The recent stock market rally has reached new record highs with the S&P 500 and Nasdaq hitting all-time highs. This surge comes after a half-day session on Wednesday and ahead of the crucial jobs report due early Friday following the Fourth of July holiday.
Treasury yields fell as the June ISM services index indicated a contraction, along with disappointing labor data. Key players like Tesla and Nvidia continued to perform well, with Tesla extending its strong run and Nvidia having a solid session in a positive day for chip stocks.
The Fed’s minutes from the June meeting showed policymakers noting risks in better balance but wanting more confidence in inflation hitting the 2% goal before considering cutting interest rates. ASML, Entegris, Monday.com, Agnico-Eagle Mines, Southern Copper, Tencent Music, and Vistra all showed buy signals on Wednesday.
The jobs report set to be released on Friday morning is expected to show a gain of 189,000 nonfarm payrolls, a slight cooling from May. Average hourly earnings are also expected to rise. Dow futures will open for trading at 3 p.m. ET on Friday.
While the stock market rally has shown strength across key indexes, caution is advised due to the extended nature of the Nasdaq. It’s essential to keep an eye on the broader bullish trend, pay attention to earnings dates, and consistently screen for potential investment opportunities across various sectors. Staying informed through resources like The Big Picture can help investors navigate the ever-changing market landscape.
