The Late Morning Rundown: July 2, 2024
Stocks are marginally mixed this morning, with the S&P 500 and NASDAQ trending slightly higher, with the Dow down roughly about 30 to 40 points. Treasury yields eased a bit after Fed Chair Jerome Powell said at a central banking forum in Portugal that progress had been made in bringing down inflation. But Powell did reiterate the Federal Reserve was not yet ready to cut interest rates. General Motors reported its best quarterly sales and more than three years, including notable increases in full size pickup trucks and electric vehicles. The Detroit automaker on Tuesday also reported sales of 696,086 for the second quarter, up about 6/10 of a percent from a year ago and its highest quarterly units sold since the fourth quarter of 2020. Its EV deliveries increased 40% compared to the same time last year. Still though, EVs made-up only three-point 2% of its total second quarter sales. Chewy shares fell another 4% Tuesday, following a near 7% sell off in yesterday's session. It's volatile trading is partly due to an SEC filing that showed meme stock trader Roaring Kitty took a 6 1/2% stake in the pet food e-commerce retailer, also affecting the stock sales of stock from private equity firm BC Partners. That's Chuy's largest shareholder. Trading volume is likely to be muted this week. The NYSE will close early tomorrow and will be shut Thursday for the 4th of July Independence Day holiday. For CNBC Business news, I'm Dominic Chu.