Market highs, automotive industry: Market Domination Overtime
On today's edition of Market Domination Overtime, Jared Blikre and Josh Lipton break down the market close and key stories from the June jobs report to the state of the auto industry. Friday's session marked across-the-board gains for all three of the major US indexes (^DJI, ^IXIC, ^GSPC). Meanwhile, the S&P 500 and Nasdaq Composite set new record highs to close out July's first trading week. State Street Global Markets macro multi-asset strategist Cayla Seder breaks down the markets' movement as June's jobs report marked the latest sign of economic cooling. She explains, "We have this kind of moderation that's going on... but the actual level is still quite strong. And so I think what that means is as we're assessing this data, we have to put some of this moderation into context. And so, yes, you have a headline figure in the NFP [nonfarm payroll] print today that was still above pre-COVID norms. But then you do see some signs of weakness underneath." Automakers continue to report sales growth, prompting investors to question whether this trend can persist into the second half of 2024. Cox Automotive executive analyst and senior director of economic and industry insights Erin Keatin calls the auto industry's performance "pretty good" in 2024 despite economic uncertainty that pointed to a potential slowdown. Addressing the electric vehicle (EV) sector, she notes that "a lot of the decline" in the EV market "is coming out of the Tesla (TSLA) share," noting Tesla's former position as the sole competitor in the market. Looking ahead, Keating tells Yahoo Finance that 'the automotive market will have to balance itself out." This post was written by Melanie Riehl
