Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Investors Business Daily
Investors Business Daily
Business
VIDYA RAMAKRISHNAN

Dow Jones Pauses As Market Closes Early; Tesla, EV Rivals Soar On Record Deliveries Report

The Dow Jones Industrial Average was unchanged at the closing bell in a holiday-shortened trading session. The stock market closed at 1 p.m. ET on Monday ahead of the July 4 holiday.

The S&P Global Purchasing Managers' Manufacturing Index came in at the lower end of consensus views at 46.3. Manufacturing declined for the second month after May's 48.4 reading. The Institute of Supply Management also came in lower at 46, compared with estimates of 47.3, according to Econoday.

The S&P 500 rose 0.1% at 1 p.m. ET, while the Nasdaq led Monday's session with a 0.2% gain.

Volume was higher on the NYSE and the Nasdaq, compared with the same time on Friday.

The small-cap Russell 2000 gained 0.4%, while the Innovator IBD 50 ETF fell 0.4%.

Crude oil rose slightly to trade at $70.95 a barrel.

The yield on the benchmark 10-year Treasury note rose 3 basis points to 3.85%

On deck this week are the minutes from the Fed's June meeting. They will be out on Wednesday. The jobs report comes out on Friday.

Dow Jones Stock In Focus

Dow Jones tech leader Apple became the first company to close above a $3 trillion market cap on Friday. Shares fell slightly but held above the 190.73 threshold on Monday as Facebook parent Meta Platforms rose. Apple is scaling down its Vision Pro goggles shipments estimate for 2024, which could be a gain for Meta.

EV Deliveries

Tesla, on the IBD Leaderboard, soared after reporting record deliveries in the second quarter. The EV giant delivered 466,140 vehicles, beating estimates of 455,000 by analysts polled by FactSet. Price cuts and credits from the Inflation Reduction Act drove demand. Production was higher than deliveries. Shares are closing in on a 52-week high as they approach September 2022 levels.

Shares of Tesla rival Xpeng soared after that company reported strong deliveries as well.

But Warren Buffett-backed BYD delivered a much higher 703,561 electric vehicles during the quarter. BYDDF stock is above a buy point of 31.07 and rebounded from its 50-day line on Friday.  Rivian and Li Auto also rose in strong volume.

Stocks Moving Today

Outside Dow Jones, AstraZeneca fell in strong volume after results from its TROPION-Lung01 Phase III trial showed that the progression free survival improved in certain patients with non-small cell lung cancer. But there was not enough evidence to assess the improvement in overall survival rates. Shares undercut their base and the 200-day moving average.

Among chip stocks, STMicroelectronics tried to break out above the 50.30 buy point of a cup-with-handle base. Allegro MicroSystems, in the IBD 50, is building a cup with an entry of 48.72, according to IBD MarketSmith.

Chipotle Mexican Grill is just below a 2,139.88 buy point of a flat base after a brief breakout on Friday. CMG is also on the IBD Leaderboard Watchlist.

On the Leaderboard, On Holding is in a cup base with a buy point of 34.88.

Airbnb, in the Big Cap 20, is in a base with a buy point of 144.63. Also on the list, United Rentals approached a buy point of 481.99.

Please follow VRamakrishnan on Twitter for more news on the stock market today.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.