Stocks began the 4th of July holiday with a bang, setting the stage for celebration. Although the Dow saw a slight dip, the S&P 500 and Nasdaq marked their third consecutive victories, reaching new record highs. A quiet trading day revealed June’s employment data, hinting at a weakening job market and rekindling hopes among investors for interest rate cuts.
Unexpectedly, Wall Street remained unaffected by the Institute for Supply Management’s reading of service sector activity, which stood at 48.8%, the lowest since the pandemic began, and fell short of May’s figure of 53.8%.
For further insights into today’s market trends, including:
- TSLA’s surge following a delivery number boost.
- Historical suggestions regarding the best time to invest in Big Tech stocks.
- Details on Q3 underperformers, building macro momentum, and a review of the solar sector.
5 Key Updates for Today
- U.S. factory orders experienced a decline in May after three months of growth. (MarketWatch)
- The upcoming 4th of July holiday is anticipated to surpass previous travel records. (Reuters)
- A list of 25 stocks expected to face challenges in Q3.
- Investors are in a sweet spot in 2024, according to projections.
- Exploring the potential for a rebound in beaten-down solar stocks.
No significant earnings were reported today.
No UVOL data was available due to the shortened trading session.
Gold Soars, Achieving Best Performance Since March
The day’s low trading volume influenced oil prices, along with a decrease in crude inventories. West Texas Intermediate (WTI) crude for August dropped 25 cents, representing a 0.3% decline, closing at $82.56 per barrel.
Gold prices surged today as the U.S. dollar retreated. August gold futures rose by $39.50, a 1.7% increase, settling at $2,372.90 per ounce. This marked the highest percentage gain since March 1.
