NFP numbers on Friday came in at the upper end of the expectations range, helping US stock markets to close at the highs for the week. However, this remains to be fairly FAANG driven. An index looking at the % of stocks on the NYSE trading above their 50day moving average shows that we are in almost neutral territory, with almost half deemed to be in near term correction territory.
The big news over the weekend has been the crackdown on Didi, just 2 days after their US IPO. The company's app downloads have been suspended upon an investigation of data privacy violations. This has the potential to further sour the sentiment in the Chinese tech sector.Markets are closed in the US for the independence day holiday. In other news, Tesla Q2 car deliveries were released on Saturday and met analysts expectations. However, looking under the hood, the China business is challenged by recalls, domestic competition and safety concerns grabbing the domestic headlines. It only sold 22k Model 3 & Y in may, which is well below the 60k that was expected at the beginning of the year. Earnings of 20 July will be the next big event to watch, as the market will then assess the impact of their Bitcoin holdings on the bottom line.
July 5, 2021
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