Apple, Tesla lifts stocks to higher close in light pre-holiday trading
Apple, Tesla drove S&P higher
Manufacturing PMI weakens in June
Chewy drops despite Keith Gill's stake disclosure
Updates to 4 p.m. ET
By Saeed Azhar, Ankika Biswas and Lisa Pauline Mattackal
NEW YORK, July 1 (Reuters) - Megacap growth stocks led by Apple and Tesla liftedthe tech-heavy Nasdaq to a higher close on Monday, while the Dow and the S&P 500 also eked out slight gains in light pre-holiday trading.
Investors were waiting for U.S. labor market data due later this week for clues about the interest rate outlook.
Apple AAPL.O, Microsoft MSFT.O and Amazon.com AMZN.O rose, boosting the Nasdaq.
"The most important driver of earnings is GDP and the economy still looks very healthy to us," said Ben Snider, a senior equity strategist at Goldman Sachs Research.
"We're forecasting economic growth this year in the U.S. - over trend - above 2%, so underlying revenue growth still looks strong. On top of GDP, profit margins seem to be recovering after a pretty rough couple of years."
A quarter of earnings on the S&P 500 index comes from the largest technology stocks, which also look strong, he said.
Shares of automaker Tesla TSLA.O surged ahead of second-quarter vehicle delivery data.
Wells Fargo added Tesla stock to its third-quarter "Tactical Ideas list" yet kept its "underweight" rating and expressed concerns of declining delivery growth and a risk of price cuts.
Shares of semiconductor makersAdvanced Micro Devices AMD.O and ArmHoldings ARM.O fell, pulling the Philadelphia SE Semiconductor index .SOX close to aone-week low.
Real estate stocks .SPLRCR, also seen as a bond proxy, dropped, as U.S. Treasury yields jumped tomulti-week highs. But higher yields often boost bank profits so the S&P 500 banks index .SPXBK jumped to its highest in more than a month.
JP Morgan Chase JPM.N shares were at an all-time high after the biggest U.S. bank on Fridayhiked its dividend to $1.25 a share from $1.15. Its board also authorized $30 billion in new share buybacks, effective July 1.
Trading volumes were thin, withthe equity market set to shuton Thursday for U.S. Independence Day, and thin volumes are expected all week.
Manufacturing PMI data from the Institute for Supply Management showed manufacturing contracted for a third straight month in June, while prices paid dropped to a six-month low in an encouraging sign for the U.S. Federal Reserve's battle with inflation.
Traders have stuck to their bets of around two interest rate cuts this year, starting from September, LSEG FedWatch showed.
Also scheduled for the week are JOLTS job openings data on Tuesday, and ADP employment, factory orders, ISM services PMI data and minutes of the Fed's latest policy meeting on Wednesday. Non-farm payroll data are due on Friday.
Fed New York President John Williams noted he still believes price pressures are moderating back to the 2% target.
According to preliminary data, the S&P 500 .SPX gained 14.61 points, or 0.26%, to end at 5,474.71 points, while the Nasdaq Composite .IXIC gained 144.37 points, or 0.83%, to 17,876.26. The Dow Jones Industrial Average .DJI rose 46.25 points, or 0.12%, to 39,165.11.
On Friday, theNasdaq and the S&P 500 notched their third straight quarterly gains, with the tech-heavy index doing so for the first time in three years. However, the Dow's quarterly decline raised concerns about the need for greater diversification in investor holdings.
Chewy CHWY.N dropped, reversing sharp early gains, after stock influencer Keith Gill, also known as "Roaring Kitty", disclosed a 6.6% stake in the pet products retailer.
Reporting by Saeed Azhar in New York and Ankika Biswas and Lisa Mattackal in Bengaluru ; Editing by
면책조항: XM Group 회사는 체결 전용 서비스와 온라인 거래 플랫폼에 대한 접근을 제공하여, 개인이 웹사이트에서 또는 웹사이트를 통해 이용 가능한 콘텐츠를 보거나 사용할 수 있도록 허용합니다. 이에 대해 변경하거나 확장할 의도는 없습니다. 이러한 접근 및 사용에는 다음 사항이 항상 적용됩니다: (i) 이용 약관, (ii) 위험 경고, (iii) 완전 면책조항. 따라서, 이러한 콘텐츠는 일반적인 정보에 불과합니다. 특히, 온라인 거래 플랫폼의 콘텐츠는 금융 시장에서의 거래에 대한 권유나 제안이 아닙니다. 금융 시장에서의 거래는 자본에 상당한 위험을 수반합니다.
온라인 거래 플랫폼에 공개된 모든 자료는 교육/정보 목적으로만 제공되며, 금융, 투자세 또는 거래 조언 및 권고, 거래 가격 기록, 금융 상품 또는 원치 않는 금융 프로모션의 거래 제안 또는 권유를 포함하지 않으며, 포함해서도 안됩니다.
이 웹사이트에 포함된 모든 의견, 뉴스, 리서치, 분석, 가격, 기타 정보 또는 제3자 사이트에 대한 링크와 같이 XM이 준비하는 콘텐츠 뿐만 아니라, 제3자 콘텐츠는 일반 시장 논평으로서 "현재" 기준으로 제공되며, 투자 조언으로 여겨지지 않습니다. 모든 콘텐츠가 투자 리서치로 해석되는 경우, 투자 리서치의 독립성을 촉진하기 위해 고안된 법적 요건에 따라 콘텐츠가 의도되지 않았으며, 준비되지 않았다는 점을 인지하고 동의해야 합니다. 따라서, 관련 법률 및 규정에 따른 마케팅 커뮤니케이션이라고 간주됩니다. 여기에서 접근할 수 있는 앞서 언급한 정보에 대한 비독립 투자 리서치 및 위험 경고 알림을 읽고, 이해하시기 바랍니다.