Wake up and Smell the Independence... and All Time Highs | Wall Street Today
The U.S. independence day began with fresh highs from both the $Nasdaq Composite Index (.IXIC.US)$ and S&P 500 at the 1 pm EST close on July 3rd.
Rhe $S&P 500 Index (.SPX.US)$ climbed 0.88%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.06%, and the Nasdaq was still up 0.51%.
Overall, 7500 stocks climbed while 3700 declined Wednesday.
MACRO
In macro Wednesday, Initial Jobless Claims came in at 238K compared to a forecast 234K and last week's 234K. Investors are awaiting FOMC meeting minutes from last month's rate decision, to be released at 2 pm EST.
Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies weekly.
Tuesday morning, Fed President Jerome Powell spoke at the ECB conference, saying there was progress on inflation, and disinflation was back on the menu. He gave no comment on whether he was a one-cut dot plot point or a two-cut dot.
"We want to be more confident that inflation is moving sustainably down...before we start loosening policy," he said.
Monday, the S&P Global US manufacturing index for June was revised down to 51.6. ISM Manufacturing's PMI for June came in at 48.5 vs. 49.2 estimated on Monday.
Wall Street will likely closely watch the U.S. government’s June employment report before the bell on Friday. Wall Street will want to gauge how many jobs the U.S. economy created in June, with a weaker, less-inflationary number possibly pointing toward future Federal Reserve rate cuts.
SECTORS
In commodities, Wednesday, Gold climbed 1.4%, and Silver climbed 3.7%, alongside falling crude oil futures 0.50%.
Oil is experiencing its fourth consecutive week of gains, driven by seasonal demand and record-breaking U.S. travel for the Fourth of July holiday. The American Automobile Association (AAA) projects 70.9 million travelers will journey 50 miles or more during Independence Day week. $Crude Oil Futures(OCT4) (CLmain.US)$ and West Texas Intermediate (WTI) light crude prices soared above $84 Tuesday at their highest level since April 16 before pulling back.
MOOVERS
$Paramount Global-B (PARA.US)$ was the highest gainer on the S&P 500, climbing 9% after news of its deal to sell off National Amusements, which owns about 77% of Paramount voting shares for $1.75B. According to CNBC sources, the deal will be completed over the weekend.
$Tesla (TSLA.US)$ was on the rise again, up 6% and 20%+ in two days after posting lower delivaries than last year.
$Humana (HUM.US)$, a health insurance firm fell 3%, and $Walgreens Boots Alliance (WBA.US)$ fell 3.3% were the lowest decliners on the S&P500 and Nasdaq 100, respectively, after news that Walmart and Walgreens would sell off their unsuccessful retail pharmacy locations.
$XPeng (XPEV.US)$ climbed 10% after the firm unveiled the M03 Wednesday, an all-electric sedan aimed at boosting sales in the latter half of the year. Xpeng led other EV stocks following Tesla's stock jump. $NIO Inc (NIO.US)$ another Chinese EV company climbed alongside lithium firms and EV charging companies like $Plug Power (PLUG.US)$.
Word from the herd: Mooers, what are you watching?
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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