Stock market today: Wall Street drifts as momentum slows from a huge rally to start the year

Mon, Jul 3, 2023
Other News (AP)

NEW YORK (AP) - Stocks are drifting Monday as momentum slows on Wall Street following its powerful rally to start the year.

The S&P 500 was virtually unchanged in midday trading, hanging close to its highest level since April 2022. The Dow Jones Industrial Average was up 9 points, or less than 0.1%, at 34,416, as of 11:10 a.m. Eastern time, while the Nasdaq composite was basically flat.

Tesla was one of the stronger stocks in the market, rising 7.4%. The company said over the weekend that the number of vehicles it delivered during the spring surged by 83% from a year earlier. That was more than analysts expected, though cuts to prices may have driven some of the gains. Investors will see how much the discounts hit profits when Tesla reports its earnings on July 19.

Other news Wall Street rallies as it heads for a winning week, month and first half of year Wall Street blazed to another rally to cap a winning week, month and first half of the year after reports suggested pressure on inflation may be easing. Stock market today: Asian shares are mixed after China reports weaker manufacturing in June Shares are mixed in Asia after China reported slower factory activity in June due to weaker consumer spending and export demand. Stock market today: Asian shares are lower after central bankers say interest rates must stay high Asian stock markets are mixed after leaders of major central banks said they need to keep interest rates high to fight persistent inflation despite fears that might tip the global economy into recession. Stock market today: Asian shares mixed despite Wall Street rally Asian shares are mixed despite a rally on Wall Street driven by optimism over reports suggesting the American economy is in better shape than feared.

Rivian, another electric-vehicle company, jumped 14.3% after it also said its deliveries for the spring topped analysts' expectations.

On the losing end of Wall Street was Apple, which slipped 1% after becoming the first U.S. stock to finish a trading day with a total value of more than $3 trillion.