Tech Stocks Boost US Market; Tesla Jumps Over 6%

**All three major stock indexes rose, with the Nasdaq up 0.83%;

**Mid-to-long-term U.S. Treasury yields hit a three-week high;

**Summer demand expectations combined with geopolitical factors helped international oil prices reach a two-month high.

U.S. stocks rose across the board on Monday, with technology stocks performing well, as investors await U.S. labor market data to be released later this week for clues on interest rate prospects. By the close, the Dow Jones Industrial Average rose 50.66 points, or 0.13%, to 39,169.52, the Nasdaq Composite gained 0.83% to 17,879.30, and the S&P 500 Index increased 0.27% to 5,475.09.

Market Overview

Data released by the Institute for Supply Management (ISM) on Monday showed that the manufacturing index fell to 48.5 in June, contracting for the third consecutive month, while the prices paid index dropped to a six-month low. ISM Manufacturing Business Survey Committee Chairman Timothy Fiore stated: "Demand is once again weak, and output is down. The deterioration in backlog and export orders further proves the weakness in demand for the industry."

New York Federal Reserve President John Williams said in a video of the Bank for International Settlements meeting made public on Monday: "I believe the Federal Reserve is consistently achieving the 2% inflation target."

Mid-to-long-term U.S. Treasury yields moved higher, with the two-year Treasury note closing at 4.77%, up 5.2 basis points, and the benchmark 10-year U.S. Treasury note at 4.48%, reaching a nearly three-week high.

Investors will focus on a plethora of economic data this week, including JOLTS job openings, ADP employment, factory orders, ISM services PMI, and the June non-farm report, with the Federal Reserve's meeting minutes also set to be released on Wednesday. According to the latest federal funds rate futures pricing, the market continues to bet on a Federal Reserve rate cut in September.

B Riley Wealth Chief Market Strategist Art Hogan stated: "As we begin the second half of the year, the market seems to be sailing with the wind. We appear to be gradually approaching the comfort level for a Federal Reserve rate cut, which could happen in September."However, Torsten Slok, Chief Economist at Apollo Global Management, believes that the "epic rise" in the stock prices of U.S. tech giants has far outpaced the growth of their profits, which may imply that the S&P 500 index appears more fragile. "This gap has never been so large, indicating that the market holds a record level of optimism for the future earnings of the top 10 companies in the index. In other words, the problem with the S&P 500 index is not only its high concentration but also that a small group of companies have reached a historical high in their optimism about future earnings."

On individual stocks, automotive manufacturer Tesla rose by 6.1%, with Wells Fargo adding Tesla's stock to its third-quarter "tactical list."

Apple rose by 2.9%, setting a new historical closing high. Oppenheimer raised its target price for Apple from $200 to $250, maintaining an "outperform" rating.

Nvidia rebounded from a low point, rising by 0.6%. Media reports, citing sources, that French regulators will file an antitrust lawsuit against Nvidia, making it the first enforcement agency globally to take antitrust action against the company.

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Boeing rose by 2.6%, with the company acquiring aircraft supplier Spirit AeroSystems in a $4.7 billion stock deal.

JPMorgan Chase rose by 1.6%, setting a new historical high. The largest U.S. bank increased its dividend from $1.15 to $1.25 per share last Friday. Its board also approved a new share repurchase of $30 billion, effective from July 1st.

International oil prices made a strong upward attack, with the market focusing on the prospects of summer consumption demand and developments in the Middle East. The near-month WTI crude oil contract rose by 2.26%,报价 at $83.38 per barrel, while the near-month Brent crude oil contract rose by 1.88%,报价 at $86.60 per barrel.

International gold prices fluctuated narrowly, with the COMEX gold futures for delivery in July at the New York Commodity Exchange falling by less than 0.1%,报价 at $2,327.60 per ounce.