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The Dow, S&P and Nasdaq gain in early July
| Symbol | Price | To change | %To change |
|---|---|---|---|
| Me: DJI | $31,077.95 | +302.52 | +0.98% |
| SP500 | $3,823.24 | +37.86 | +1.00% |
| I: COMP | $11,122.17 | +93.43 | +0.85% |
US stocks bounced between losses and gains, eventually closing higher across the board as momentum gathered momentum in the final hour of trading. Utilities and consumer discretionary companies led all 11 S&P sectors higher. In commodities, oil closed slightly higher at $108.43. Financial markets are closed on Mondays for the July 4 holiday.
Chick-fil-A is America’s Favorite Restaurant for 8th straight year
Chick-fil-A has maintained its position as America’s favorite restaurant for eight consecutive years, according to the American Customer Satisfaction Index (ACSI).
This is despite the fact that, overall, consumers prefer full-service restaurants to fast food joints.
The survey found that Americans’ satisfaction with fast food restaurants declined 2.6% over the past year, earning the category a score of 76. Meanwhile, full-service restaurants maintained their score of 80 as of 2021.
Former Fed official on interest rate hikes: Debt servicing is ‘the real problem’
Former Federal Reserve Vice Chairman Randal Quarles argues that the Fed’s rate hikes will have a bigger dampening effect on inflation than they model.
Automotive supply chain issues will last until 2024: Expert
Auto industry analyst Lauren Fix weighs in on the “billions of dollars” in revenue the auto industry lost on “Cavuto: Coast to Coast.”
Elon Musk is silent on Twitter but followers are growing
GM warns
GM now expects to earn up to $1.9 billion less than the previous estimate of $2.4 billion due to the ongoing supply chain crisis.
Investors, be careful, don’t sit on the sides: market expert
Slatestone Wealth Chief Market Strategist Kenny Polcari on getting more ‘bang for your buck’ as stocks rise and the 10-year yield declines.
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Stocks slide in early July
| Symbol | Price | To change | %To change |
|---|---|---|---|
| Me: DJI | $30,770.81 | -4.62 | -0.02% |
| SP500 | $3,781.28 | -4.10 | -0.11% |
| I: COMP | $10,971.71 | -57.03 | -0.52% |
| GM | $32.40 | +0.60 | +1.90% |
US stocks fell slightly at the start of the new month after the worst first half since 1970 as investors were cautious ahead of the long July 4 holiday. General Motors is slashing its profit outlook by blaming supply chain delays. In commodities, oil hovered at $108 a barrel.
Stock futures start the new month lower
US stock futures traded lower on Friday morning, starting the new month the same way the old month ended. On Thursday, Wall Street closed its worst quarter since the COVID-19 pandemic began in early 2020. It was the worst first half since the first six months of 1970.
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Oil gains 1% to start July
Benchmark U.S. crude was trading around $107 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard was around $114 a barrel.
The OPEC oil cartel and allied producing nations decided on Thursday to boost crude oil production, but the amount is unlikely to help relieve high gasoline prices at the pump.
Bitcoin is trading below $20,000
Bitcoin was trading below $20,000 in early July. The cryptocurrency traded for four consecutive days before Friday. Bitcoin ended June down more than 41%. Year-to-date, bitcoin is down over 59%. Ether is above $1,000. Dogecoin is 6 cents.
Gasoline price drop continues in July
The price of a gallon of regular gasoline slid Friday morning to $4,842, according to AAA. Thursday’s price was $4,857. The gas went down for 14 consecutive days. Diesel also slipped to $5,760 from $5,772.
