Stock Market Update Tuesday July 2, 2024 Stocks staged a robust intraday rally following dovish remarks from Federal Reserve Chair Jerome Powell, with the S&P 500 closing up by 0.67%, breaking out of its tight trading range to surpass the 5,500 threshold for the first time.
Away From Stocks: U.S. Treasurys saw a moderate uptick, with the yield on the 30-year bond falling four basis points to 4.6%. Meanwhile, WTI crude oil edged up to $83 per barrel, and gold remained relatively unchanged at $2,329 per ounce. Bitcoin retraced below the $62,000 mark, while the VIX held steady at 12.
As of today, July 2nd, 2024, at 4:47 PM CDT, Apple stock (AAPL) has reached an all-time high of $220.27
In Observance of the 4th of July Holiday The New York Stock Exchange and Nasdaq will close at 1 p.m. on July 3 and bond markets will close at 2 p.m. that day. Trading will resume as normal for all markets on July 5th.
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Our market analysis indicates a bullish outlook for the second half of the year. We anticipate inflation decelerating at a rate exceeding the Federal Reserve's projections.
We recommend investing in prominent technology stocks, along with ETFs like XLK, SMH, AIQ, as we observe no indications of market weakness. Historical data reveals a pattern of positive performance for the SPX index during this month over the past decade. The confluence of cyclical trends, seasonal factors, and sustained strength in the technology sector collectively supports a bullish position for US equities in the forthcoming weeks, barring any unforeseen market stalls.
Furthermore, we observe a pronounced downtrend in the US 10-Year Treasury yield, and our analysis suggests this downward trajectory will persist. Bullish For Stocks!
