By Ankika Biswas, Lisa Pauline Mattackal and Saeed Azhar
(Reuters) – Wall Street’s main averages ended higher on Tuesday, buoyed by gains in Tesla Inc (NASDAQ: ) and large-cap growth stocks, but ahead of the July 4 holiday and Friday’s closely watched June non-farm payrolls data. Volume is low.
The U.S. Job Openings and Labor Turnover Survey (JOLTS) showed job openings increased in May after falling sharply in the previous two months, but layoffs increased as economic activity slowed.
The data is the first in a series of U.S. employment reports this week, particularly Friday’s June non-farm payrolls report, which will be critical for assessing whether the U.S. labor market remains resilient amid decades of high interest rates.
The S&P 500 Index rose 162.33 points, or 0.41%, to 39,331.85 points; the S&P 500 Index rose 33.92 points, or 0.62%, to 5,509.01 points; the S&P 500 462%, to 5,509.01 points; the S&P 500 46.1489.8997.000 0098% .
Tesla, the electric car maker, reported a 5% drop in vehicle deliveries in the second quarter, lower than expected, and the company’s stock price soared to its highest level since early January.
Large-cap stocks such as Apple (NASDAQ: ) rose 1.6%, Amazon (NASDAQ: ) and Alphabet (NASDAQ: ) also rose, while U.S. Treasury yields fell across the board.
Federal Reserve Chairman Jerome Powell told the panel that recent economic data represented “significant progress,” but noted that the Fed would need to see more data before changing policy.
“What the Fed really wants to see is a further increase in the unemployment rate and then a slowdown in job creation,” said Dan Ghent, CEO of Ghent Capital Management, adding that a recent slowdown in inflation could be a factor for the Fed. Turn on the green light. The Federal Reserve is beginning to consider cutting interest rates.
AI chip leader Nvidia (NASDAQ: NVIDIA) fell 1.3%, while other chip stocks had mixed results. Nvidia shares are up more than 147% so far this year.
Investors are divided on whether the market rebound can be sustained, with the stock market rising 14.75% in the first half.
“We expect to be up another 10% by the end of the year, which is a little bit scary because if our index gets to about 5,500 (S&P 500), then 10% means we really have to see earnings to justify that multiple. ,” said John Lynch, chief investment officer at Comerica (NYSE:) Wealth Management.
Volume on U.S. exchanges was 9.89 billion shares, compared with the 11.8 billion share average for the full session over the past 20 trading days.
Trading volume is expected to be light this week, with stocks closing early on Wednesday before being closed all day Thursday for Independence Day.
U.S. President Joe Biden and Senator Bernie Sanders called on Danish drugmaker Novo Nordisk (NYSE: ) to lower the price of its Ozempic and Wegovy drugs, sending the company’s U.S.-listed shares down nearly 1.7%. Rival Eli Lilly (NYSE: ) also fell.
Paramount Global shares rose 5.7% on news that billionaire Barry Diller’s digital media conglomerate IAC is exploring acquiring control of the media giant.
Advancing issues outnumbered decliners on the NYSE by a 2.06-to-1 ratio. On the New York Stock Exchange, 179 stocks hit new highs and 97 new lows.
There were 15 S&P 500 stocks hitting new 52-week highs and 4 new lows; the Nasdaq Composite hit 39 new highs and 196 new lows.
