NEW YORK — Stocks edged increased in a shortened buying and selling day Monday as momentum slowed on Wall Street following its highly effective rally by means of the primary half of the 12 months.
The S&P 500 rose 5.21 factors, or 0.1%, to 4,455.59 and reached its highest degree since April 2022. The Dow Jones Industrial Average gained 10.87, or lower than 0.1%, to 34,418.47, and the Nasdaq composite added 28.85, or 0.2%, to 13,816.77.
Tesla was the strongest drive lifting the S&P 500 upward after the market heavyweight climbed 6.9%. The firm reported that the variety of autos it delivered throughout the spring surged by 83% from a 12 months earlier. That was greater than analysts anticipated, although cuts to costs could have pushed a few of the positive aspects. Investors will see how a lot the reductions hit income when Tesla stories its earnings on July 19.
Rivian Automotive, one other electric-vehicle firm, jumped 17.4% after it additionally reported deliveries for the spring that topped analysts’ expectations.
On the dropping finish of Wall Street was Apple, which slipped 0.8% after turning into the primary U.S. inventory on Friday to complete a buying and selling day with a complete worth of greater than $3 trillion.
Much of the remainder of the market was comparatively quiet following a rally the place the S&P 500 climbed in six of the final seven weeks to ship the index up practically 16% for the primary half of the 12 months.
Trading within the U.S. inventory market ended at 1:00 p.m. Eastern time and can stay closed Tuesday in observance of Independence Day.
The market’s positive aspects up to now this 12 months have come because the U.S. financial system has defied many predictions for a recession. The job market particularly has remained stable regardless of a lot increased rates of interest meant to undercut inflation.
One space of the financial system that has faltered is manufacturing, and a report on Monday confirmed it contracted in June for an eighth straight month. The studying from the Institute for Supply Management was worse than economists anticipated.
“Manufacturing is stuck in the mud and it looks like more rain is coming,” mentioned Brian Jacobsen, chief economist at Annex Wealth Management. “The only solace in the ISM report was that inflationary pressures are absent, but that’s little comfort when earnings continue to be at risk.”
Source: www.bostonherald.com”