Pre-Market Report – Wednesday 3 July: Another good night on Wall Street.

Another good night on Wall Street. The S&P 500 and NASDAQ both closed at record highs. S&P 500 closed above 5,500, up 0.62%, marking its 32nd record this year. The NASDAQ rose 0.84%, supported by gains in Tesla +10.2% after reporting a smaller-than-expected 5% drop in vehicle deliveries in Q2. Blue-chip Dow rose 162 points (+0.41%) in thin volume trading ahead of the July Fourth Holiday. Up 171 points at best. Down 84 points at worst. In economics, the JOLTS report showed job openings increasing in May after posting declines in the previous two months. Key June Nonfarm payrolls on Friday. Treasury yields eased a touch on jobs data and comments by Powell, who said the US is back on a “disinflationary path”, but policymakers need more data before cutting rates to confirm recent weaker inflation readings provide an accurate picture of the economy.

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