- The S&P 500 increased by 0.7% at 16:00 ET (20:00 GMT) to end at a record high of 5,510.65, the 32nd record closing of the year. The NASDAQ Composite increased 0.7% to conclude at an all-time high of 18,029.18, while the Dow Jones Industrial Average gained 147 points, or 0.4%.
- Powell acknowledges the improvement in inflation but adds greater assurance is required to reduce
- Fed Chair Jerome Powell said that the Fed has “quite a bit of progress in bringing inflation back down” toward the objective set by the central bank. However, he noted that before rate-cutting can begin, more assurance that inflation is on a sustained downward path is required.
- The Fed Rate Monitor Tool on Investing.com indicates that traders now anticipate a 64% change in rate cuts in September, up from around 61% last week.
- The comments are made only one day before the release of the Fed’s June meeting minutes and more labor market data on Friday in the form of nonfarm payrolls.
- A measure of labor demand revealed that there were 8.14 million job opportunities in May, up from 7.92 million in April and above analysts’ expectation of 7.96 million, ahead of the monthly employment report, the May job openings and labor turnover report.
- Despite sticky inflation and high interest rates, the labor market has been booming, and the Fed will likely take this into account when lowering interest rates.
Following better-than-expected Q2 deliveries, Tesla rises.
- After EV manufacturer Tesla Inc. (NASDAQ: TSLA) announced that it had delivered 443,956 EVs in the second quarter, above 438,019 projections, the stock increased by 10%.
- Wedbush Securities said on Tuesday that the electric car manufacturer had made “a huge comeback” with its better-than-expected Q2 deliveries and that the worst was probably behind them.
- The delivery update comes only a few weeks before Tesla is anticipated to reveal the next chapter in its autonomous tale at RoboTaxi Day on August 8 and its Q2 earnings, which are due on July 23, according to Wedbush.
Is Paramount Global now active?
- Following news from The New York Times that billionaire Barry Diller was thinking about making a bid for the company, Paramount Global (NASDAQ: PARAA) saw a roughly 8% increase. The announcement coincides with several media stories speculating that Warner Bros. Discovery (NASDAQ: WBD) and Paramount Global may be considering a streaming alliance.
- Following news from the Associated Press that the U.S. Justice Department is awaiting the planemaker’s acceptance of a plea agreement to resolve felony fraud charges about two deadly accidents of its 737 Max aircraft, Boeing (NYSE: BA) saw a roughly 1% decline in stock price.
- EV manufacturer Polestar Automotive’s (NASDAQ: PSNY) shares dropped more than 1% on the release of its first-quarter operating loss report.
(Ambar Warrick and Peter Nurse contributed to this article.)
Is it the appropriate time to buy $1,000 in TSLA?
- ProPicks from Investing.com are six model portfolios that show which stocks are the best right now for investors to purchase. In the next years, the stocks that are cut might provide enormous profits. Which one is TSLA?
