US stock market: Apple, Tesla shares lead Nasdaq up 0.8%, Dow Jones and S&P 500 rise, too

The tech-heavy Nasdaq Composite Index, led by gains in megacap growth stocks such as Apple and Tesla, rose 0.8 per cent to close at 17,879.30. The other two major Wall Street indices also did well. The Dow Jones Industrial Average edged up 0.1 per cent to 39,169.52, and the S&P 500 climbed 0.3 per cent to 5,475.09

In the United States, stocks ended Monday (July 1) with mixed results in light of pre-holiday trading. The tech-heavy Nasdaq Composite Index, led by gains in megacap growth stocks such as Apple and Tesla, rose 0.8 per cent to close at 17,879.30. The other two major Wall Street indices also did well. The Dow Jones Industrial Average edged up 0.1 per cent to 39,169.52, and the S&P 500 climbed 0.3 per cent to 5,475.09. Market movers Major tech companies buoyed the market. Apple, Amazon, and Microsoft all posted gains of at least 2 per cent, continuing a strong 2024 for the sector. Boeing’s stock surged 2.7 per cent following its announcement of a $4.7 billion deal to acquire subcontractor Spirit AeroSystems. Spirit AeroSystems shares also jumped 3.4 per cent on the news, which Boeing said would enhance its quality control efforts. Large banks saw an uptick after announcing dividends and share repurchases post-Federal Reserve stress tests. Goldman Sachs gained 2.5 per cent, JPMorgan Chase increased 1.6 per cent, and Bank of America rose 0.6 per cent. Eye on labour, wage data Market participants are looking ahead to US labour market data expected later this week, seeking clues on the interest rate outlook. Matt Stucky, Chief Portfolio Manager for Equities at Northwestern Wealth Management, speaking to Reuters , pointed to the importance of wage trends in this context. “Wages need to be somewhere between 3 and 3.5 per cent. The latest update that we’ve seen for the month of May with the payroll report was that wages are about 4.2 per cent up year on year. For inflation to sustainably get down to a 2 per cent level and stay there, we do need to see continuing normalisation of the labour market in the form of wages, and that is still proving to be elusive for the Federal Reserve to have the confidence to start cutting interest rates,” he said. With inputs from agencies