In hisDaily Market Notes report to investors, Louis Navellier wrote:
No fireworks expected: the market closes 3 hours early today and is closed tomorrow.
Tesla Stock Jumps
Stocks are moving slowly today with the exception of Tesla (NASDAQ:TSLA) which has jumped 7% on a beat on vehicle deliveries. It’s helped lift the auto sector in general. On the flip side, AstraZeneca (NASDAQ:AZN) is down 7% after a lung cancer drug trial disappoints.
Bond yields are off slightly but still near the highs for the last month. The yield curve remains very inverted with the 2yr/10yr still over 100bps. Crude oil is flat but holding over $70/bbl as Saudi Arabia is extending its one million barrel a day output cut another month into August and Russia says they will cut 500,000 a day. Gold is clawing back slowly from its pullback.
Airline Travel Woes
The holiday has seen airline travel woes with more than 7,900 flights canceled and 42,000 late due to storms and staff shortages.
On the economic reports front, today we got ISM manufacturing for June with more softness, including prices and employment, though new orders ticked up. Construction spending for May was higher than expected but lower than last month. Wednesday we get Fed meeting minutes, on Thursday JOLTS job openings, and the employment report on Friday. This week Janet Yellen will travel to China to try to improve things with the strained relationship.
While the Fed’s next move is still on the front burner, it’s not until July 26th and by then early 2Q23 earnings will be coming in and will be more influential in keeping the strong 1H23 rally going.
