Apple, Tesla Power Wall Street Higher

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Apple rose 2.9%, Microsoft gained 2%, and Amazon.com (AMZN.O) closed 2.2% higher, bolstering the Nasdaq. Ben Snider, a senior equity strategist at Goldman Sachs Research, highlighted strong economic indicators, forecasting U.S. GDP growth above 2% for the year, which supports robust revenue growth across sectors.

Tesla surged 6.1% ahead of its second-quarter vehicle delivery data, despite concerns from Wells Fargo about delivery growth and potential price adjustments. Conversely, semiconductor stocks like Advanced Micro Devices (AMD.O) and Arm Holdings faced declines, pulling the Philadelphia SE Semiconductor index (.SOX) close to a one-week low.

Real estate stocks, often viewed as a bond hedge, dropped nearly 1% as U.S. Treasury yields climbed to multi-week highs. Conversely, higher yields typically benefit banks, lifting the S&P 500 banks index (.SPXBK) to its highest level in over a month.

JP Morgan Chase (JPM.N) hit an all-time high after increasing its dividend and authorizing substantial share buybacks. However, Chewy (CHWY.N) reversed early gains to drop 6.7% following news of a significant stake held by influencer Keith Gill.

Trading volumes were lower as markets anticipated the U.S. Independence Day closure on Thursday. Thin volumes are expected throughout the week, influencing market movements.

Key economic data included manufacturing PMI indicating a third consecutive month of contraction in June, accompanied by a decline in prices paid, easing inflation concerns for the Federal Reserve.

Looking ahead, the week holds significant data releases such as JOLTS job openings, ADP employment figures, factory orders, ISM services PMI, and the Fed’s policy meeting minutes. Non-farm payroll data are anticipated on Friday, shaping expectations for interest rate adjustments later in the year.

In summary, the Dow Jones Industrial Average (.DJI) rose 50.66 points to 39,169.52, the S&P 500 (.SPX) gained 14.61 points to 5,475.09, and the Nasdaq Composite (.IXIC) added 146.70 points to 17,879.30. Market breadth showed more declining issues than advancers on the NYSE, with varied highs and lows reported across major indices.