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Market Update 3/7 : Hectic Week for Investors
The week ahead will prove to be quite hectic for investors because the market is scheduled to close early today, July 3, 2023, and close the whole day tomorrow, July 4, 2023, since it is going to be Independence Day the whole day.
This week’s final three trading days will be crucial in terms of the direction of the market. Wednesday, there will be an ADP employment report in the pre-market that will start to shake the stock market before it opens. It will serve as a great indicator of recession. In the afternoon, there will be a release of the minutes of the June FOMC meeting where Jerome Powell will provide us with the details concerning what we can expect during the next interest rate meeting.
Later on Thursday, we will have both the initial jobless claim as well as the opening for the new job, at 8:30 and 10:00 am, respectively. Additionally, these indicators can also be used as a means to diagnose recessions. Last but not least, on Friday, we will be able to see the US unemployment rate as well as hourly wages, by which time we will be able to determine if the US unemployment rate is starting to rise after the continuous rise of interest rates. It is anticipated by economists that job growth will slow in June, along with a further decline in the unemployment rate.
Apple’s market cap closes above $3 trillion for the first time.
On Friday, June 30, 2023, Apple’s market capitalization topped $3 trillion, surpassing the $190.73 share price that was required to achieve the milestone. It is the second time that Apple (NYSE:AAPL) has reached a $3 trillion market cap, but it is the first time that the cap has carried through to the end. In January 2022, Apple became the first company to reach an intraday market cap of $3 trillion during intraday trading, though it was unable to close at that level on the same day. Last Friday, the stock took its next shot and succeeded.
In response to the news, the stock of the company continued to rise. Compared to the $126.36 on January 3, 2023, the stock of Apple rose 55.09% in 2023. Analysts rate Apple a ‘Strong Buy’ with price estimates ranging between $240.00 and $149.00.
** Apple Inc. Common Stock is expected to report earnings on 07/27/2023.
TESLA’s sales boost.
TESLA (NYSE:TSLA) reported second-quarter production and delivery numbers on Sunday. The electric-vehicle maker has easily surpassed expectations as the combined effects of the federal EV tax credit and the company’s price cuts have led to a significant boost to sales for the electric-vehicle maker.
In its second-quarter delivery report, Tesla revealed that its price cuts have continued to boost sales both in the US and abroad, even though questions remain as to how deep a cut to profits will be.
TSLA currently trades at $261.77 as of this writing. As a result of a massive run up in Tesla shares over the past year, the stock has seen a downgrade following big gains in the tech sector last June 20, 2023, from $274.45, before it slumped by 121.7 percent to $241.05 before recovering after July 25, 2023.
** Tesla has announced that it will release earnings results for the second quarter after the bell on July 19th.
The key takeaways/market update is a series by AxeHedge, which serves as an initiative to bring compact and informative In/Visible Talks recaps/takeaways on leading brands and investment events happening around the globe.
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