Market Overview
U.S. stocks extended gains Thursday (July 3) after weaker-than-expected ADP employment data heightened expectations for earlier Federal Reserve rate cuts:
- S&P 500: +0.47%
- Nasdaq: +0.94%
- Dow Jones: -0.02%
Top Performers:
🚀 Tesla (TSLA) surged nearly 5%
💻 Apple (AAPL) & Nvidia (NVDA) both gained over 2%
Sector Highlights
- Crypto Stocks: Bakkt (BKKT) skyrocketed 32%, with mining firms Hut 8 (HUT) and Marathon Digital (MARA) up >10%
Commodities:
- Gold (XAUUSD): +0.55% to $3,357.15/oz
- WTI Crude: +2.82% amid Iran-UN nuclear tensions
Key Developments
U.S. Labor Market
- June ADP employment fell by 33K (largest drop since March 2023)
- Markets now price in 78% chance of July rate cut
Geopolitical Impacts
- Iran suspended cooperation with UN nuclear inspectors
- U.S.-Vietnam trade deal announced (20% tariffs imposed)
Corporate Updates
- Tesla Q2 deliveries dropped 13% to 384,122 vehicles
Today's Economic Calendar
| Time (ET) | Event | Forecast |
|---|---|---|
| 08:30 | U.S. Nonfarm Payrolls | 190K |
| 10:00 | ISM Services PMI | 52.6 |
| 14:00 | ECB Meeting Minutes Released | - |
Holiday Notice: NYSE closes early for Independence Day
FAQ Section
Q: Why did tech stocks rally on weak jobs data?
A: Poor ADP numbers reinforced expectations for Fed monetary easing, benefiting growth-sensitive sectors like technology.
Q: How does Iran's nuclear decision affect oil prices?
A: Reduced UN oversight raises concerns about potential supply disruptions, pushing Brent crude toward $69/barrel.
Q: What's driving Bitcoin's surge past $108K?
A: Institutional inflows and Fed pivot speculation are key catalysts.
All data sourced from TradingKey and updated as of 7/3 market close.
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