Mark to Market: 2 July 2020
July 2, 2020

European markets have closed sharply higher after a better than expected US job numbers:

  • FTSE 100 +1.34% (6,240.36)
  • DAX +2.84% (12,608.46)
  • EuroStoxx 50 +2.84% (3,320.09)

The US economy has added 4.8 million jobs in June, against a consensus estimate of around 3 million jobs. The unemployment rate has dropped to 11.1% from a previous 13.3%. This data comes amid a record new daily Coronavirus cases in US that increased by 51,000 and continuing concerns about reopening of the economy.

The US equity indices opened higher and briefly rallied on positive jobs numbers, only to sell-off for the rest of the day:

  • S&P +0.45% (3,130.01)
  • Nasdaq +0.52 (10,207.63)
  • Russel 2000 +0.32% (1,431.86).

Materials and Energy sectors have been leading the gains in S&P 500 with Comms and Real Estate lagging behind. Due to a holiday in US tomorrow, the stock market has closed the week in the green, with S&P gaining 4% in these four days.

Now Tesla. Tesla gained another +7.95% today after announcing earnings and beating consensus estimates on vehicle deliveries. Shares closed at $1,208, leaving many wondering:

This entry was posted in : July