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.

icon-oneBlackstone selling Japan drugmaker Alinamin to MBK Partners.
icon-twoLufthansa gets EU nod to buy $350 million stake in Italy’s ITA.
icon-threeChina’s BYD is set to take Tesla’s crown as the world’s No. 1 producer of battery electric vehicles.
icon-fourVodafone -Three to Sell Spectrum to VMO2 If UK Merger Is Approved.
icon-fiveSouth Korea fines Credit Suisse for illegal stock short selling.

 

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%↑
Data and Content as of Previous Closing Day. Source: MarketWatch

 

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.

Latest Update: Jul 04, 2024