U.S. stocks were mixed Tuesday after jobs data came in above expectations and Tesla shares soared following a better-than-anticipated second-quarter deliveries report.
The Nasdaq Composite traded 0.1% higher Tuesday afternoon, while the S&P 500 was flat and the Dow Jones Industrial Average dipped 0.2%.
Tesla (TSLA) stock jumped, extending its gains from yesterday, after the EV maker reported delivering nearly 444,000 vehicles in the second quarter, more than Wall Street had forecast.
Fed Chair Jerome Powell acknowledged the central bank had “made a lot of progress” on inflation, but declined to comment on when the Federal Reserve would begin cutting interest rates during a European Central Bank panel in Portugal.
Investors got their first of this week’s updates on the U.S. labor market when the Job Openings and Labor Turnover Survey (JOLTS) showed job openings held steady at 8.1 million in May. The report was stronger than expected and suggested the labor market remains resilient under the weight of decades-high interest rates.
Treasury yields, major cryptocurrencies, and the dollar declined Tuesday morning, while oil and gold futures rose.
The third quarter of 2024 kicked off with a positive session yesterday, as the Nasdaq Composite rose 0.8%, the S&P 500 rose 0.3%, and the Dow Jones Industrial Average ticked 0.1% higher. Tesla led the way rising just over 6%, while cruise line stocks like Royal Caribbean (RCL), Carnival (CCL), and Norwegian Cruise Line (NCLH) fell thanks to the developing Hurricane Beryl in the Atlantic.
Citi Downgrade of Lennar, DR Horton Drags on Home Builders
16 minutes ago
Shares of several home builders tumbled Tuesday after Citi downgraded Lennar (LEN) and D.R. Horton (DHI), citing concerns about a housing market it says may stay sluggish for the rest of the year.
Citi cut its ratings on the companies’ shares to Neutral from Buy. It also cut its price targets on the stocks, as well as those of Forestar Group (FOR), Pultegroup (PHM), and Toll Brothers (TOL).
The analysts said they saw “softness in the data” potentially continuing in the second half of the year, saying that housing permits, starts, sales, and prices have recently come in below expectations.
Shares of Lennar and D.R. Horton sank more than 2% to trade at their lowest levels since December. Shares of the other three home builders by Citi fell, too.
Tesla Stock Surges as Q2 Deliveries Beat Estimates
1 hr 23 min ago
Tesla (TSLA) shares surged Tuesday following the release of second-quarter production and delivery numbers, which fell year-over-year but surpassed analysts’ expectations.
The electric vehicle giant delivered 443,956 vehicles in the second quarter and produced 410,831 vehicles, and announced that it will release its Q2 financial results after the bell on July 23.
Wedbush analysts wrote in a note immediately following the Q2 deliveries release that they believe “the worst is in the rear view mirror for Tesla.”
Tesla shares surged more than 8% Tuesday morning to trade above $228, their highest point since January. Still, Tesla stock is down more than 8% so far this year.
Watch These Key WTI Oil Price Levels As Chart Signals Possible Breakout
2 hr 18 min ago
West Texas Intermediate (WTI) crude oil jumped more than 2% to an eight-week high on Monday amid expectations of improving demand over the summer travel months and growing concerns that a regional expansion of the Middle East conflict could disrupt global oil supplies.
Zooming out to the weekly chart, the commodity’s price has traded within a symmetrical triangle since September last year to establish easily identifiable support and resistance areas. The pattern, which consists of two converging trend lines connecting a series of sequential peaks and troughs, represents equilibrium between the bulls and bears, but is often followed by a significant move in the direction of the breakout.
In this case, WTI appears poised to break out to the upside as the 50-week moving average (MA) sits above to 200-week MA and the price trades near the symmetrical triangle’s upper trendline. However, given the commodity’s volatility, investors should also be prepared for a breakdown from the pattern.
See here for more on WTI price levels to watch.
Stock Futures Slip Ahead of JOLTS, Powell Comments
3 hr 9 min ago
Futures contracts connected to the Dow Jones Industrial Average were down 0.2% in premarket trading.
S&P 500 futures fell 0.4%.
Nasdaq 100 futures were off 0.5%.
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