Wall Street has closed with a mixed sign this Wednesday (Dow Jones: -0.06%; S&P 500: +0.51%; Nasdaq: +0.88%) after This Tuesday's purchases on a day when the American stock market It has only remained open for half a session:The American stock market closed at 7 p.m. in Spain and will be closed tomorrow due to the celebration of Independence Day ('Independence Day'). The values technological continue to drive the bullish rally across the Atlantic and allowed the S&P 500 set a new all-time high by ending Tuesday's session above 5,500 points for the first time. A milestone that was repeated on Wednesday and that took the index to new highs, as did the Nasdaq, which also set a record. The main person responsible for these increases on this occasion was, Tesla. While it is true that the American electric car manufacturer delivered 4.8% fewer vehicles in the second quarter of the year, the 443,956 deliveries exceeded consensus forecasts and triggered a rally of more than 10% of the firm led by Elon Musk. The value has chained its seventh day of growth todaythe longest streak since last year, when it had 13 consecutive days of gains.
Caesar Nuttechnical analyst at BitcoinDynamic, explains that «it seems imminent» that we can see in the S&P 500 the breaking of historical intraday highs that I drew last Friday in the 5.523 points. This, he points out, «would confirm the end of the lateral consolidation of the last two weeks and would make us think of an extension of the rises to the level of 5,800 points.» «We will not see a sign of weakness as long as it remains trading above 5,300 points,» he adds. The market rally worries some analystswhich warn that some technological values, especially those most closely linked to the artificial intelligence (AI)could be overbought. «Our concern is that the market is starting to price in a growth expectation that may be difficult for companies to meet on an individual basis, especially given the continued strain we are seeing in underlying economic conditions«We're looking at a pullback at some point as we get into the summer,» Scott Chronert, head of U.S. equity strategy at Citi Research, told CNBC. «Combine this with strong inflows into the large-cap growth tech and core sectors, and a euphoric sentiment, and it all suggests that we need to be prepared for a pullback at some point as we get into the summer.»
THE FED DOMINATES THE MACRO AGENDA
At the same time, the US market continues to pay close attention to the macroeconomic data that is being released to see if there is any change in the stance of the Federal Reserve (Fed). Yesterday, bonds and stocks reacted positively to the president's speech. Jerome Powell at the ECB Forum in Sintra (Portugal), where he said that the central bank had «made considerable progress» and had put inflation back «on track with our target» of 2%However, Powell also warned that needed more «confidence» that inflation was, in fact, converging towards its target before the tapering process began. «Investors chose to see the 'glass half full'putting back on the table the possibility that the Fed will begin the process of cutting rates in September, with futures giving this action a probability of 70%.We are not so sure that this will be the case. «so,» says Fernández-Figares. In this sense, this afternoon the following are published: the minutes of the June meeting of the Federal Open Market Committee (FOMC) meetings, where investors could get new clues about the stance of the majority of its members on interest rates. We recall that the central bank reduced its projection of rate cuts from three to one at its last meeting. Also, on this day the forecast for the cuts was released. PMI services prepared by the ISM, which has shown a contraction of the sector, and the following have been published: weekly employment datawhich have rebounded to 238,000 applications. Also keep an eye on the ADP reportwhich has shown the Creation of 150,000 jobs in June, less than expected, and which serves as a preview to the official employment report, which will be released this Friday.
OTHER MARKETS
In other markets, the euro has appreciated against the dollar (+0.40%, 1.0787 dollars). The Petroleum has risen moderately: the Brent has climbed to $86.63 and the WTI has exceeded $83. The ounce of gold has rebounded by 1.38%, to 2,365 dollars, while the silver has gained 3.85% and is trading at $30.79. cryptocurrencies have been dyed red: the bitcoin has put into play the 60,000 dollars and the ethereum has cut below 3,300. The 10-year US bond yield has fallen to 4.352%.