Market Highlights π‘ - 3 July 2024
*S&P 500 closes above 5,500 for first time
πΊπΈ S&P 500: 0.62% π
πΊπΈ Nasdaq: 0.84% π
πͺπΊ Stoxx 600 Index: -0.40% π
π―π΅ Nikkei 225 Index: 1.12% π
ππ° Hang Seng Index: 0.32% π
π¨π³ CSI 300 Index: -0.18% π
* U.S. stocks rose, with the S&P 500 and Nasdaq up 0.6% and 0.8% respectively, helped by a surge in Tesla $Tesla Motors(TSLA)$ $Direxion Daily TSLA Bull 1.5X Shares(TSLL)$ shares and Fed Chairman Jerome Powell expressing delight at recent inflation progress Later optimism about interest rate cuts supported.
* Hong Kong's Hang Seng Index rose 0.3%, supported by property and technology stocks, as investors reacted to China's new home sales data. On the other hand, the CSI 300 Index fell -0.2%.
π‘ Future events: π‘
* On Wednesday, U.S. ADP non-farm payrolls changes, jobless claims and ISM Services PMI will be released.
* On Thursday, investors will focus on the minutes of the U.S. FOMC meeting.
* To end the week, we will see the release of US non-farm payroll changes and the unemployment rate.
π‘Things you need to know today:π‘
1. The Biden administration is launching a plan to develop the U.S. computer chip workforce, aiming to avert the threat of labor shortages to domestic semiconductor production.
Computer chips
2. ECB Governing Council member Madis Muller said the ECB may reduce borrowing costs again before the end of the year, but there should be no rush to do so.
Madis Muller
3. Canadian Prime Minister Justin Trudeau's government has unveiled options to prevent Chinese-made electric vehicles from entering the Canadian market, including imposing tariffs on imported electric vehicles and blocking Chinese investment in new Canadian factories.
Justin Trudeau
4. Due to concerns about deepening relations between China and Russia, Indian Prime Minister Narendra Modi will go to Moscow next week for talks with President Putin. This will be his first visit to the country since the Kremlin invaded Ukraine in 2022.
β KEY TAKEAWAYS:
Federal Reserve Chairman Jerome Powell said the central bank has made "considerable progress" in bringing inflation back toward the central bank's target, but added that it would need to be confident that inflation is persistently lower before starting the process of cutting rates.
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Here are some news articles and viewpoints related to the market highlights you mentioned:
Post-Bell | Nasdaq Gains 150 Points; Tesla Shares Soar 10%; Rivian Rallies 7%: This article discusses how Wall Street's main stock indexes closed higher on Tuesday, boosted by gains in Tesla ($TSLA$) and megacap growth stocks. The article also mentions that Tesla's second-quarter deliveries exceeded analysts' estimates.
Asian Morning Briefing: U.S. Stocks Climb as Tesla Rallies: According to this article, U.S. stocks rose and Treasury yields fell after Federal Reserve Chairman Jerome Powell stated that the U.S. has made "a lot of progress" on inflation. The article also highlights the positive impact of Tesla's rally on the Nasdaq Composite and S&P 500.
US STOCKS-Wall St edges lower as Powell signals caution; Tesla jumps after delivery data: This article mentions that Wall Street edged lower as Powell signaled caution, but Tesla's shares jumped after the release of its second-quarter delivery data.
Unfortunately, I couldn't find any specific news articles related to the other topics you mentioned, such as China's new home sales data, the Biden administration's plan for the U.S. computer chip workforce, ECB member Madis Muller's comments, Canadian market options to prevent Chinese-made electric vehicles, or Indian Prime Minister Narendra Modi's visit to Russia.
Please note that the news articles provided are for informational purposes only and do not constitute investment advice. It's always important to conduct thorough research and analysis before making any investment decisions.
If you would like more information or have any other questions, feel free to ask!