Market Wraps

Morning Wrap: ASX 200 to rise, S&P 500 logs another record high, Tesla soars on Q2 deliveries beat

Wed 03 Jul 24, 8:38am (AEST)

ASX 200 futures are trading 19 points higher, up 0.24% as of 8:30 am AEST.

The S&P 500 and Nasdaq continue to hit fresh record highs despite ongoing breadth concerns, Tesla shares are now up more than 60% since late April, Powell is optimistic about recent data but seeks more proof that inflation is headed towards 2% and a $400m market cap miner just declared a special dividend – yielding 22.7%.

Let's dive in.

Overnight Summary

Wed 03 Jul 24, 8:29am (AEST)

Name Value % Chg
Major Indices
S&P 500 5,509 +0.62%
Dow Jones 39,332 +0.41%
NASDAQ Comp 18,029 +0.84%
Russell 2000 2,034 +0.19%
Country Indices
Canada 21,954 +0.36%
China 2,997 +0.08%
Germany 18,164 -0.69%
Hong Kong 17,769 +0.29%
India 79,441 -0.04%
Japan 40,075 +1.12%
United Kingdom 8,121 -0.56%
Name Value % Chg
Commodities (USD)
Gold 2,333.3999 -0.24%
Iron Ore 110.32 +2.15%
Copper 4.419 +0.02%
WTI Oil 82.81 -0.68%
AUD/USD 0.6666 +0.12%
Bitcoin (AUD) 92,818 -1.85%
Ethereum (AUD) 5,125 -1.09%
US 10 Yr T-bond 4.436 -0.96%
VIX 12.03 -1.55%

US Sectors

Wed 03 Jul 24, 8:30am (AEST)

Consumer Discretionary +1.81%
Financials +1.10%
Communication Services +0.84%
Consumer Staples +0.62%
Industrials +0.55%
Information Technology +0.54%
Utilities +0.44%
Real Estate +0.40%
Materials +0.16%
Energy -0.20%
Health Care -0.40%


S&P 500 intraday
S&P 500 rallies to close near best levels (Source: TradingView)


  • Major US benchmarks finished higher and near best levels, led by big tech – Tesla (+10.2%), Apple (+1.6%) and Amazon (+1.4%)

  • Breadth remains a concern – While the Nasdaq hit a fresh all-time high, only 51% of its constituents ticked higher and there were more new lows than new highs

  • US markets opened choppy but finished stronger amid several moving pieces – Bond yields stabilised following an 18 bp backup over the prior two sessions, Powell highlighted progress on inflation, stronger-than-expected US JOLTs and positive Q2 Tesla deliveries

  • Strategists debate what a Trump presidency would mean for Treasuries (Bloomberg)

  • Dotcom bubble memories haunt the AI-driven US stock market rally of 1H24 (Reuters)

  • French markets rebounded Monday but investors look beyond first round with focus on policy instability risk (Bloomberg)

  • OPEC oil production rises for second straight month driven by Iran and Nigeria (Reuters)


  • Tesla deliveries fall less than expected, down 5% in Q2 as price cuts helped offset cooling demand, China-made EV sales fell almost 25% year-on-year in June (Bloomberg)

  • GM Q2 deliveries best in three years and EV sales up 40% from last year (CNBC)

  • Robinhood reportedly considering offering crypto futures in US and Europe (Reuters)

  • Nvidia set to face anti-competitive allegations from French regulators (Reuters)

  • Amazon's international arm set to swing to an annual profit after years of losses (FT)


  • Powell welcomes recent data but seeks greater confidence that inflation is moving sustainably towards the 2% target before loosening policy (Bloomberg)

  • Fed's Goolsbee says with inflation on path to 2%, holding rates steady means policy tightening (Bloomberg)

  • ECB's Lagarde says services inflation doesn't need to be at 2% (4.1% in June) as manufacturing goods are below 2% (Bloomberg)

  • ECB Lagarde says more time needed to assess if inflation risks have passed (Bloomberg)

  • RBA weighed rate hike in June, saw stronger case to remain on hold (Bloomberg)


  • Democrat party leadership mulling early Biden nomination to shore up support though internal anger mounts(Bloomberg)

