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Tesla boosts Nasdaq to 22nd record close of the year

Image Credits: UnsplashImage Credits: Unsplash
  • Tesla's strong Q2 delivery numbers propelled the Nasdaq Composite to its 22nd record close of the year.
  • The S&P 500 also reached a new high, closing above the 5,500-point mark for the first time ever.
  • Positive economic indicators, including stable job openings and a pullback in Treasury yields, contributed to the overall market rally.

Tesla's recent performance has once again demonstrated its significant influence on the stock market. On July 2, 2024, a notable surge in Tesla shares helped the Nasdaq Composite achieve its 22nd record close of the year. This remarkable feat occurred during an otherwise quiet pre-holiday trading session, underscoring Tesla's pivotal role in driving market momentum.

The Nasdaq Composite rose by 149.46 points, or 0.8%, ending at 18,028.76, marking its 22nd record close of the year. The S&P 500 also benefited from Tesla's rally, closing up 33.92 points, or 0.6%, at 5,509.01, surpassing the 5,500-point mark for the first time ever. The Dow Jones Industrial Average, although not reaching a record, ended the day up 162.33 points, or 0.4%, to finish at 39,331.85.

Tesla's stock (TSLA) soared over 10% on Tuesday after the electric vehicle manufacturer reported second-quarter deliveries that exceeded expectations. The company delivered 443,956 vehicles and produced 410,831 vehicles during the quarter, surpassing analysts' predictions and marking its first delivery beat in four quarters. This impressive performance has seen Tesla's stock trade up for six consecutive sessions, reaching its highest level since January 10, 2024.

The broader market rally was also supported by a pullback in Treasury yields. Federal Reserve Chair Jerome Powell acknowledged that inflation is on a downward path but emphasized that it is still too early for the central bank to consider interest rate cuts. This cautious optimism helped alleviate some investor concerns, contributing to the positive market sentiment.

In addition to Tesla's strong performance, the U.S. stock market received a boost from positive economic indicators. The Job Openings and Labor Turnover Survey (JOLTS) reported that job openings remained stable at 8.1 million in May, exceeding expectations and suggesting resilience in the job market despite high interest rates. This data reinforced the notion that the U.S. economy continues to show strength, further bolstering investor confidence.

On the commodities front, oil and gold futures experienced gains, while major cryptocurrencies and the dollar declined. West Texas Intermediate (WTI) crude oil spiked by over 2% to reach an eight-week peak, driven by anticipated higher demand during the summer months and concerns over potential disruptions in global oil supplies due to escalating conflicts in the Middle East.

Overall, Tesla's impressive second-quarter results and the broader positive economic indicators have contributed to a buoyant stock market. As investors look forward to Tesla's Q2 financial results later in July, the company's performance will likely continue to play a crucial role in shaping market trends.

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