Relatively cheap energy prices also provided a tailwind that shouldn’t be underestimated. The economy’s resilience against the Federal Reserve’s steady rate hikes-even with banking turmoil, high borrowing costs, and consumer spending concerns in the mix-ultimately helped drive the year-to-date gains. Industrials, materials, and real estate were among the leading sectors last month-a welcome sign that the rally might be spreading beyond tech and communication services. Still, every S&P 500 sector gained, and all rose in June. Technology and consumer discretionary stocks performed well on Friday as they have most of the year, while regional banks lagged. The tech-packed Nasdaq Composite (COMP) rocketed to a first-half gain of 32%.

The Dow Jones Industrial Average ($DJI), by contrast, rose just 3.8% in the first half, weighed down by weak financials, health care, and energy sectors. Looking back to Friday, the S&P 500® Index (SPX) rose 1.2% to polish off gains of 16% in the first half of 2023. Analyst consensus from Trading Economics sees it improving slightly to 47 in June from 46.9 in May, but that’s still below the 50 needed to demonstrate expansion. The June ISM Manufacturing Index is due out at 10 a.m. Tesla’s 10% increase in quarterly deliveries announced over the weekend were the first quantitative evidence, and shares rose more than 6% in premarket trading. dollar, and crude oil all marched higher.Īutomobile sales seem to be perking up lately as supply chain conditions improve, industry analysts note. Major indexes began the day without much direction, but Treasury yields, the U.S. (Monday market open) The second half of 2023 kicks off on a shortened schedule today, with investors digesting positive delivery results from Tesla (TSLA) and awaiting key manufacturing data.

Markets close early ahead of July 4 holiday, meaning thin trade is possible ISM Manufacturing data later this morning expected to show continued softness Tesla shares bounce as investors cheer solid Q2 production results

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