Yesterday, the U.S. stock market was closed early for the Independence Day, and the S&P 500 Index and Nasdaq hit new closing highs. Among them, Tesla (TSLA) shares rose 6.54%, jumping strongly for the third consecutive day. However, cryptocurrencies are still struggling to recover. Bitcoin once fell below 60K yesterday, and Ethereum also fell to $3,251.
Fed: Cautious on inflation progress
According to CNBC, in the minutes of the Federal Reserve’s June meeting released yesterday, most members believed that inflation was moving in the right direction, but not fast enough for them to lower interest rates.
The minutes of this meeting reflected the different opinions of the 19 members who participated in the discussion. Some of them even expressed their preference to raise interest rates when necessary, but the vast majority believed that economic growth was gradually cooling and the current policy was "restrictive." This is a key term as officials consider how restrictive policy needs to be while lowering inflation and not causing undue economic damage.
Since the meeting, Fed officials have largely stuck to cautious rhetoric, emphasizing "data dependence" rather than forecasts. However, several officials, including Chairman Jerome Powell, said continued encouraging inflation data would provide confidence to lower interest rates.
(Powell gave a dove, U.S. stocks closed up across the board, and interest in Bitcoin and Ethereum waned)
ADP shows U.S. labor market may be slowing?
The ADP employment report, known as the "small non-agriculture", showed that the number of private employment in the United States increased by only 150,000 in June, which was less than the 157,000 last month and lower than the expected 165,000. It has increased for three consecutive months. The slowdown shows that the momentum of the U.S. labor market may have weakened.
The ADP report is a precursor to nonfarm payrolls due to be released by the Labor Department on Friday, but because the two statistics have different scope and methods, they sometimes do not necessarily show the same trends.
Tesla has risen three times in a row, with its stock price rising by nearly 40% in a month
Yesterday, the U.S. stock market was closed early for the Independence Day, and the S&P 500 Index and Nasdaq hit new closing highs. Among them, Tesla (TSLA) shares rose 6.54%, jumping strongly for the third consecutive day.
Tesla’s stock price has been sluggish in the past year due to the fact that the overall car market has not yet recovered and coupled with low-price competition from Chinese electric car manufacturers. While major technology giants have frequently reached new highs this year, Tesla has bucked the trend and fallen, becoming a drag on the market.
However, the market trend has changed recently. Although Tesla's second-quarter vehicle delivery volume announced the day before was 4.7% lower than the same period last year, it was higher than analysts' expectations, and the stock price rose by more than 10%. CEO Elon Musk will give a speech at the World Artificial Intelligence Conference (WAIC) in Shanghai on the 4th, where he is expected to showcase the Cybertruck and the new generation robot Optimus Gen 2.
Tesla shares have jumped strongly for three consecutive days, rising 38% in the past month.
This article Tesla has soared in recent days, U.S. stocks have hit new highs, and cryptocurrencies are struggling to make a comeback. First appeared on Chain News ABMedia.
