The Nasdaq and the S&P 500 immediately start the week hitting new all-time records, even if the S&P shows an uncertain trend, turning around immediately after having struck a new maximum value.
The Dow Jones is under pressure, losing 0.48% to 34.267 points; the S&P retraces after testing the all-time high, dropping 0.04% to 4,278 points, while the Nasdaq continues its run to new records, advancing 0.62% to 14,449 points.
The S&P 500 had already finished last Friday’s session with a closing high of 4,280.70 points, archiving the best week since February.
The Nasdaq Composite had instead closed the session on Friday lower, still climbing 2.35% on a weekly basis, and reporting its best week since last April 9, up 4.45% in June.
On the corporate front, Tesla is highlighted today, after Chinese regulators asked the electric car giant founded by Elon Musk to recall more than 285,000 cars sold in China, due to concerns related to the speed control system .
According to authorities, the system could activate suddenly in some models, causing the car to accelerate unintentionally. But the stock snubs the news by climbing 1.5%.
Among the Big Techs, Microsoft also did well + 1.2%, Facebook + 0.75%, Apple + 0.86%, Amazon + 1%. In meme stocks, GameStop is up by over 4%, as does AMC Entertainment.
The crucial market mover of the week will be the release, next Friday, of the US employment report for June:
economists interviewed by Dow Jones predict a 683,000 increase in new jobs, after rising 559,000 payrolls in May, still below the 1 million job hike some economists hoped the US would bring back , with the recovery from the Covid-19 pandemic. Investors will also pay attention to the trend in wages, after the latest inflation data in the United States: last Friday the PCE index was released – (with the data on consumer spending).
The figure, closely monitored by the Federal Reserve for its monetary policy decisions, rose by 0.5% on a monthly basis, less than the + 0.6% expected by the consensus.
On an annual basis, the index jumped by 3.4%, as expected, against the + 3.9% of the general PCE index, again on an annual basis (the general index includes the volatile components of the prices of energy and food). The rise in the core PCE index on an annual basis, equal to + 3.4%, was the strongest in about 30 years, since the early 1990s, while the growth of the general PCE index was the most sustained by the 2008 (on a monthly basis + 0.4%).
Dollar rose, with the euro losing 0.23% to $ 1.1905. Ten-year Treasury rates fell to 1.51%.