  • French parties scramble to block far-right path to power after election shock (FT)

  • UK PM Sunak issues new appeal to stop Labour super majority (FT)

  • June was busiest month for Houthi ship attacks so far this year (Bloomberg)


  • US job openings unexpectedly jump to 8.14m vs. 7.9 consensus in May, with government, durable goods and manufacturing reporting the biggest gains (Bloomberg)

  • Eurozone inflation slows to 2.5% as slowing energy and food prices were offset by persistently high services prices (FT)

  • South Korean inflation falls by more than expected to lowest since Jul-2023 (Bloomberg)

  • Private China data showed yearly sales declines for Chinese property developers continued to narrow in June (Bloomberg)

Industry ETFs

Wed 03 Jul 24, 8:29am (AEST)

Name Value % Chg
Silver 26.97 +0.45%
Gold Miners 34.02 +0.38%
Copper Miners 45.64 +0.37%
Steel 66.82 +0.19%
Lithium & Battery Tech 39.0 +0.05%
Strategic Metals 42.8 -0.40%
Uranium 28.9 -0.82%
Agriculture 23.97 +1.48%
Aerospace & Defense 132.53 +0.72%
Global Jets 19.46 +0.31%
Construction 66.43 +0.11%
Biotechnology 136.02 -0.69%
Name Value % Chg
Bitcoin 21.69 -2.08%
Solar 38.98 -0.66%
Hydrogen 25.59 -1.01%
CleanTech 7.79 -2.01%
Semiconductor 250.09 +1.41%
E-commerce 23.76 +1.32%
Video Games/eSports 66.67 +0.86%
FinTech 25.29 +0.60%
Electric Vehicles 23.61 +0.43%
Cybersecurity 29.65 +0.41%
Cloud Computing 19.78 +0.25%
Robotics & AI 30.79 +0.23%
Sports Betting/Gaming 16.92 -0.18%


  • ASX 200 set to log its first positive session for FY25 following a strong overnight lead, a bounce for value/cyclical pockets of the market and bond yield stabilisation

  • Relatively quiet session as far as overnight catalysts and current announcements are concerned

  • Ramelius Resources enters into four-year, $175m revolving debt facility (RMS)

  • Red Hill Minerals declares special DPS of $1.50 per share, record 10-Jul – This could be a banger as the special divvy represents a yield of 22.7% (RHI)


  • Coal: Most coal names continued to push higher on Tuesday following two incidents over the weekend (Anglo American's 3.5Mtpa Grosvenor met coal mine was halted after an underground gas ignition incident and a collision on the Blackwater rail line in Queensland – Grosvenor accounts for 1% of the ~350Mt global met coal export market and the rail incident could halt ~12% of global seaborne exports, according to Morgan Stanley). A name like Whitehaven is up 12% in the last two sessions.

  • Overnight winners/losers: Financials, resources (gold, copper) ticked higher overnight while biotech, uranium and lithium continued to trend lower


  • Deterra Royalties upgraded to Buy from Neutral but target cut to $4.70 from $5 (Goldman Sachs)

  • G8 Education upgraded to Outperform from Neutral; target up to $1.35 from $1.26 (Macquarie) 

  • Life360 initiated Buy with US$37 target (Stifel)

  • Light & Wonder initiated buy with $122 target (BofA)

  • Zip Co initiated positive with $1.81 target (E&P) 

Key Events

Companies trading ex-dividend: 

  • Wed 3 July: Graincorp (GNC) – $0.24

  • Thu 4 July: Clime Capital (CAM) – $0.014

  • Fri 5 July: None

  • Mon 8 July: Collins Foods (CKF) – $0.155

  • Tue 9 July: None

Other ASX corporate actions today: 

  • Dividends paid: Orica (ORI) – $0.19 

  • Listing: None

  • Earnings: None

  • AGMs: None

Economic calendar (AEST):

  • 9:00 am: Australia Ai Group Industry Index (Jun)

  • 11:30 am: Australia Retail Sales (May)

  • 12:00 am: US ISM Services PMI (Jun)

Written By

Kerry Sun

Content Strategist

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

Get the latest news and insights direct to your inbox

Subscribe free