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
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