The Dow rose strongly on Friday morning, along with the S&P 500 and Nasdaq. Crude oil futures and Treasury yields rose slightly after falling in recent days on recession fears.
US-listed Chinese stocks continued to perform well, with Lee Otto (LI), Exping (XPEV) And the New (NIO) Run higher. electric car giant BYD (BYDDF) on the cusp of breakout. while, Ali Baba (Baba) And the Bindudu (PDD) amid growing optimism about China’s economy after the painful Covid lockdowns.
Tesla (TSLA) rose slightly as its Shanghai plant prepared to close in order to significantly expand production capacity. The electric car maker has reintroduced an improved offering for the autopilot.
Dow Jones today
The Dow Jones rose 1.1%. The S&P 500 jumped 1.4% and the Nasdaq jumped 1.9%.
The 10-year Treasury yield rose to 3.08% from 3.07% after falling 24 basis points on Wednesday and Thursday.
Crude oil prices rose 1%. Oil is heading for its first monthly decline since November.
Copper prices are down more than 1%, having fallen more than 5% on Thursday to a 16-month low. This is a sign of potential peak inflation but also slowing economic growth.
Thursday’s stock market rally
The Dow Jones Industrial Average rose 0.6% on Thursday stock market trading. The S&P 500 rose 0.95%.
The Nasdaq Composite Index jumped 1.6%, a solid advance on the fourth day of its bullish attempt. But trading volume on the Nasdaq was partially lower compared to the previous session, according to IBD data. So there was no Follow-up day To confirm try the new assembly.
Even with this week’s gains, the Nasdaq has only been able to peek above its 10-day moving average, while the S&P 500 and Dow Jones lie at that level. They are all below the 21 day moving averages as well as the 50 day lines.
Zendesk’s stock jumped early Friday after the cybersecurity firm agreed to buy shares worth $10.2 billion and $77.50 by private equity firms Hellman & Friedman and Permira.
Shares jumped 29% to 75 before the opening. But ZEN stock rose more than 50% earlier on the upswing of the acquisitions.
Zendesk stock is trading near a two-year low.
Several cybersecurity acquisitions have been made over the past year.
Meanwhile, Merck is ramping up negotiations to buy biotech Seagen, the Wall Street Journal reported. SGEN stock is up 1%, off its pre-market highs, after jumping last week on reports of talks. Seagen finished Thursday with a valuation of $32 billion.
Merck rose slightly.
Li Auto shares continued their strong run on an upcoming new model and expectations of extending China’s support for electric vehicles. LI shares appeared 5%. On Thursday, Li Auto stock jumped 6.6% to 39.24 Thursday, surpassing 37.55 buying points from a long and very deep consolidation. But LI stock closed slightly extended from the buying point and 54% above the 50-day moving average.
Xpeng stock is up 4.5% and Nio is up 3%, both heading towards the 200-day moving averages.
BYD stock fell, just below 39.81 buy points from 48% — a deep cup with a base with a handle, according to MarketSmith Analysis.
Meanwhile, Alibaba’s stock is up 3%, heading toward its 200-day long sliding streak. Pinduoduo stock is down near 200 days.
Tesla stock is up 3%, back above the 21-day streak. It’s still deep in a long, messy consistency.
Bloomberg reports that Tesla will shutdown Model Y production at its Shanghai factory for two weeks at the beginning of July. It will then shut down its Model 3 line for 20 days starting July 18. After the plant capacity is increased, the production capacity of the Shanghai Tesla Model Y will increase to 14,000 per week from about 11,000. The capacity of the Model 3 will rise to 7,700 per week from 5,500.
Meanwhile, Tesla is re-offering its improved Autopilot offer for $6,000. Its features fall between those of the standard autopilot and fully self-driving at $12,000.
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