Overview
The U.S. stock market rose today as weaker-than-expected employment figures coupled with expectations of an early rate cut bolstered investor confidence. Large tech stocks led the market rebound, contributing significantly to today's gains.
| Nasdaq Composite | S&P 500 |
| Dow Jones Industrial Average | 1 South Korean won equals |
A Major News Story
Meta and Nvidia each soared by about 3.5%, leading the market's rally. Tesla's stock also rose following news that its board approved a stock compensation plan for Elon Musk valued at approximately $29 billion. Additionally, Joby saw a significant price jump after announcing plans to acquire the urban air mobility unit of Blade Air Mobility. The bond market remained relatively quiet ahead of a major $125 billion treasury auction, while oil prices fell as investors weighed OPEC's production increase decision.
Tomorrow's Economic Indicators
| Time | Indicator |
|---|---|
| 20:30 | U.S. June Trade Balance |
| 20:55 | U.S. Johnson Redbook Retail Sales Index |
| 20:45 | U.S. July S&P Global Services PMI |
| 20:45 | U.S. July S&P Global Composite PMI |
| 23:00 | U.S. July ISM Services PMI |
| 02:00 | U.S. 3-Year Treasury Auction |
General Opinion
Market experts have mixed views on today's rebound. Some see it as a technical bounce, while others view the inflow of bargain hunting as a healthy signal, indicating that some investors see this as a buying opportunity. The core of this volatility lies in the employment report released last Friday, which showed disappointing numbers, leading to a political backlash. Additionally, new tariffs set to be fully implemented this week are creating inflationary pressures and cost concerns. Despite these uncertainties, the market seems to be leaning towards the Federal Reserve's policy stance, with an 85% probability of a rate cut by September reflected in market sentiments.
