CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Daily summary: Wall Street rally continue driven by weaker than expected ISM services; Tesla and Nvidia rally

19:22 3 July 2024
  • Session on European stock market ended in positive sentiments among leading indices; DAX rallied more than 1.1%, CAC40 and FTSE gained 1.2% and 0.6% respectively.
  • ASML shares gaining more than 2%. However, the biggest European by market cap, Novo Nordisk felt almost 2.5% amid after study suggesting that wieght-loss drug, Ozempic may cause blindness.
  • We can see further Wall Street indices rally continued today. The strongest one is the Nasdaq 100, which broke through the 20,000-point level today and set a new ATH at 20,186 points level.
  • The strongest companies among Big Tech are Tesla and Nvidia, which are gaining 7% and 5% respectively, improving sentiments on Wall Street. Tesla was supported today by Elon Musk comments, with stock price rebounding almost 75% since the April lows. Musk claims that the company will be a future winner in humanoid robots and autonomous 'robotaxi' sectors
  • The S&P 500 rose more than 0.5% today. The Russell 2000 also recorded a positive session, although the smaller companies index is up only 0.14%. The Dow Jones closed at a similar level to yesterday's closing price. 
  • The FOMC minutes came in quite dovish, given today much weaker than expected ISM services data. Bankers claim that current US monetary policy is restrictive. The Fed's narrative continues to base its monetary policy decision on incoming data
  • The Fed views geopolitics and global trade tensions as risky for the trajectory of inflation. Nonetheless, the FOMC minutes suggest that policymakers are also calculating the risks of exaggerated monetary tightening, which under outlandish conditions could trigger a higher-than-historic response from the labour market and rising unemployment
  • Today, data from the US economy were mixed, with focus on the weakest since May 2020 ISM PMI Services reading.

US ISM Services came in: 48.8 vs 52.6 exp. and 53.8 in May

  • US ISM Services Price Paid: 56.3 vs 56.7 exp and 58.1 previously
  • US ISM Services Employment: 46.1 vs 49 exp and 47.1 previously
  • US ISM Services New Orders: 47.3 vs 53.6 exp and 54.1 previously
  • US Factory orders dropped by -0.5% vs 0.2% exp. and 0.7% previously

S&P PMI for June came in 55.3 vs 55.1 exp. and 55.3 previously

Start investing today or test a free demo

Open account Try demo Download mobile app Download mobile app

US ADP report for June came in 150k vs 163k exp. and 152k previously 

US Initial Jobless Claims: 238k (Forecast 235k, Previous 233k)

  • US Continued Jobless Claims: 1.858M (Forecast 1.84M, Previous 1.839M)
  • Under the influence of weaker data, the market's belief in a potential acceleration of interest rate cuts by the Fed strengthened. U.S. bond yields recorded a strong decline. The yield on the 2-year bond fell 0.74% to 4.7%, marking the lowest since March of this year. Yields on 10-year US bonds fell to 4.36% (down -1.7%). 
  • The change in market sentiment was also reflected in the quotations of the U.S. dollar, which lost -0.3% against a basket of currencies today and is the weakest of the G10 currencies. 
  • Declines in yields and an increase in expectations of potential interest rate cuts have caused precious and industrial metals to surge; zinc, copper and nickel gain more than 2% today. Silver futures gained nearly 3.5% today, with gold up 1.3%.
  • Oil and natural gas saw little reaction today to the change in inventories, according to the EIA. NATGAS loses nearly 1%, while OIL gains 0.3% approaching $87 per barrel again
  • NATGAS EIA inventories change came in at 32 billion cubic feet (bcf) vs 29 bcf exp. and 52 bcf previously. 
  • OIL EIA inventories change came in -12,15M vs -0,5M exp. and 3.59M previously. Gasoline inventories change came in -2,2M vs -0,39M exp. and 2.65M previously
  • Cryptocurrencies are posting quite strong declines today, despite weakening US Dollar and strong Nasdaq 100 performance. Bitcoin loses more than 2.6% and Ethereum 3.4%. FANTOM currency is losing more than 13%

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

Xtb logo

Join over 1 Million investors from around the world

We use cookies

By clicking “Accept All”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

This group contains cookies that are necessary for our websites to work. They take part in functionalities like language preferences, traffic distribution or keeping user session. They cannot be disabled.

Cookie name
userBranchSymbol cc 2 March 2024
adobe_unique_id cc 1 March 2025
test_cookie cc 1 March 2024
SESSID cc 9 September 2022
__hssc cc 1 March 2024
__cf_bm cc 1 March 2024
intercom-id-iojaybix cc 26 November 2024
intercom-session-iojaybix cc 8 March 2024

We use tools that let us analyze the usage of our page. Such data lets us improve the user experience of our web service.

Cookie name
_gid cc 9 September 2022
_gat_UA-22576382-1 cc 8 September 2022
_gat_UA-121192761-1 cc 8 September 2022
_ga_CBPL72L2EC cc 1 March 2026
_ga cc 1 March 2026
AnalyticsSyncHistory cc 8 October 2022
af_id cc 31 March 2025
afUserId cc 1 March 2026
af_id cc 1 March 2026
AF_SYNC cc 8 March 2024
__hstc cc 28 August 2024

This group of cookies is used to show you ads of topics that you are interested in. It also lets us monitor our marketing activities, it helps to measure the performance of our ads.

Cookie name
MUID cc 26 March 2025
_omappvp cc 11 February 2035
_omappvs cc 1 March 2024
_uetsid cc 2 March 2024
_uetvid cc 26 March 2025
_fbp cc 30 May 2024
fr cc 7 December 2022
muc_ads cc 7 September 2024
_ttp cc 26 March 2025
_tt_enable_cookie cc 26 March 2025
_ttp cc 26 March 2025
hubspotutk cc 28 August 2024

Cookies from this group store your preferences you gave while using the site, so that they will already be here when you visit the page after some time.

Cookie name
personalization_id cc 7 September 2024
UserMatchHistory cc 8 October 2022
bcookie cc 8 September 2023
lidc cc 9 September 2022
bscookie cc 8 September 2023
li_gc cc 7 March 2023

This page uses cookies. Cookies are files stored in your browser and are used by most websites to help personalise your web experience. For more information see our Privacy Policy You can manage cookies by clicking "Settings". If you agree to our use of cookies, click "Accept all".

Change region and language
Country of residence