The DJIA Stocks was up slightly this morning, extending yesterday’s gains as investors wait for key economic data. The index traded around 42,150 points in the morning, and sector leaders pointed in different directions ahead of tomorrow’s jobs report.
Boeing (BA) Continues Upward Momentum
Boeing stock added 1.8% after yesterday’s defense contract award. The aerospace giant is enjoying renewed investor confidence with its production backlog under control. A better-than-expected number for June deliveries from analysts would indicate a reversal of fortune for the beleaguered manufacturer.
Apple
Apple shares added 1.2% as the company makes last-minute preparations for its iPhone 17 launch event next week. Supply chain sources have suggested orders are strong, particularly for high-end Pro models with enhanced AI features. The firm’s services business also appears to be experiencing strong growth, new estimates suggest.
Microsoft (MSFT) Releases Cloud Earnings
Microsoft’s stock fell 0.5 percent after the earnings report from its Azure division yesterday showed that growth was a bit slower than some analysts had hoped. Cloud revenue increased 20% from the previous year, but investors were worried about rising competition in the AI services market from the likes of Amazon and Google.
JPMorgan (JPM) Gains from Rate Cut Bets
JPMorgan Chase gained 1.1% as investors increasingly believe the Federal Reserve will cut interest rates in September. Bank shares rose, driving gains in the broader banking sector. The banking giant also reported strong consumer banking performance, helping to lift investor sentiment and shares.
Walmart Makes a Move Toward Consumer Data: Walmart (WMT) Responds to Consumer Data
Walmart’s stock was flat following Monday’s mixed consumer confidence numbers. Even as the overall mood fell a bit, readings on retail spending held up well. Investors will get next week’s sales data to measure back-to-school shopping trends at the country’s largest retailer
Intel (INTC) Attempts Recovery
Intel shares rose 1.5%, rebounding from yesterday’s sell-off, after company executives told investors about its product roadmap during an afternoon conference call. The chipmaker emphasized how much progress it was making in narrowing a technology lead that rival chip makers had in high-end processing.
Tesla (TSLA) Maintains Delivery Momentum
Tesla (which is not a Dow member) is still in rally mode: up 2.3% today and providing a read on general market sentiment. The record deliveries of the EV maker have lifted related stocks, such as suppliers and charging station companies in the industrial sector.
Energy Stocks Face Pressure
Chevron fell 0.8% after oil prices fell back slightly from their recent highs. Weakness continued across the energy complex today on concerns around summer demand and stock levels. Airlines like United, which stand to gain modestly from the lower fuel cost outlook, rose.
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Economic Data in Focus
Investors are looking to tomorrow’s June jobs report, which is sure to greatly influence Fed rate cut expectations. Factory orders data for today was a little weaker than expected, but didn’t shake up the markets too much. The yield on the 10-year Treasury stabilized below 4.1%.
Tech Sector Shows Divergence
Some tech stocks rose, but others were weighed down by profit-taking in the wake of recent gains. The mixed performance is indicative of uncertainty over valuations heading into earnings season. Investors are reallocating in competition for position in light of the sector’s strong first-half showing.
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Holiday Trading Considerations
Trading volumes were light as well, with the markets set to close on Thursday for Independence Day. Institutional investors have already started their long weekends, which may exacerbate moves either way during today’s session.
