Summary:
- Tesla soars after Q2 delivery data
- Paramount Global gains on possible IAC bid
- Fed Chair Powell says risks becoming more balanced
- US job openings rise in May
- Indexes up; Dow 0.41%, S&P 0.62%, Nasdaq 0.84%
Wall Street’s main stock indexes closed higher on July 2nd, boosted by gains in Tesla (TSLA.O) and megacap growth stocks, but volumes were thin ahead of the July Fourth holiday and the closely watched release of June nonfarm payrolls on Friday.
The U.S. job openings and labor turnover survey, or JOLTS, showed job openings increased in May after posting outsized declines in the prior two months, but layoffs picked up amid slowing economic activity.
“What the Fed really wants to see is a further click up in unemployment and then a slowdown with regards to new job creation,” said Genter Capital Management CEO Dan Genter, who added that the recent moderation in inflation could be a green light for the Fed to start considering rate cuts.
Read more on Reuters.