U.S. stock market diary｜Three indexes in the half-day market stabilized Tesla by 7%
On the eve of the National Day holiday in the United States, the Wall Street stock market was half-day trading, and the three major indexes rose slightly across the board. Tesla production and deliveries exceeded market expectations, rising nearly 7%. The U.S. manufacturing PMI index has been below the dry-boom line for eight consecutive months, the longest period of weakness since the 2008 financial tsunami.
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Market conditions on July 3 (Monday)
l The Dow Jones Industrial Average rose 10.87 points, or 0.03%, to 34,418.47 points.
l The S&P 500 rose 5.21 points, or 0.12%, to 4,455.59. It rose 2.35% for the week.
l Nasdaq rose 28.85 points, or 0.21%, to 13,816.77 points.
l Oil futures for August delivery in New York closed at $69.79 a barrel, down $0.85 or 1.20%.
l New York August gold closed at $1929.50 an ounce, up $0.1 or nearly 0.01%.
l The US 10-year Treasury yield closed at 3.858%, up 3.9 points.
Tesla announced on Sunday that both production and deliveries exceeded market expectations, and closed up 6.9% on Monday, the largest one-day increase since the end of March. Another electric car manufacturer, Rivian, saw its quarterly deliveries increase by nearly 50% quarter-on-quarter, exceeding market expectations at the same time, closing up more than 17%.
Pharmaceutical company AstraZeneca’s phase III drug data for lung cancer is immature, and its closing stock price fell nearly 9%.
The inversion of the two-year and ten-year yields on U.S. Treasury bonds widened further to 110.80 basis points, the largest since 1981, reflecting market expectations that the U.S. economy will enter a recession.
Nikolaos Panigirtzoglou, global market strategist at JPMorgan, said, “Stocks performed well in the first half of the year because there was no recession in the United States. The technology stock trading has caused institutional investors to scream and cause them to capitulate. Because it means that if there is a recession in the U.S., there will be a fairly sudden correction in the market.”
Mark Hackett, director of institutional investment research at Nationwide, said, “From a technical point of view, the positive factors for US stocks may be ending as the general pessimism recedes. With encouraging macroeconomic and corporate earnings data, the focus of the stock market may be From technicals to fundamentals.”
Investors remain too optimistic about the outlook for economic growth and the Fed’s determination to curb inflation, according to the co-investment director of Bridgewater Associates. “The current degree of policy tightening has been rapid and high relative to history, and any similar tightening in the past has resulted in a severe recession.”
Fundstrat founder Tom Lee is very optimistic about the market outlook, and the target of the S & P 500 index by the end of 2023 is changed from 4,750 to 4,825. There is still room for about 8% upside from current levels.
The Institute for Supply Management announced that the manufacturing PMI index fell further from 46.9 in May to 46 in June, worse than market expectations of 47, the lowest level since May 2020, and remained below 50 for the eighth consecutive month The contraction range is the longest since the 2008 financial tsunami, reflecting that the market demand for commodities is still weak.
2023-07-03 21:54:21
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