Stocks Inch Up, Bonds Dip; Tesla And EVs Rally; Oil Tops $83: What's Driving Markets Monday?

It’s a mixed start to the week on Wall Street, with major large-cap indices slightly above the break-even point by midday trading in New York.

All investor eyes are on this week’s key economic events, including Fed Chair Jerome Powell‘s speech on Tuesday and the labor market data release on Friday.

Large-cap indices are outperforming small caps, which are down 0.8%. The S&P 500 rose 0.2%, while the tech-heavy Nasdaq 100 outperformed, up 0.4%.

Among Monday’s best-performing sectors is technology, up 0.7%, while materials and real estate are struggling, down 1.7% and 1.2%, respectively.

On the data front, the ISM Manufacturing PMI index fell more than expected in June to 48.5%, marking the third consecutive month of contraction.

Treasury yields rose significantly, with the 30-year yield up 8 basis points to 4.64%, pushing the iShares 20+ Year Treasury ETF TLT down 1.9%, on track for its worst two-day performance since February.

The dollar remained flat overall, despite losing some ground against the euro, following the results of the first round of the presidential election in France. However, the greenback rallied 0.4% against the Japanese yen, extending its losses to 161 and beyond.

Among commodities, gold was flat, while crude prices rallied over 1.7%, with the West Texas Intermediate (WTI) light-crude benchmark soaring above $83 a barrel, eyeing the highest close since late April.

Bitcoin BTC/USD was broadly flat at $63,000.

Monday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY was 0.2% higher to $545.02.
• The SPDR Dow Jones Industrial Average DIA was 0.2% higher to $391.70.
• The tech-heavy Invesco QQQ Trust (ARCA: QQQ) was 0.4% higher to $481.05.
• Sector-wise, the Technology Select Sector SPDR Fund XLK outperformed, up by 0.6%, while the Real Estate Select Sector SPDR Fund XLRE lagged, falling 1.3%.

Monday’s Stock Movers

• Tesla notably surged over 6%, on track for its strongest session in over a month, following an improved outlook for EV sales in China.
• Chinese EV-maker XPeng Inc. XPEV rallied 6%, and NIO Inc. NIO rocketed 7%.
• Rivian Automotive Inc. RIVN rose 3.5% after Goldman Sachs raised its price target from $11 to $14.
• Cruise-line stocks tumbled, with Norwegian Cruise Line Holdings Ltd. NCLH down over 6.5%, and Carnival Corp. CCL down 5.8%, likely impacted by higher oil prices.
• Victoria’s Secret & Co. VSCO plummeted over 9%, eyeing its worst day since March.
• Snowflake Inc. SNOW rose 5%, marking its fourth straight session of gains.

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