CNBC Daily Open: Tesla roars in a quiet market

Muted markets
Major U.S. indexes inched up fractionally Monday, successful a quiescent commencement to the 2nd fractional of the year. European markets mostly traded lower. The Stoxx 600 Index slipped 0.21%, dragged down by AstraZeneca's 8% driblet aft disappointing results from a proceedings of an experimental lung crab drug. However, Italy's FTSE MIB Index added 0.77% to deed a 52-week high.

Electrifying growth
Tesla shares popped 6.9% yesterday aft the institution reported a staggering 83% year-over-year maturation successful deliveries during the 2nd quarter. Other electrical conveyance makers are delivering the goods too, literally. Rivian shares jumped 17.4% aft the institution reported 12,640 deliveries during the 2nd quarter, up 59% from the erstwhile quarter. Xpeng, the Chinese electrical conveyance maker, climbed 4.17% aft it said it delivered 23,205 vehicles successful the 2nd quarter, its archetypal summation aft much than a twelvemonth of declines.

12 stars and a rising sun
The European Union wants to cooperate much intimately with Japan connected technologies similar artificial quality and semiconductor chips, said EU Commissioner Thierry Breton, who met the Japanese authorities yesterday. The EU's partnerships with Japan and different Asian countries, similar South Korea, are portion of the bloc's efforts to "de-risk" from China.

Flocking to bluer skies
Twitter rival Bluesky experienced "record-high traffic" Saturday aft Twitter temporarily limited the fig of posts users tin presumption per day. Elon Musk, Twitter's enforcement president and CTO, said the determination was due to the fact that of "extreme levels of information scraping." Bluesky is backed by Twitter co-founder Jack Dorsey and is inactive successful an invite-only beta phase.

[PRO] New precocious for the S&P 500?
Fundstrat laminitis Tom Lee thinks the S&P 500 tin deed 4,825 by the extremity of the year. That represents an 8% emergence from Monday's adjacent of 4,455.59 and a level that surpasses the erstwhile grounds of 4,821. Lee acknowledged his telephone is "aggressive," but pointed retired that since 1950, erstwhile the S&P gained implicit 10% successful the archetypal fractional and was little successful the erstwhile year, the median summation for the remainder of the twelvemonth was 12%.

Markets successful the U.S. closed aboriginal up of the Fourth of July holiday.

Just 32.8 cardinal shares of the SPDR S&P 500, an ETF that tracks the S&P index, were traded — acold beneath its 30-day mean of 85.3 cardinal and its lowest measurement since November. That was reflected successful the marginal moves indexes made. The S&P 500 precocious 0.12%, the Dow Jones Industrial Average was level and the Nasdaq Composite added 0.21%.

Still, 1 banal acceptable disconnected fireworks connected a quiescent day. Tesla shares popped 6.9% and helped thrust guardant different electrical conveyance stocks, specified arsenic Rivian, Fisker and Lucid.

"It was a jaw dropper," Wedbush Securities' Dan Ives said, referring to Tesla's blockbuster study connected its second-quarter deliveries. "Those terms cuts, that was the poker determination that they needed to marque to enactment an robust obstruction astir their instal base."

But Bernstein's Toni Sacconaghi Jr., a longtime carnivore connected the stock, expressed concerns implicit those terms cuts. "The cardinal question for investors is what mightiness margins be?" Sacconaghi said. "We interest that Tesla volition person to further little prices successful 2023 and/or 2024 to conscionable portion expectations."

U.S. markets volition beryllium closed contiguous arsenic traders observe Independence Day. On the agenda: barbecues. And portion not virtually connected the grill, broader indexes should person a sizzling July, if past is immoderate guide: CNBC's Robert Hum noted that since 2009, the period has been the champion of the twelvemonth for the S&P and Nasdaq, and the 2nd champion for the Dow.