On Tuesday, July 2, the Nasdaq and S&P 500 turned higher, and the Dow maintained its decline.
After opening 71 points lower, the technology-heavy Nasdaq turned higher in less than half an hour, extending its gains by nearly 0.19%. After the S&P 500 market opened 13 points lower, it smoothed out the decline, turned up in the short term many times, and fluctuated slightly around 0%; After the blue-chip Dow opened 61 points lower, it still maintained its downward trend after opening half an hour and rose more than 0.1%.
Star tech stocks were mixed. Tesla led the rise in the U.S. stock "Seven Sisters", the increase once expanded by more than 10%, and the data released at 21:00 Beijing time showed that Tesla delivered 444,000 new cars in Q2, exceeding market expectations of 439,300. Meanwhile, Tesla deployed 9.4GWh of energy storage products in the second quarter, which is the highest quarterly deployment to date.
After Apple's initial rally, the increase expanded by more than 1.6%, refreshing the all-time high to $220.34. According to supply chain sources, Apple expects its iPhone 16 series shipments to be between 90 million and 100 million units, thanks to the attractiveness of upgrades such as generative AI, and has raised the size of orders for A18 series chips.
Netflix rose about 0.3%, but it has turned down in the short term many times; Microsoft got out of the decline half an hour after the opening, rising nearly 0.3%; Google A once fell nearly 0.8%, and then turned up and rose more than 0.3%; Meta fell more than 1% at the beginning of the session, and turned up 1 hour after opening; Amazon fell, although it briefly rose about 0.1%, but it was difficult to change the downward trend, and it fell more than 0.55%.
Chip stocks were mixed. The Philadelphia Semiconductor Index and the industry ETF SOXX rose about 0.8% and 0.95% respectively at the beginning of the session, and plunged down about 0.5% after half an hour of opening; Nvidia maintained its downward trend, rebounding slightly within half an hour of opening, and then diving to a decline of about 2.6%; Nvidia's double-long ETF fell nearly 5% at one point.
On the news front, U.S. bank customers flocked out of U.S. equities for the second week in a row, with hedge funds leading outflows, while institutional and retail investors were net buying. Strategists such as Jill Carey Hall said in a note to clients on Tuesday that clients sold $3.1 billion in U.S. stocks in the five days ending June 28. Hedge funds were net sellers for the third week in a row, while institutional and retail clients were net buyers.
Large- and mid-cap stocks recorded inflows for the fourth consecutive week, while small-cap stocks saw outflows for the first time in five weeks. In terms of sectors, technology stocks saw the most inflows, while communication services stocks had the longest streak of buying for up to 13 weeks. Consumer discretionary outflows were the largest. In the first half of 2024, institutional and hedge fund clients have been equity sellers so far this year, while retail flows are close to neutral. Corporate customer buybacks are already close to the full-year 2023 level.
Fed Chairman Jerome Powell said at the Central Bank Forum held by the European Central Bank that the Fed has made considerable progress on inflation. However, he also said that he would like to see more progress before he is confident enough to start cutting interest rates.
In addition, AI concept stocks rose and fell, with ultra-micro computers rising more than 3.6%; Popular stocks, Chinese concept stocks, generally fell.
The following is updated before 21:50 Beijing time
On the eve of the release of U.S. jobs data this week, investors reduced their positions and waited, and the three major U.S. stock indexes collectively fell, with the Nasdaq down 0.42%, the S&P 500 down 0.29%, and the Dow down 0.20%.
As of press time, the Dow Jones turned higher.
Tech stocks were mixed. Tesla rose more than 4%, rising for the sixth consecutive day. On the news side, the company's delivery volume in the second quarter reached 443956, exceeding market expectations.
Nvidia fell more than 2% on reports that the French antitrust regulator plans to file charges against Nvidia for anticompetitive conduct.
Most of the popular Chinese concept stocks rose. Li Auto, Weilai, Shell, and Bilibili rose more than 1%, and Xpeng Motors rose more than 3%.
Novo Nordisk fell more than 2.5%, Eli Lilly fell more than 1.4%, and on the news side, Biden published an article saying that some drugs of Novo Nordisk and Eli Lilly must be reduced in price.
The U.S. dollar was temporarily flat, and U.S. Treasuries fluctuated higher
Biden's disastrous performance in the first round of last week's election debate further weakened his hopes of victory, and the market worried that Trump's election as president would widen the US fiscal deficit and higher inflation, pushing up the dollar and US Treasury yields.
As of press time, the U.S. dollar index was flat at 105.83%.
The 10-year Treasury note rally paused, falling more than 1% to 4.425% during the day.
Crude oil extended its highs and gold continued to fall
Brent oil and U.S. oil continued to rise and remained at a two-week high.
Spot gold fell more than $4 during the day to $2,327.43 an ounce.
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