Matthew Fox
Xinhua/Wang Ying/ Getty Images US stocks gained in a shortened day of trading on Monday ahead of Independence Day.The S&P 500 surged 16% in the first half of the year, and investors are hoping to extend those gains into the second half.Tesla stock surged as much as 9% after the company announced second-quarter deliveries that beat analyst estimates. Loading Something is loading.
Thanks for signing up!
Access your favorite topics in a personalized feed while you’re on the go.
US stocks edged higher on Monday in a shortened day of trading ahead of Tuesday’s Independence Day. The stock market closed at 1 p.m. on Monday, and will be closed on Tuesday.
The S&P 500 surged 16% in the first half of the year, while the Nasdaq 100 was up almost 39%. Investors are hoping to extend those gains into the second half of the year, looking to avoid too much turbulence in the face of recession forecasts and the prospect of more tightening by the Federal Reserve.
Fundstrat’s Tom Lee raised his year-end S&P 500 price target to 4,825 on Monday. The ardent market bull said the Fed is wining the war on inflation, which will give the central bank room to pull back on its aggressive policy.
Here’s where US indexes stood at the 1:00 p.m. ET close on Monday:
S&P 500: 4,455.59, up 0.12%Dow Jones Industrial Average: 34,418.47, up 0.03% (10.87 points)Nasdaq Composite: 13,816.77, up 0.21% Here’s what else happened today:
Not all investors are feeling bullish. PIMCO CIO Dan Ivascyn is warning about a “harder landing” for the global economy and arguing that investors are too bullish about central banks’ inflation fight.Tesla stock surged nearly 6% after the company announced second-quarter deliveries that beat analyst’s most bullish expectations. The company delivered 466,000 vehicles in the quarter.Wedbush analyst Dan Ives said Tesla’s recent price cuts were a “smart poker move” that helped the company make record deliveries in the quarter.Wharton professor Jeremy Siegel said the bull run in stocks can go on for a lot longer even as the Fed wages a “war on growth.”Indian oil refiners are beginning to use China’s yuan instead of the US dollar to buy crude oil from Russia. In commodities, bonds and crypto:
West Texas Intermediate crude oil fell 0.52% to $70.27 per barrel. Brent crude, oil’s international benchmark, dropped 0.36% to $75.14.Gold jumped 0.11% to $1,931.60 per ounce.The yield on the 10-year Treasury was flat at 3.85%.Bitcoin rose 1.25% to $31,002, while ether jumped 1.22% to $$1,960. Read next
MI Exclusive daily market wrap Markets Wrap More…