Holiday Stock News: All-Time Highs Again

To maximize trading volumes in the shortened trading session on Wednesday, buyers lifted the Nasdaq (QQQ) to an all-time high. The S&P 500 (SPY) closed at a decisive 5,514.60 ahead of today’s holiday. Markets ignored the latest batch of sluggish economic data.

Ahead of tomorrow’s non-farm payroll report, the ADP posted a slowdown in payroll growth. Weekly jobless claim figures were higher than economists predicted. Additionally, the Institute for Supply Management posted the service PMI composite index shrank to 48.8% in June. This is down from 53.8% in May. A reading below 50.0 indicates a contraction.

The chances that the Fed achieves a soft landing are low. Markets disagree. The 20+ Year Treasury bond (TLT) returned from the $90 support level, closing at $91.68. Banks like JPMorgan (JPM) and Citigroup (C) also bounced back. Banks thrive when the economy is expanding.

Seeking sector leadership, markets sent Tesla (TSLA) stock from a $180 support zone to $246.39. Speculators earned a tidy 38.76% monthly return on Tesla shares and 25.5% for the week. Tesla’s strength lifted Rivian (RIVN). Penny stocks like Polestar (PSNY) and Lucid Group (LCID) also rallied. Short sellers hold a 5.29% and 29.60% short float, respectively.

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