Stocks Inch Up, Bonds Dip; Tesla And EVs Rally; Oil Tops $83: What's Driving Markets Monday?
It’s a mixed start to the week on Wall Street, with major large-cap indices slightly above the break-even point by midday trading in New York.
All investor eyes are on this week’s key economic events, including Fed Chair Jerome Powell‘s speech on Tuesday and the labor market data release on Friday.
Large-cap indices are outperforming small caps, which are down 0.8%. The S&P 500 rose 0.2%, while the tech-heavy Nasdaq 100 outperformed, up 0.4%.
Among Monday’s best-performing sectors is technology, up 0.7%, while materials and real estate are struggling, down 1.7% and 1.2%, respectively.
On the data front, the ISM Manufacturing PMI index fell more than expected in June to 48.5%, marking the third consecutive month of contraction.
Treasury yields rose significantly, with the 30-year yield up 8 basis points to 4.64%, pushing the iShares 20+ Year Treasury ETF (NASDAQ:TLT) down 1.9%, on track for its worst two-day performance since February.
The dollar remained flat overall, despite losing some ground against the euro, following the results of the first round of the presidential election in France. However, the greenback rallied 0.4% against the Japanese yen, extending its losses to 161 and beyond.
Among commodities, gold was flat, while crude prices rallied over 1.7%, with the West Texas Intermediate (WTI) light-crude benchmark soaring above $83 a barrel, eyeing the highest close since late April.
Bitcoin (CRYPTO: BTC) was broadly flat at $63,000.
Monday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day %chg |
| Nasdaq 100 | 19,764.68 | 0.4% |
| S&P 500 | 5,470.08 | 0.2% |
| Dow Jones | 39,165.14 | 0.1 % |
| Russell 2000 | 2,021.15 | -0.9% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.2% higher to $545.02.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) was 0.2% higher to $391.70.
- The tech-heavy Invesco QQQ Trust (ARCA: QQQ) was 0.4% higher to $481.05.
- Sector-wise, the Technology Select Sector SPDR Fund (NYSE:XLK) outperformed, up by 0.6%, while the Real Estate Select Sector SPDR Fund (NYSE:XLRE) lagged, falling 1.3%.
Monday’s Stock Movers
- Tesla notably surged over 6%, on track for its strongest session in over a month, following an improved outlook for EV sales in China.
- Chinese EV-maker XPeng Inc. (NYSE:XPEV) rallied 6%, and NIO Inc. (NYSE:NIO) rocketed 7%.
- Rivian Automotive Inc. (NASDAQ:RIVN) rose 3.5% after Goldman Sachs raised its price target from $11 to $14.
- Cruise-line stocks tumbled, with Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) down over 6.5%, and Carnival Corp. (NYSE:CCL) down 5.8%, likely impacted by higher oil prices.
- Victoria’s Secret & Co. (NYSE:VSCO) plummeted over 9%, eyeing its worst day since March.
- Snowflake Inc. (NYSE:SNOW) rose 5%, marking its fourth straight session of gains.
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