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Wall Street drifts as Tesla drops, yields rise following economic updates
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....all Street drifts as Tesla drops, yields rise following economic updates<BR>PTI News<BR>Dated:- 1-7-2025<BR>PTI<BR>New York, Jul 1 (AP) US stocks are drifting on Tuesday as Wall Street's momentum slows after setting record highs in each of the last two days. The S&P 500 was 0.1% lower in morning trading and potentially on track for its first loss in four days. The Dow Jones Industrial Average wa....
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....s up by 153 points, or 0.3%, as of 10:15 am Eastern time, and the Nasdaq composite was 0.2% lower. Tesla tugged on the market as the relationship between its CEO, Elon Musk, and President Donald Trump soured even further. Once allies, the two have clashed recently, and Trump suggested there's potentially “BIG MONEY TO BE SAVED” by scrutinising subsidies, contracts or other government spendin....
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....g going to Musk's companies. Tesla fell 4.1% and was one of the heaviest weights on the S&P 500. It had already dropped a little more than 21% for the year so far coming into the day, in part because of Musk's and Trump's feud. On the winning side of Wall Street were stocks of casino companies. They rallied following a report showing better-than-expected growth in overall gaming revenue in Mac....
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....ao, China's casino hub. Wynn Resorts climbed 8.9%, and Las Vegas Sands gained 7.2%. The overall US stock market has made a stunning recovery from its springtime sell-off of roughly 20%. But challenges still lay ahead for Wall Street, with one of the largest being the continued threat of Trump's tariffs. Many of Trump's stiff proposed taxes on imports are currently on pause, but they're schedul....
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....ed to kick into effect in about a week. Depending on how big they are, they could hurt the economy and worsen inflation. Congress is also debating proposed cuts to tax rates and other measures that could send the US government's debt spiralling higher, which could push inflation upward. That in turn could mean higher interest rates, which would hurt prices for bonds, stocks and other investments....
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..... Despite such challenges, strategists at Barclays say they're seeing signals of euphoria emerging among amateur and smaller-pocketed investors. The strategists say a measure that tries to show how much “excess optimism” is in the market is not far from the peaks seen during the “meme stock” craze that sent GameStop to market-bending heights or to the dot-com bubble at the turn of the mi....
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....llennium. Other signals are also indicating exuberance in the market, such as demand for what are known as “blank-check companies” that hunt for privately held companies to buy. When too much optimism is in the market, it can inflate stock prices to too-high levels in what's called a “bubble.” Of course, “market bubbles are infamously difficult to predict and can endure far longer th....
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....an anticipated before correcting,” according to the Barclays strategists led by Stefano Pascale and Anshul Gupta. In the bond market, Treasury yields ticked higher following some mixed reports on the US economy. One said US employers were advertising more job openings at the end of May than the month before and than economists expected. That could be an encouraging signal for a job market th....
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....at had been appearing to settle into a low-hire, low-fire state. Separate reports on US manufacturing were more mixed. One from the Institute for Supply Management said US manufacturing activity shrank again in June, but not by as much as the month before. "Customers do not want to make commitments in the wake of massive tariff uncertainty,” one survey respondent in the fabricated metal prod....
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....ucts industry said. A separate report from S&P Global suggested manufacturing production returned to growth in June after three months of declines. The yield on the 10-year Treasury edged up to 4.26% from 4.24% late Monday after erasing an earlier, modest loss. The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do with its main interest rate....
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...., rose more sharply to 3.77% from 3.72%. Fed Chair Jerome Powell said again on Tuesday that he wants to wait for more evidence about how much Trump's tariffs will affect the economy and inflation before resuming cuts to interest rates. That's despite Trump's angry insistences lately that Powell and the Fed act more quickly to give the economy a boost through lower rates. In stock markets abroa....
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....d, indexes fell modestly in Europe following more mixed sessions in Asia. Japan's Nikkei 225 fell 1.2%, and South Korea's Kospi rose 0.6% for two of the larger moves. (AP) SCY SCY<BR> News - Press release - PIB....