The stock market experienced a slight increase in a shortened trading day on Monday, as the momentum slowed on Wall Street following its strong rally in the first half of the year, according to the AP.
- The S&P 500 increased by 0.1%, or 5.21 points, reaching its highest level since April 2022 at 4,455.59.
- The Dow Jones Industrial Average gained less than 0.1%, or 10.87 points, closing at 34,418.47.
- The Nasdaq composite rose by 0.2%, or 28.85 points, to 13,816.77.
Tesla played a significant role in driving the S&P 500 higher, with the market heavyweight surging by 6.9%. Over the weekend, Tesla announced that its vehicle deliveries during the spring increased by 83% compared to the previous year. This exceeded analysts’ expectations, although some of the gains may be attributed to price cuts. Investors will eagerly await Tesla’s earnings report on July 19 to assess the impact of these discounts on profits. Rivian Automotive, another electric vehicle company, also exceeded expectations with its spring deliveries, resulting in a 17.4% jump in its stock.
Apple, on the other hand, experienced a decline of 0.8% on Wall Street. Despite becoming the first US stock to surpass a total value of $3 trillion on Friday, Apple faced a relatively quiet market. The S&P 500 had recorded a remarkable rally, climbing in six out of the last seven weeks and ending the first half of the year with a 16% increase. Trading in the US stock market concluded at 1pm Eastern time and will remain closed on Tuesday in observance of Independence Day.
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