On Monday, July 1, local time, the three major U.S. stock indexes opened higher. Most of China's concept stocks rose, and China's new energy vehicle stocks mostly opened higher.
Today is the first trading day of the second half of 2024, and investors are watching to see if the AI boom that drove the stock market rally in the first half of the year can continue. This week, the market will welcome the minutes of the Federal Reserve meeting and the June non-farm payrolls report.
Due to the big differences in labor negotiations, the national Samsung Electronics Union, the largest trade union under South Korea's Samsung Electronics, announced a general strike on July 1.
U.S. stocks opened higher This week, the market focused on the June non-farm payrolls data
On Monday local time, the three major U.S. stock indexes opened higher.
This Thursday (July 4) is the Independence Day holiday in the United States, and the US stock market will be closed. This Friday, the US Department of Labor will release the June non-farm payrolls report, from which investors will get important clues about the state of the labor market.
Torsten Slok, chief economist at Apollo Global Management, said the "epic rise" in the US tech giant's share price had far outpaced the growth of its profits, which could mean that the S&P 500 (SPX) looked more vulnerable.
Morgan Stanley strategists said that stock market investors entering the U.S. election season should continue to pick stocks and maintain a preference for high-quality U.S. stocks.
Tesla opened quickly higher, up more than 5%. Tesla today announced the launch of a new financial policy for car purchases in China. For the Model 3/Y standard endurance version, the 1-5 year 0 interest and low interest preferential car purchase policy has been launched, and the daily payment is as low as 85 yuan.
In terms of precious metals, gold showed its typical safe-haven appeal during Monday's (July 1) trading session. Despite the volatility of global markets, the price of gold has shown relative stability. During the Asian session, gold prices hovered below the $2,325 mark, indicating a cautious attitude towards upcoming economic data and policy decisions. Although the US inflation data released on Friday showed that inflation has cooled, the market's expectations for the Fed's interest rate cut have not changed significantly as a result, which has limited the volatility of gold prices.
In addition, the US dollar retreated from a two-month high, which usually provides support for the gold market, as the price of gold has become cheaper for holders of other currencies.
Europe's major stock indexes opened collectively higher, with France's CAC 40 index jumping 2.8% at one point before giving back some of its gains, with Société Générale, BNP Paribas and Crédit Agricole surging across the board, all rising more than 5%. The euro rose to its strongest level since mid-June.
China's new energy vehicle stocks were mostly higher
Most of the Chinese concept stocks rose, and the Nasdaq Golden Dragon Index rose more than 1%.
China's new energy vehicle stocks mostly opened higher, with NIO up more than 4%, Ideal up more than 5%, and Xpeng up more than 3%.
On the news side, NIO's delivery data in June was eye-catching, hitting a record high. Ideal delivered more than 40,000 vehicles in June, winning the sales championship of new car manufacturers.
The Samsung Electronics Labor Union announced a general strike
Due to the big differences in labor negotiations, the largest trade union of South Korea's chip industry chain giant Samsung Electronics, the national Samsung Electronics Union, announced a general strike on July 1. The union is demanding an additional day of paid annual leave for employees, as well as compensation to union members who do not sign the 2024 salary negotiation contract. The union said that due to unsuccessful negotiations with the management, it decided to go on a general strike until the demands of the workers were realized.
Samsung Electronics and its employers have been negotiating wages since January, but have not been able to narrow their differences. After that, after the Central Labor Commission mediated the decision to suspend the trade union and the union members voted, the union obtained the legal right to strike, and on May 29, the strike was declared. On June 7, the union launched the first strike in Samsung Electronics' 55-year history.
(The picture in the article comes from Wind)
Reviewer: Xu Zhao Editor: Li Ruoyu Wang Yin Proofreader: Ya Wenhui Signed: Peng Yong