U.S. Stocks Turning In Mixed Performance; Tesla Soars After Reporting Sales Data

U.S. stocks are turning in a mixed performance in somewhat lackluster trade on Tuesday, as investors await some crucial economic data, including reports on non-farm payroll data, for more clarity about the outlook for Fed interest rates.

With the market set to close early on Wednesday and remain closed on Thursday for Independence Day, the volume of business is rather thin today.

Among the major averages, the Dow is down 12.67 points or 0.03 percent at 39,156.85. The S&P 500 is gaining 13.68 points or 0.25 percent at 5,488.77, while the Nasdaq is up 96.10 or 0.54 percent at 17,975.40.

Data from the Labor Department showed the number of job openings rose to 8.140 million in May, up 221,000 from a month earlier.

Readbook Research said the Redbook Index in the U.S. increased by 5.8 percent in the week ending June 29, compared to the same week in the previous year.

Investors also noted Fed Chair Jerome Powell’s speech at a central banking forum in Sintra, Portugal. Powell expressed satisfaction with the progress on inflation but said he wants to see more before being confident enough to start cutting interest rates.

“We want to be more confident that inflation is moving sustainably down toward 2% before we start the process of reducing or loosening policy,” he said.

On the political front, the U.S. Supreme Court’s ruling that former President Donald Trump is entitled to immunity from federal prosecution for official actions he took while in office, has stoked speculation about the possibility of another Trump presidency.

Tesla is soaring nearly 8.5 percent, after the company reported higher than expected sales in the April-June quarter. The electric vehicle maker said it sold 436,956 vehicles in the latest quarter, down 4.8 percent compared to the year-ago quarter. But the numbers were better than what analysts had forecast.

Apple Inc, Alphabet, Amazon, Meta Platforms, Costco, Bank of America, AMD, Adobe Inc., Texas Instruments Inc., G.E. Aerospace, Citigroup and Airbnb are up 1 to 2.5 percent.

Nike, AT&T, Goldman Sachs, Pfizer, Verizon Communications, Walt Disney, Exxon Mobil, Eli Lilly and Nvidia are down with sharp to moderate losses.