Wall Street mixed after Powell’s remarks, S&P 500 and Nasdaq rally
At the opening of the second trading session of the week, the Dow Jones index fell by 0.18% to 39,098.63 points, the S&P 500 fell by 0.32% to 5,457.93 points, and the Nasdaq OMX fell by 0.34% to 17,820.96 points. Then there was a mixed trend with a rebound in the second two indicators.
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In yesterday’s Monday session, stocks like Apple and Tesla, which rose 3% and 6% respectively, supported the Nasdaq with a strong tech component, which closed higher, while the Dow and S&P 500 also registered small gains on the day, which we noted can be described as a transition.
So, The S&P 500 gained 0.27% to 5,475.09, while the Nasdaq 100 rose 0.66%, to 19,812.22 points, and the Dow Jones index rose by 0.13% to 39,169.52 points.
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Investors are wondering whether the strong start to the year can continue into the second half of 2024. While large-cap tech stocks continue to outperform, bearish market watchers worry that the stocks’ modest gains could signal turbulence to come.
A good reception with the change of sign after Powell’s words in Sintra to positive, which for the market brings closer the reduction of interest rates in the US, which could come in September for 61.5% of the market, two points more than yesterday.
Please remember that we are facing a week with fewer sessions than usual due to Independence Day celebrations next Thursday, July 4th.
Market awaits new labor data
On the business side, Paramount Global shares rose 3.75% in premarket trading after CNBC reported that the company is in talks with others to merge its Paramount+ streaming service with another platform. One of the interested companies is Warner Bros. Discover, the network reported, citing people familiar with the matter.
Moderna shares are virtually unchanged ahead of the open after closing down 2.3% after London’s High Court ruled that one of Moderna’s patents covering key Covid vaccine technology is invalid and another was and has been infringed by Pfizer and BioNTech vaccines.
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Pfizer and its German partner BioNTech sued Moderna before the London court in September 2022 to revoke two of Moderna’s patents, which responded days later with a counter-attack, alleging that its patents had been infringed. The High Court ruled that one of Moderna’s two patents, covering messenger RNA (mRNA) technology, was invalid, but that the other similar patent was valid and that Pfizer and BioNTech’s Comirnaty vaccine infringed it.
Tesla is also news that was just announced. vehicle deliveries in the second quarter of the year (443,956 for the period), which is 4.8% less than in the same period last year. Total car production for the period reached 410,831 units. In both cases, the figures exceeded Wall Street estimates. A very good reading that reversed the negative bias in futures and opened the price up 5.2% after yesterday’s 6% gain. Then with a double-digit increase after good reception in the market.
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Atlassian shares rose nearly 3% after Piper Sandler upgraded her recommendation and gave the stock a raise. Analyst Rob Owens believes the software stock could rise as consumers move their data to the cloud. Owens adds that the current share price is an attractive entry point for investors.
They cut DR Horton and Lennox Intl shares by 2-3% after Citi downgraded to neutral as its analyst Anthony Pettinari believes the risk reward for both companies is balanced in many ways, leaving him on the sidelines.
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As for fixed income, The benchmark 10-year U.S. bond offers a yield of 4.423%. on the secondary market it is clearly down, while the two-year term is also positioned with reductions, with a profitability of 4.727%.
In the raw materials market oil prices trading higher: Brent exceeds $87 and exceeds maximum two months reached in the previous session, given expectations of increased fuel demand due to the summer tourist season and a possible cut in U.S. interest rates, which could stimulate economic growth.
Crude Oil Futures BrentThe European benchmark rose 0.68% to $87.19 a barrel, after rising 1.9% in the previous session to reach its highest close since April 30. U.S. Oil Futures West Texas Intermediate They added 0.72% to $83.98 a barrel, after rising 2.3% to their highest since April 26.
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The euro-dollar falls by 0.02% when exchanged against the dollar until the exchange rate settles at $1.0735 for each individual currency.
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