The Nasdaq and S&P in the US stock market turned higher, with Tesla soaring more than 10% and NVIDIA previously falling about 2.6%

On Tuesday, July 2nd, the Nasdaq and S&P 500 turned higher, while the Dow maintained its downward trend.

The tech-heavy Nasdaq opened lower by 71 points, but turned higher in less than half an hour, with gains expanding by nearly 0.19%. The S&P 500 opened lower by 13 points, then erased losses, turning higher multiple times in the short term and oscillating slightly around 0%; the Dow, which is dominated by blue-chip stocks, opened lower by 61 points, then turned higher within the first half hour and rose by over 0.1%, but later maintained its downward trend.

Tech stocks showed mixed performance. Tesla led the "Big Seven" of US stocks, with gains expanding by over 10%. Data released at 9:00 PM Beijing time showed that Tesla delivered 444,000 new cars in Q2, exceeding the market's expectation of 439,000 cars. Additionally, Tesla deployed 9.4GWh of energy storage products in the second quarter, the highest deployment volume to date.

Apple turned higher at the beginning of trading, with gains expanding by over 1.6%, reaching a new high of $220.34. Reports indicate that, benefiting from upgrades in areas such as generative AI, Apple expects shipments of its iPhone 16 series to be between 90 million and 100 million units, and has increased orders for the A18 series chips.

Netflix rose by about 0.3% at one point but turned lower multiple times; Microsoft shook off its downward trend after half an hour of trading, rising by nearly 0.3% at one point; Google Class A shares fell by nearly 0.8% initially, then turned higher and rose by over 0.3%; Meta fell by over 1% at the beginning but turned higher one hour after opening; Amazon trended lower, briefly rising by about 0.1% but struggled to reverse its downward trend, falling by over 0.55% at one point.

Chip stocks showed mixed performance. The Philadelphia Semiconductor Index and the industry ETF SOXX initially rose by about 0.8% and 0.95% respectively, but plunged by about 0.5% after half an hour of trading; NVIDIA maintained its downward trend, with a slight rebound within the first half hour of trading, then plummeting by about 2.6%; NVIDIA's two times long ETF fell by nearly 5% at one point.

On the news front, Bank of America customers rushed to withdraw from the US stock market for the second consecutive week, with hedge funds leading the outflow of funds, while institutions and retail investors were net buyers. Strategists like Jill Carey Hall stated in a report to clients on Tuesday that in the five days leading up to June 28, clients sold $3.1 billion worth of US stocks. Hedge funds became net sellers for the third consecutive week, while institutions and retail clients were net buyers Large and medium-sized stocks saw consecutive inflows for the fourth week, while small-cap stocks experienced outflows for the first time in five weeks. In terms of industries, the technology sector saw the most inflows, with the longest continuous buying time for telecommunication service stocks, lasting for 13 weeks. Non-essential consumer goods experienced the largest outflows. In the first half of 2024, institutional and hedge fund clients have been selling stocks throughout the year so far, while retail investor flows have been close to neutral. Corporate client buybacks have approached the levels seen in the full year of 2023.

Federal Reserve Chairman Powell stated at a central bank forum hosted by the European Central Bank that the Fed has made significant progress on inflation. However, he also mentioned that he would like to see more progress before having enough confidence to start cutting interest rates.

In addition, AI concept stocks had mixed performances, with AMD rising by over 3.6%; Chinese concept stocks in the hot sector generally declined.

The following is the update before 21:50 Beijing time

Ahead of the release of US employment data this week, investors reduced positions and adopted a wait-and-see approach, leading to a collective decline in the three major US stock indexes. The Nasdaq fell by 0.42% at the opening, the S&P 500 index dropped by 0.29%, and the Dow Jones fell by 0.20%.

At the time of writing, the Dow Jones turned positive.

Tech stocks had mixed performances. Tesla rose by over 4%, marking the sixth consecutive day of gains. In terms of news, the company's second-quarter delivery volume reached 443,956 vehicles, exceeding market expectations.

NVIDIA fell by over 2%, with reports stating that the French antitrust regulator plans to accuse NVIDIA of anti-competitive behavior.

Most popular Chinese concept stocks rose. Li Auto, Nio, KE Holdings, Bilibili rose by over 1%, while XPeng rose by over 3%.

Novo Nordisk fell by over 2.5%, while Eli Lilly dropped by over 1.4%. In terms of news, Biden published an article stating that some drugs from Novo Nordisk and Eli Lilly must be priced lower.

US Dollar Temporarily Stable, US Bonds Volatile

Last week, Biden's disastrous performance in the first round of debates further weakened his hopes of winning the election, leading to market concerns that if Trump is re-elected, the US fiscal deficit will expand, inflation will rise, pushing up the US dollar and US bond yields.

At the time of writing, the US Dollar Index remained stable, at 105.83%

The 10-year US Treasury bond's upward trend paused, falling more than 1% intraday to 4.425%.

Crude oil continues at high levels, while gold continues to decline

Brent crude oil and WTI crude oil continue to rise, maintaining two-week high levels.

Spot gold fell more than $4 intraday to $2327.43 per ounce.