The S&P 500 and Nasdaq gained at midday Tuesday, July 2, 2024 after jobs data came in above expectations and Federal Reserve Chair Jerome Powell said the central bank has made progress on bringing down inflation.
Tesla shares surged after the electric vehicle maker reported better-than-expected deliveries in the second quarter.
Home builder stocks tumbled as Citi downgraded Lennar and D.R. Horton, citing concerns about a slowdown in the housing market.
The S&P 500 and Nasdaq gained at midday Tuesday after jobs data came in
above expectations
and Federal Reserve Chair Jerome Powell said the central bank has made progress on bringing down inflation. The Dow was little changed.
Tesla (
TSLA
) was the best-performing stock in the S&P 500 after the electric vehicle (EV) maker reported second-quarter deliveries that
exceeded analysts’ forecasts
.
Shares of Atlassian Corporation (
TEAM
) gained following an upgrade from Piper Sandler, which said the software company’s business could get a boost as more consumers move to put their data in the cloud.
Home builder stocks slumped as Citi
downgraded
Lennar (
LEN
) and D.R. Horton (
DHI
) on concerns about a slowdown in the housing market.
Incyte (
INCY
) shares declined as BMO Capital downgraded the stock, warning that the biopharma’s key eczema treatment, Opzelura, could face competition.
Shares of CrowdStrike (
CRWD
) lost ground as Piper Sandler
downgraded the stock
, pointing to the cybersecurity firm’s high valuation and lack of near-term catalysts.
Oil futures edged higher, while gold futures declined. The yield on the 10-year Treasury note fell. The U.S. dollar was up on the euro and yen, but slipped versus the pound. Most major cryptocurrencies traded lower.
