Stocks opened Wednesday in a shortened trading session with the three major indexes posting modest gains. Tesla (TSLA) stood out and continued its rise in the stock market today.
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The Dow Jones Industrial Average rose less than 0.1%, while the S&P 500 added 0.2%. The Nasdaq added 0.1%. The Russell 2000, a small-cap index, outperformed other indexes, rising 0.6%.
The tech-heavy Nasdaq remained above the psychological 18,000 mark after closing at a record high on Tuesday, while the S&P 500 also ended Tuesday at a new high, surpassing the 5,500 mark for the first time.
The Innovator IBD 50 (FFTY) exchange-traded fund rose 0.4%, trading below its 21-day exponential moving average but above its 50-day moving average.
On the stock market today, trading volume on the Nasdaq increased compared to the same time on Tuesday, while trading volume on the New York Stock Exchange decreased. US stock markets close at 1pm ET today, and close on Thursday in observance of the July 4th holiday.
The yield on the 10-year Treasury note fell 7 basis points to 4.37%. U.S. crude oil prices rose to $83.20 a barrel.
Economic News: Job market shows signs of slowing
According to the ADP Employment Report, private sector payrolls increased by 150,000 in June, below the 161,000 expected and below the revised May figure of 157,000.
Meanwhile, initial claims for unemployment insurance for the week ending June 29 were 238,000, below the expected 233,000 and above the previous week’s revised figure of 234,000. Friday’s employment report is expected to show nonfarm payrolls increasing by 189,000 in June, which is of interest.
In other economic news, the final Purchasing Managers’ Index rose to 54.8 (May) from 54.5 (May), while the Association for Supply Management and Services index rose to 55.3, beating economists’ expectations of 55.1.
That was up from 54.8 in May, driven by sharp increases in both business activity and new orders. The rise in business activity led companies to add employees for the first time in three months, according to the S&P Global U.S. Services PMI.
Finally, the Supply Chain Management Services Association index came in at 48.8 in June, below the expected 53.0 and down from May’s 53.8. A reading above 50% indicates the services economy is expanding.
Stock market today: Tesla shares keep rising as Cathie Wood sells
Tesla TSLA rose more than 4% following a 10.2% surge on Tuesday, as the electric vehicle giant’s shares were on track for a seventh consecutive day of gains.
Tuesday’s excitement came after the company delivered more vehicles than expected in the second quarter. Several analysts raised their price targets on the stock, including Wedbush Securities analyst Dan Ives, who raised his price target to $300 from $275.
EV stocks are trading above their 200-day moving average but are stretched and not presenting a buying point at present. Tesla shares were the best-performing part of the Nasdaq 100 Index today, according to Dow Jones Market Data.
Cathie Wood and Ark Invest sold a total of 62,867 shares of Tesla stock on Tuesday, according to the company’s daily trading update. In return, Wood and Ark bought 406,912 shares of the drone maker’s stock. Archer Aviation Archer (ACHR) sold for $1.51 million on Tuesday based on a closing price of 3.72. Archer shares were up more than 9% on Wednesday.
IBD Leaderboard Stocks NVIDIA (NVDA) fell 0.3%, but found support at the 21-day line in the stock market today.
Stock Trends: Media stocks surge on deal news
Media and Entertainment Stocks Paramount Global PARA saw a strong increase in trading volume and rose nearly 9% following news that Skydance Media had reached a tentative agreement to acquire National Amusements and combine it with Paramount Global.
Paramount shares haven’t hit bottom yet, still down about 19% after today’s surge. The stock broke above its 50-day moving average and was the biggest gainer in the S&P 500 index on the stock market today.
Constellation Brands (STZ) rose about 1% after sharp fluctuations at the start of the session. The stock hit a 265.75 cup-with-handle base buy point before turning lower. The alcoholic beverage company reported first-quarter adjusted earnings that beat expectations, but sales slightly below expectations.
Social News Stocks Reddit (RDDT) lost about 2% of its explosive 10.4% gain on Tuesday.
For more stock market news, follow Kimberley Koenig on X/Twitter. translator.
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