U.S. Futures are volatile on the 4th of July after the markets ended with marginal gains on the short trading day, yesterday. U.S. markets will remain closed today for the Independence Day holiday and will resume trading on July 5. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down 0.10%, 0.01%, and 0.02%, respectively, at 3:00 a.m., EST, July 4.
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Wall Street is hoping for a strong start to the second half of 2023, taking cues from the recent tech rally that has boosted overall investor sentiment. Turning towards the U.S.-China trade war, on Monday, the mainland imposed restrictions on the export of gallium and germanium to the U.S., citing national security concerns. These metals are used in semiconductor manufacturing, and the curb is being used as a means of retaliation to the U.S. chip ban on China.
Remarkably, Tesla (NASDAQ:TSLA) stock has been on an uphill climb lately, thanks to the growing adoption of its North American Charging Standard (NACS) charging connectors by major automakers including General Motors (NYSE:GM), Ford (NYSE:F), and Rivian (NASDAQ:RIVN). Moreover, the EV maker posted better-than-expected auto delivery and production numbers for the month and quarter ending June 30, pushing shares up 6.9% on July 3.
On the economic front, reports including ADP Employment figures, Weekly Initial Jobless Claims, and Payrolls data will be released later this week. Meanwhile, traders will closely monitor the minutes of the Fed’s latest FOMC meeting, which will be released on July 5, to gauge clues on the future of the U.S. economy.
Elsewhere, European indices are trading mixed on Tuesday morning as traders await a slew of economic releases from countries across the eurozone.
Asia-Pacific Markets End Mixed on July 4
Asia-Pacific indices ended mixed on Tuesday. The Reserve Bank of Australia left interest rates unchanged at 4.10%. At the same time, South Korea’s consumer price inflation (CPI) data came in at 2.7% for June, its fifth consecutive monthly decline.
Hong Kong’s Hang Seng and China’s Shanghai Composite and Shenzhen Component indexes ended higher by 0.55%, 0.04%, and 0.35%, respectively.
On the other hand, Japan’s Nikkei and Topix indices finished the trading session down by 0.98% and 0.62%, respectively.
