By Steffen Gosenheimer
NEW YORK (Dow Jones) — As expected, little happened on Wall Street on Monday, the July 4th bridging day to Independence Day. Because trading was only shortened due to the holiday, many players may have used this for a long weekend and stayed away from business. The indices barely moved all day.
The Dow Jones index closed at 34,418 points, slightly above Friday’s close. The S&P 500 also practically stood still, the Nasdaq indices still rose slightly in the final spurt, improving by 0.2 percent. According to initial information, there were 2,027 (Friday: 2,140) price winners, 898 (832) price losers and 81 (62) unchanged shares on the Nyse. On the bond market, prices fell slightly, so yields rose somewhat.
After the stronger surcharges at the end of the previous week and the simultaneous half-year end, there was at least no major profit-taking. In the first half of the year, interest rate increases and the associated fears of a recession had little effect on the US stock market, partly because the US economy proved to be unexpectedly robust. The Nasdaq Composite Index, which includes many tech and growth stocks, was up almost 32 percent, while the S&P 500 was up 16 percent. The Nasdaq 100 index, which is more heavily influenced by heavyweights such as Apple, Microsoft and Nvidia, even jumped by almost 40 percent. Such a development should hardly be repeatable in the second half of the year, it said.
New economic data fizzled out. The ISM manufacturing purchasing managers’ index unexpectedly deteriorated again in June, having previously been in contracting territory. On the other hand, a stronger increase in construction spending than expected was reported for May.
Tesla and Rivian supported by sales figures
The Tesla share was the focus of the individual values. It gained 6.9 percent after the electric car maker announced record sales of 466,000 vehicles worldwide for the second quarter thanks to drastic price cuts over the weekend. This corresponded to an increase of 83 percent. Tesla is targeting 50 percent compound annual delivery growth, but has set a more modest target for this year. In the first quarter, the increase was 36 percent.
In addition to Tesla, Rivian also reported unexpectedly strong sales of its electric pickups and SUVs. Rivian delivered 12,640 vehicles, beating the estimate of 11,000 vehicles. The share price shot up by 17.4 percent.
In the wake of Tesla and Rivian, Nio rose by 3.5 percent and Xpeng by 4.2 percent. The courses of the traditional car manufacturers Ford and General Motors increased significantly more modestly by 0.7 and 1.0 percent. The S&P 500 sub-index of auto stocks was the daily winner by far, gaining 5.9 percent.
Oil stocks ended up in midfield with a plus of around 0.3 percent. They were initially in somewhat greater demand in parallel with rising oil prices. Drivers were reports that Saudi Arabia intends to continue cutting production. However, oil prices turned downwards in the course of trading and were recently even slightly in the red.
===
INDEX last +/-% absolute +/-% YTD
DJIA 34,418.47 +0.0% 10.87 +3.8%
S&P 500 4,455.59 +0.1% 5.21 +16.1%
Nasdaq Comp. 13,816.77 +0.2% 28.85 +32.0%
Nasdaq-100 15,208.69 +0.2% 29.49 +39.0%
US Bonds
Term Yield Bp to VT Yield VT +/-Bp YTD
2 years 4.92 +3.0 4.89 50.1
5 years 4.19 +4.4 4.15 19.4
7 years 4.03 +2.5 4.00 5.8
10 years 3.85 +1.1 3.84 -2.7
30 years 3.88 +1.6 3.86 -9.3
FOREX last +/- % Mon 8:15 Fri 18:04 % YTD
EUR/USD 1.0913 +0.0% 1.0916 1.0922 +2.0%
EUR/JPY 157.91 +0.3% 157.45 157.78 +12.5%
EUR/CHF 0.9781 +0.2% 0.9766 0.9771 -1.2%
EUR/GBP 0.8596 +0.1% 0.8592 0.8592 -2.9%
USD/JPY 144.69 +0.3% 144.43 144.46 +10.4%
GBP/USD 1.2695 -0.0% 1.2678 1.2712 +5.0%
USD/CNH (Offshore) 7.2545 -0.2% 7.2531 7.2670 +4.7%
Bitcoin
BTC/USD 30,980.83 +1.4% 30,642.50 30,017.89 +86.6%
ROHOEL last VT-Settlem. +/- % +/- USD % YTD
WTI/Nymex 70.24 70.64 -0.6% -0.40 -11.5%
Brent/ICE 75.17 75.41 -0.3% -0.24 -9.6%
GAS VT Settlem. +/- EUR
Dutch TTF 34.23 37.10 -7.7% -2.87 -53.4%
METALS last day before +/- % +/- USD % YTD
Gold (Spot) 1,921.17 1,920.08 +0.1% +1.09 +5.3%
Silver (Spot) 22.89 22.78 +0.5% +0.11 -4.5%
Platinum (Spot) 911.25 905.38 +0.6% +5.88 -14.7%
Copper Future 3.78 3.74 +1.0% +0.04 -0.9%
YTD relative to previous day’s close
===
Contact the author: [email protected]
DJG/DJN/gos/mgo
(END) Dow Jones Newswires
July 03, 2023 13:16 ET (17:16 GMT)