Wall Street did not move, with the Dow Jones advancing 0.23% to 34,371 points, the Nasdaq dropping 0.13% to 14,509 points and the & P 500 advancing 0.06% to 4,294 points.
The ADP report on private sector job growth did well: in June, US payrolls rose by 692,000, well above the 550,000 growth expected by economists interviewed by Dow Jones, but in slowdown compared to the 886,000 units in May.
The data for May, revised downwards from the +978,000 initially reported, still confirms the best trend since September 2020. Wall Street is not moving pending what will be confirmed as the real market mover for the US stock exchange and therefore, also for the global equities this week: the release of the June employment report, which will be released the day after tomorrow, Friday 2 July.
According to economists interviewed by Dow Jones, new jobs created in the month that is nearing completion totaled 683,000.
It should be noted that today’s session is the last in June, the last in the second quarter and also the last in the first half of 2021. Since the beginning of the year, the S&P 500 has risen by 14%, while the Nasdaq Composite and the Dow Jones are up 12%. In the second quarter, the S&P 500 jumped 8% as the index is preparing to conclude its fifth consecutive month of gains, and in June it was up 2.1%.
Big Tech stocks are slowing down today. But above all the Nasdaq was the great protagonist of the month of June: the list of hi-tech stocks ended the month with a jump of 5.6% on a monthly basis, the highest since November 2020.
The five Big Techs, namely Google, Amazon, Facebook, Apple and Microsoft, are always the protagonists. Overall, the NYSE FANG + Index – which includes Facebook (FB), Apple (AAPL), Amazon (AMZN), Netflix (NFLX), Google (GOOGL), Alibaba (BABA), Baidu (BIDU), NVIDIA (NVDA), Tesla (TSLA), Twitter (TWTR) – flew 10% in the month.
In a note reported by the CNBC website, Tom Lee, managing partner and head of the research division at Fundstrat Global Advisors, spoke of a “litany of reasons why investors should remain constructive” on equities, and raised his target. on the S&P 500 to 4,600 from the previous 4,300, thus predicting a further rise for the index – back from a new historical record in yesterday’s session, together with the Nasdaq – equal to 7%.
US inflation fear under control, with 10-year US Treasury rates falling to 1.454%.