Wall Street began the quarter with a mixed session as Trump’s tax and spending bill passed the US Senate and Tesla hit a 3-week low. Trump and Musk’s feud was reignited by some social media posts in which Musk criticised the bill and Trump threatened to cut various government subsidies. S&P 500 fell 0.11%, Nasdaq down 0.82%. Volume was low in the holiday shortened week. Dow steadily rose throughout the day, finishing near the high. Up 400 points. Most sectors up. Tech the major drag, Utilities the only other sector to record a loss. No major reason for the pullback in Tech – some profit taking, jitters over concentration. Nothing concerning yet. Materials by far the best performing sector. Economically sensitive, boosted by positive economic news, as US job openings increased unexpectedly in May while ISM manufacturing PMI came in at 49, beating forecasts of 48.8. Expectations of stimulus also a tailwind.
ASX to rise. SPI futures up 19 points (+0.22%). Gold and copper up.
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