Market Recap: Didi stock closes up nearly 16% day after modest market debut

Moomoo Recap US wrote a column · Jul 2, 2021 07:59

Market Recap: Didi stock closes up nearly 16% day after modest market debut

The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.

Stocks to watch: $DiDi Global (Delisted) (DIDI.US)$, $Micron Technology (MU.US)$, $Coinbase (COIN.US)$, $United Airlines (UAL.US)$

Market Snapshot
The $S&P 500 Index (.SPX.US)$ rose 0.5% and notched its sixth-straight record close, settling above 4,300 for the first time at 4,319.94.

The $Dow Jones Industrial Average (.DJI.US)$ was higher by 131 points to close at 34,633.53.

The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ ticked up about 0.1% to 14,522.38.

Futures contracts tied to the major U.S. stock indexes held steady at the start of the overnight session Thursday evening as Wall Street awaited the key June jobs report and another glimpse at the recovering U.S. labor market.

Contracts tied to the Dow Jones Industrial Average added 6 points, while those linked to the S&P 500 and Nasdaq 100 traded within 0.1%.

What drove the market?

Job growth likely will look stronger in June report

A stretch of strong economic news continued on Thursday as weekly initial jobless claims , setting a pandemic-era low. Additionally, the Institute for Supply Management’s June manufacturing index showed an expansion that was roughly in line with expectations, and the Congressional Budget Office hiked its.

Those data points build on a first half of the year that saw the U.S. economy recover rapidly as vaccines became widespread and businesses reopened, helping the S&P 500 rise by more than 14% and the Dow and Nasdaq also posting double-digit percentage gains.

Which stocks were in focus?

$DiDi Global (Delisted) (DIDI.US)$

Shares of the Chinese ride hailing company surged almost 16% in their second day of trading, rising back above $16 per share. The stock had a muted session on Wednesday after its initial public offering, posting a gain of 1% from its IPO price and closing below its opening price.

$Micron Technology (MU.US)$

The chip maker lost 5.7% despite beating quarterly earnings estimates by 16 cents a share, reporting $1.88 per share. Micron’s revenue topped Wall Street forecasts as well. Micron sold a Utah semiconductor factory to Texas Instruments for $900 million in cash.

$Coinbase (COIN.US)$

The cryptocurrency exchange's stock fell 4.6% after Mizuho reiterated its neutral rating on it, saying meager crypto volumes' bode "poorly" for the rest of 2021. Coinbase shares tend to trade in tandem with the price of bitcoin, which is also trading lower Thursday.

$United Airlines (UAL.US)$

The air carrier continues to trade higher at 1.5%, two days after said it would begin chasing premium customers with larger planes. United said it expects to hire 25,000 people by 2026 after placing a 150-unit aircraft order, as it shifts from survival mode to rebound mode.

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