On Monday, July 1, the three major U.S. stock indexes weakened, the Dow Jones and the S&P 500 opened high and low, and the Nasdaq turned down in the short term many times.
The Dow, where blue chips converged, opened 67 points higher, and its gains extended to 0.82% in early trading, before diving and turning down; The S&P 500 rose 0.35% and then retreated, once falling more than 0.25%; The technology-based Nasdaq opened 41 points higher and then weakened, turning down several times in the short term, and is now hovering around 0%.
Star tech stocks were mixed. Tesla led the "Seven Sisters" of U.S. stocks, expanding its gains by more than 5.6% in early trading, regaining the $200 mark; Microsoft rose more than 0.5% after falling nearly 0.29%; Apple maintained its rally, rising more than 1.6%; Google A rose nearly 0.95% and then fell more than 0.46%; Amazon gave up some of its gains after rising more than 1.26% at the beginning of the session; Meta and Netflix dived straight after opening high, falling more than 2% and 1.6% respectively.
Chip stocks were almost wiped out. The Philadelphia Semiconductor Index and the semiconductor industry ETF SOXX both fell more than 1.8% in early trading, falling from a two-week high. Nvidia's decline once expanded to 3.8%, and then narrowed its decline to more than 1%; Nvidia's double-long ETF fell by more than 7.6%, and then erased some of the decline;
AI concept stocks rose and fell. Snowflake rose more than 3.5%, but fell more than 5.3% BigBear.ai.
Most of the Chinese concept stock indexes rose. The Nasdaq Golden Dragon China Index (HXC) rose more than 1.5% at the beginning of the session, and then gave up most of its gains; Among the new car-making forces, NIO rose by more than 5%; Xpeng rose about 4%; Li Auto rose about 5.5%, but Zeekr fell more than 6%. NetEase, JD.com, Alibaba, Baidu, and Tencent Holdings (ADR) rose slightly, all within 1%, while Pinduoduo fell more than 1%.
Among the volatile stocks, JPMorgan Chase U.S. stocks rose about 2.4%, refreshing intraday record highs, and Teva Pharmaceutical's U.S. stocks turned down intraday, once falling more than 3.5%. According to the report, the U.S. Federal Trade Commission (FTC) has opened an investigation into Teva Pharmaceuticals (TEVA). GameStation accelerated its decline, diving more than 10%, and it was reported that Keith Gill, the "leading big brother of retail investors", was sued, and Martin Radev, a shareholder of GameStation (GME), accused him of trying to manipulate the company's stock price for his own selfish gain in a class action lawsuit.
The following is updated before 21:50 Beijing time
On Monday, July 1, the French far-right primary election advantage was less than expected, European stocks rose, the three major U.S. stock indexes opened higher at the beginning of the session, the Nasdaq rose 0.21%, the S&P 500 rose 0.24%, and the Dow rose 0.22%.
Tesla surged 3%, and Nvidia led the decline of the Seven Sisters
Among the star technology stocks, Nvidia fell more than 1%, the only constituent stock among the seven sisters to fall; Tesla rose more than 3%, leading the seven sisters, on the news, investment bank Stifel covered Tesla for the first time last week and gave a buy rating, with a price target of $265, which means that the stock still has about 35% upside.
Gengaro believes that despite the recent slowdown in EV sales, Tesla's momentum will gradually improve with the expansion of the supercharging network, the launch of affordable models, and the improvement of overall technology:
Looking at financial and earnings metrics, Tesla's forward earnings expectations have bottomed out. Gengaro noted that the consensus estimate for Tesla's 2024 EBITDA has fallen by 41% over the past 12 months, and the consensus estimate for net profit before interest and taxes (EBIT) has fallen by 46%, and that the subsequent "negative expectations are gradually revised" could boost the stock price somewhat.
Gengaro is also particularly bullish on Tesla's core technology advantages, believing that the company has no competitors in the field of electric vehicles:
"Traditional automakers don't have the technical know-how needed for electric vehicles, and they're far behind in this electrification game."
Lithography machine giant ASML rose 1.3%, on the news side, consulting agency Trendforce said that driven by the demand of TSMC and other leaders, ASML's lithography machine shipments will increase by 30% in 2025.
The Chinese general performance is active
Most of the Chinese concept stocks rose, the Nasdaq Golden Dragon Index rose more than 1%, and among the constituent stocks, Shell rose more than 4%, Tencent Music rose about 3%, and Full Gang fell more than 2%.
Most of China's new energy vehicle stocks rose, with Zeekr up more than 1%, NIO up more than 3.5%, Ideal up more than 5%, and Xpeng up about 3%
On the news side, the delivery data of ZEEKR and NIO in June were bright, both exceeding 20,000 units and hitting a record high. Ideal delivered more than 40,000 vehicles in June, winning the sales championship of new car manufacturers.
The yen fell to a new low of 161.4 against the dollar
USD/JPY continued to move higher, reaching as high as 161.44, the highest since December 1986.
U.S. Treasury yields continue to climb
The yield on the 30-year Treasury note hit its highest level since June 3, rising about 10 basis points; The yield on the 10-year Treasury note also rose 10 basis points to 4.44%
Cloth oil rose 1% during the day
Brent oil rose 1% to $86 a barrel.
Bitcoin rebounded slightly
According to Coin Metrics, Bitcoin accumulated a 5% gain over the weekend before rebounding to $62,000 on Monday.
Bitcoin recently fell to the lower end of the $60,000 to $70,000 range it has been in since March, and investors expect the near-term weakness to continue in July, but are optimistic about the second half of the year.
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