
On the tech front, SpaceX options start trading on Tuesday, with the stock experiencing a nearly 20% increase to close at $192.50 in its second trading day, nudging its market capitalization close to $2.5 trillion. This figure places it in close competition with Amazon, valued at approximately $2.6 trillion.
In a contrasting scenario, Workday’s performance over the past year paints a less favorable picture, with a 47% decline in its stock price. After reaching a high in September 2025, shares have plummeted by nearly half since then. Analysts have varying opinions on the stock, with 22 recommending buy or overweight ratings and 21 suggesting a hold. Workday closed at $129.60 on Monday, down 0.9%, while its average price target remains at $173.56.
The energy sector remains a point of interest as oil prices have edged back into the low $80s, with West Texas Intermediate futures around $81 a barrel. This marks an over 20% increase since the end of February. However, the S&P Energy sector has experienced a 7.3% decline over the past month, currently sitting 12.5% off its high from late March. ExxonMobil has faced a considerable 20% drop from its March high, closing just shy of $141. Chevron also remains under pressure, with shares down 16% from its peak at $180.40.
In terms of broader market performance, the Russell 2000 hit a new high on Monday, showcasing a 6% increase in the past month. Similarly, the NYSE Composite and the Dow Industrials also reached new highs, with respective gains of about 7.3% and nearly 11% over the past three months. However, the Nasdaq 100 and the S&P 500 lagged slightly, down 0.7% and 0.87% from their respective highs.
Investors will be closely monitoring the housing start data and other market indicators as they prepare for the next trading session.
