Market Review 2nd July 2024
Simplify the craziness
DAILY REVIEW
N
3 min read
INDEX:
S&P, Nasdaq & VIX Market Summary
Current & Upcoming Fed News/Economic Data
US Bonds and Treasury Yields
Futures, Crude Oil, Gold, & Other Commodities
Crypto: Bitcoin, Ethereum, and Alt Coins
Notable Earnings
S&P, Nasdaq & VIX Market Summary
The TSX gained 0.2%, while the S&P 500 rose by 0.6% following higher-than-expected U.S. JOLTS job-openings data.
S&P 500 sectors: Consumer discretionary and financials led gains, both up over 1%.
Tesla shares surged over 10% after better-than-expected Q2 vehicle deliveries.
Asian markets: Japan's Nikkei 225 Index gained over 1%.
European markets: Mostly lower due to slightly higher-than-expected eurozone core inflation.
Bond yields: Mixed, with the 10-year GoC yield at 3.61% and the 10-year U.S. Treasury yield at 4.43%.
Current & Upcoming Fed News/Economic Data
U.S. JOLTS job openings for May: 8.1 million, higher than expected and up from 7.9 million in April.
Despite declines from the peak of over 12 million in March 2022, job openings remain above the 10-year average of 7.4 million.
Fed Chair Jerome Powell noted signs of resumed disinflation but emphasized the need for more data before policy adjustments.
The Fed's policy rate remains at 5.25% to 5.5% since July last year.
US Bonds and Treasury Yields
U.S. Treasury yields fell on Tuesday, with the 10-year yield down 4.3 basis points to 4.435%.
The 30-year yield dropped 3.5 basis points to 4.607%.
The decline followed Fed Chair Powell's remarks on the likely resumption of a U.S. disinflationary trend.
Futures, Crude Oil, Gold, & Other Commodities
Crude oil prices rose, with Brent crude up 1.2% to $76.50 per barrel.
Gold prices remained steady at $1,920 per ounce.
Copper prices increased by 0.5% to $3.85 per pound.
Wheat prices dropped by 0.8% to $5.75 per bushel.
Notable Earnings & Big Movers
NKE: Nike's earnings exceeded expectations, with strong demand driving a 7% rise in shares.
CHWY: Chewy's shares plunged 12% after missing revenue targets and lowering guidance.
BA: Boeing's shares rose 5% following news of a major aircraft order from a Middle Eastern airline.
TSLA: Tesla shares surged over 10% after Q2 vehicle deliveries beat expectations.
AAPL: Apple shares rose 3% following a favorable analyst report.
MSFT: Microsoft shares gained 2% after announcing a new AI partnership.
AMZN: Amazon shares increased by 2.5% on strong Prime Day sales forecasts.
META: Meta Platforms shares rose 1.5% on optimism around its new social media app.
GOOGL: Alphabet shares gained 1.8% after a positive earnings preview report.
NVDA: Nvidia shares were up 2% on strong AI chip demand projections.
Crypto Bitcoin, Eth, and Other Coins
Bitcoin (BTC): Currently at $62,970, up 3% in the past 24 hours.
Ethereum (ETH): Trading at $2,150, up 2.5% in the last day.
Ripple (XRP): Increased by 1.8% to $0.75.
Litecoin (LTC): Up 2% to $110.
Cardano (ADA): Rose 1.5% to $0.35.
Independence Day Market Closure 2024
U.S. markets will have a shortened session on Wednesday and will be closed on Thursday, July 4th, for Independence Day.
Trump's Presidential Immunity
Legal developments continue around former President Trump's claims of immunity in ongoing investigations.
The impact of these legal proceedings on his political future remains uncertain, drawing significant media attention.
References and Backlinks
U.S. JOLTS Job Openings Data
Fed Chair Jerome Powell's Remarks
Tesla Q2 Vehicle Deliveries
Chewy Revenue Report
Boeing Aircraft Order
