Fixed Income Market Overview
The 10-year U.S. Treasury yield dropped by around 7 basis points to 4.364% on Wednesday following weak economic data, including lower-than-expected private payroll growth and higher unemployment claims. The 2-year Treasury yield also fell by about 5 basis points to 4.685%. These declines indicate higher Treasury prices. Further drops in bond yields occurred after disappointing ISM services data, heightening concerns of a slowing U.S. economy. On Tuesday, Fed Chair Jerome Powell stated that the central bank seeks more inflation progress before cutting rates. The bond market will close early on Wednesday and remain closed on Thursday for the Fourth of July holiday.
Major Indicies
Symbol | Price | Change | %Change |
---|---|---|---|
DJIA | 39,308.00 | -23.85 | -0.06%↓ |
NASDAQ | 20,186.63 | 174.74 | 0.87%↑ |
S&P 500 | 5,537.02 | 28.01 | 0.51%↑ |
NIKKEI | 40,580.76 | 506.07 | 1.26%↑ |
HSI | 17,978.57 | 209.43 | 1.18%↑ |
VIX | 12.09 | 0.06 | 0.50%↑ |
Bonds
Name | Yeild | CHG |
---|---|---|
US 10-YR | 4.36% | -0.07 |
US 30-YR | 4.53% | -0.08 |
US 5-YR | 4.33% | -0.07 |
JPN 10-YR | 1.10% | 0.01 |
UK 10-YR | 4.18% | -0.08 |
Futures & Commodities
Name | Last | Change | %Change |
---|---|---|---|
WTI CRUDE | 83.88 | 1.07 | 1.29%↑ |
NAT GAS | 2.447 | -0.007 | -0.29%↓ |
GOLD | 2,369.40 | 36.00 | 1.54%↑ |
SILVER | 30.84 | 1.18 | 3.99%↑ |
COPPER | 4.534 | 0.115 | 2.59%↑ |
Equity Market Overview
Tesla
Tesla shares surged for a third consecutive day on Wednesday, bringing weekly gains to 23%, nearly offsetting its 2024 losses. This rally follows stronger-than-expected Q2 vehicle production and delivery numbers, with 443,956 vehicles delivered and 410,831 produced. As of 11:50 a.m. ET, Tesla’s stock was trading at $243.99, close to its year-end 2023 price of $248.48. Citi analysts predict a positive share price reaction, focusing next on Tesla’s Q2 auto gross margins and future product launches. Tesla’s Q2 performance contrasts with its Q1 delivery drop of 8.5%. The electric vehicle sector faces global trade tensions, with increased tariffs from both the EU and the U.S. targeting Chinese EVs.
Paramount Global
Shares of Paramount Global surged 6.5% following the announcement of a preliminary merger agreement between Skydance Media and National Amusements, its controlling shareholder. Skydance would acquire National Amusements’ stake for $1.75 billion and buy 50% of Paramount’s Class B non-voting stock at $15 per share. The deal includes a 45-day “go-shop” period for other bidders, with potential competitors like Steven Paul, Edgar Bronfman Jr., and Barry Diller. Paramount’s special committee is reviewing the agreement, seen as strategically valuable by National Amusements. Paramount shares were trading at $11.42.