This week ahead || Jul 3rd - Jul 7th 2023
Here some key news for the week ahead.
Jobs report and July 4th: What to know this week
In the week ahead, investors will be closely watching the release of the June jobs report, which is expected to show a slowdown in job growth but a decline in the unemployment rate. This report will be a crucial data point ahead of the Federal Reserve's next policy announcement in July. Other economic data to watch includes weekly jobless claims, the monthly ADP private payrolls report, and the monthly job openings report. S&P Global and the Institute for Supply Management will also release their monthly reports on manufacturing and services activity. On the corporate earnings front, Levi Strauss will be a key company to watch. The stock market had a strong first half of the year, with the Nasdaq Composite and the S&P 500 posting significant gains. However, economists remain cautious about the economy in the latter half of the year, citing factors such as tighter monetary policy and sticky inflation. Investors will be assessing whether the market's resilience can continue in the face of these challenges.
Dow Jones Futures: Tesla Deliveries Due With Market Rally Back At Highs
Dow Jones futures, S&P 500 futures, and Nasdaq futures are set to open Sunday evening. Tesla's second-quarter deliveries and the record sales of BYD, Li Auto, Nio, and XPeng in China are in focus. The stock market rally saw the S&P 500 reach a 14-month high and the Dow Jones and Nasdaq composite nearing their 2023 highs, with Apple achieving a $3 trillion market cap. Nvidia, HubSpot, Marriott International, General Electric, and JPMorgan Chase are showing buy signals. However, there are concerns of the Nasdaq being extended, raising the risk of a market pullback. Elon Musk has imposed Twitter "rate limit" curbs, and the video embedded in the article analyzes market moves and stocks like Nvidia, HubSpot, and JPMorgan Chase.
This week in tech: AI could face fresh U.S. regulations; Apple gets past $3T
The U.S. government is considering regulations on AI chip exports to China, causing stocks of Nvidia and AMD to decline. Micron's better-than-expected earnings were overshadowed by concerns about its market share risk in China. Tesla received several valuation-based downgrades, but analysts still recognize its long-term growth potential. Apple's shares reached a milestone by closing above a $3 trillion market cap, driven by positive analyst coverage and expectations of further upside potential.
Saudi Arabia stocks higher at close of trade; Tadawul All Share up 0.30%
Saudi Arabia stocks experienced gains, with the Agriculture & Food, Insurance, and Cement sectors leading the way. The Tadawul All Share index increased by 0.30%. Top performers included First Milling Company SJSC, Jamjoom Pharmaceuticals Factory Company SJSC, and Al Mawarid Manpower Company SCJSC, while Al Aseel Co Ltd, Saudi Chemical Company, and Batic Investments and Logistics Co were among the session's worst performers. Rising stocks outnumbered declining ones, with shares reaching all-time highs for First Milling Company SJSC, Jamjoom Pharmaceuticals Factory Company SJSC, and Al Mawarid Manpower Company SCJSC. Crude oil and gold prices also saw increases, while currency exchange rates remained relatively stable.
