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Daily Market Snapshot: US Stocks Surge as Tesla Leads, Treasury Yields Drop After Fed Chair Powell’s Speech – 3 July 2024

US stock markets experienced a good day yesterday as Tesla and the megacap growth sector pulled indices higher. Tesla powered higher after reporting strong Q2 delivery data and other major stocks also pushed higher after a slightly more dovish tone was set by Fed Chair Jerome Powell when speaking in Sintra.

Treasury yields dropped off after Powell spoke as did the dollar whilst Oil and Gold also edged lower.

It is a full event calendar in the US today as releases are crammed in ahead of tomorrows 4th July holiday and traders are expecting plenty of volatility as markets move to thinner conditions ahead of the break.

MarketChangeClose
Dow+0.41%39,331
S&P+0.62%5,509
Nasdaq+0.84%18,028
USD-0.1%105.71
US Treasury – 2 Year-3.1 bps4.741%
US Treasury – 10 Year-3.7 bps4.442%
Oil – Brent-0.42%$86.24
Oil – WTI-0.68%$82.81
Gold-0.3%$2,324

Today’s Events:

Asian Session

  • 11.30 am – Australia – Retail Sales Data

US Session

  • 10.15 pm – US – ADP Non-Farm Employment Change Data
  • 10.30 pm – US – Weekly Unemployment Change Data
  • 12.00 am – US – ISM Service PMI Data
  • 12.15 am – EU – ECB President Christine LaGarde Speaks
  • 4.00 am – US – FOMC Meeting Minutes

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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