CNBC Daily Open: Tesla powers S&P 500, Nasdaq to record highs
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here .
Record highs
The S&P 500 and the tech-heavy Nasdaq Composite closed at record highs in a shortened session ahead of the July 4 Independence Day holiday. Megacap technology stocks, Tesla and Nvidia, led the charge. The Dow Jones Industrial Average was little changed, weighed down by UnitedHealth. The yield on the 10-year Treasury fell as the latest economic data indicated the jobs market was cooling. U.S. oil prices edged higher as demand rose ahead of the holiday.
'Greater confidence'
Federal Reserve officials at their June meeting noted that while inflation was improving, it wasn't yet enough to lower interest rates, according to minutes released Wednesday. "Participants affirmed that additional favorable data were required to give them greater confidence that inflation was moving sustainably toward 2 percent," the meeting summary revealed. Despite some officials advocating for potential rate hikes, the Federal Open Market Committee ultimately decided to hold rates steady.
Job growth slows
Private payroll growth slowed in June, with companies adding 150,000 jobs compared to May's 157,000, according to ADP. This was below expectations and marked the weakest growth since January, potentially signaling a cooling labor market. "Job growth has been solid, but not broad-based," saidADP's chief economist, Nela Richardson. "Had it not been for a rebound in hiring in leisure and hospitality, June would have been a downbeat month." The ADP report precedes the Labor Department's broader nonfarm payrolls