Wall Street indexes end higher, helped by Tesla, megacap growth stocks
Send a link to a friend
[July 03, 2024] By
Ankika Biswas, Lisa Pauline Mattackal and Saeed Azhar
(Reuters) -Wall Street's main stock indexes closed higher on Tuesday,
boosted by gains in Tesla and megacap growth stocks, but volumes were
thin ahead of the July Fourth holiday and the closely watched release of
June nonfarm payrolls on Friday.
The U.S. job openings and labor turnover survey, or JOLTS, showed job
openings increased in May after posting outsized declines in the prior
two months, but layoffs picked up amid slowing economic activity.
The data is the first in this week's series of U.S. job reports,
particularly Friday's release of June nonfarm payrolls, which will be
crucial in assessing whether the U.S. labor market remains resilient
against the backdrop of decades-high interest rates.
The Dow Jones Industrial Average rose 162.33 points, or 0.41%, to close
at 39,331.85, the S&P 500 gained 33.92 points, or 0.62%, to 5,509.01 and
the Nasdaq Composite gained 149.46 points, or 0.84%, to 18,028.76.
![](http://archives.lincolndailynews.com/2024/Jul/03/images/ads/current/graue_sda_042021.png)
Tesla surged to its highest level since the start of January after the
EV maker reported a smaller-than-expected 5% drop in vehicle deliveries
in the second quarter.
Megacap stocks such as Apple rose 1.6%, while Amazon.com and Alphabet
also climbed, with U.S. Treasury yields slipping across the board.
U.S. Federal Reserve Chairman Jerome Powell told a panel that recent
economic data represented "significant progress," though he noted that
the Fed needed to see more before changing policy.
"What the Fed really wants to see is a further click up in unemployment
and then a slowdown with regards to new job creation," said Genter
Capital Management CEO Dan Genter, who added that the recent moderation
in inflation could be a green light for the Fed to start considering
rate cuts.
AI chip leader Nvidia dropped 1.3%, with the trend in other chip stocks
largely mixed. Nvidia is up more than 147% year-to-date.
Investors are divided over the sustainability of the market rally in
which the S&P 500 index has risen 14.75% in the first half of the year.
[to top of second column] |
![](../images/070324PIX/busine66.jpg)
Traders work on the floor at the New York Stock Exchange (NYSE) in
New York City, U.S., May 8, 2024. REUTERS/Brendan McDermid/File
Photo
![](http://archives.lincolndailynews.com/2024/Jul/03/images/ads/current/fcs_funeral_lda_border_04029022.png)
"We see an additional 10% before year end, which is kind of
frightening because if we're at 5500 or so (on the S&P 500), 10% on
that means we really have to see earnings justify that type of
multiple," said John Lynch, chief investment officer of Comerica
Wealth Management.
Volume on U.S. exchanges was 9.89 billion shares, compared with the
11.8 billion average for the full session over the last 20 trading
days.
Trading volumes are expected to be light throughout the week, with
the equity market closing early on Wednesday and shut all day
Thursday for U.S. Independence Day.
The U.S. listing of Novo Nordisk fell almost 1.7%, after U.S.
President Joe Biden and Senator Bernie Sanders called on the Danish
drugmaker to cut prices of its Ozempic and Wegovy drugs. Rival Eli
Lilly also dropped.
Paramount Global climbed 5.7% after news that billionaire Barry
Diller's digital-media conglomerate IAC was exploring a bid to take
control of the media giant.
Advancing issues outnumbered decliners by a 2.06-to-1 ratio on the
NYSE. There were 179 new highs and 97 new lows on the NYSE.
The S&P 500 posted 15 new 52-week highs and 4 new lows, while the
Nasdaq Composite recorded 39 new highs and 196 new lows.
(Reporting by Ankika Biswas and Lisa Mattackal in Bengaluru and
Saeed Azhar in New YorkEditing by Maju Samuel and Matthew Lewis)
[© 2024 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
![](http://archives.lincolndailynews.com/2024/Jul/03/images/ads/current/napa_sda_HEROES_2024.png) |