The major indices all in the green and Nasdaq remains the best performer up 1.17%, followed by the S&P 500 up .95% and the Dow up .88%, which has gained 4% since the June 26 low.

The nonfarm payroll reports topped estimates 1.3 million.  Cyclical stocks tend to outperform when hiring increases.  This can be seen today as Energy, Materials and Industrials lead. Of the 11 S&P sectors, only Real Estate is in the red.

Breadth is decidedly positive today as advancers far outpace decliner and new 52-week highs continue their march upward.

Tesla has hit an all-time high today on the release of its Q2 deliveries.  Although the numbers of units sold were 90,650, they were 4.8% lower year over year. Nonetheless, in this Covid environment, that is a good numbers and investors are applauding and driving the stock up 8%.

On the economic front, the May Trade Balance report showed a steepening in the deficit to -$54.6 from a revised $49.8 billion from -$49.4 billion. Exports were -$6.6 billion and imports -$1.8 billion, and both declining in May.

New orders for manufactured goods rose 8.0% in May from April’s downwardly revised decline 13.5% from 13.0%. Economic activity from economies opening after the Covid-19 shutdown lead to new order activity.

We wish everyone a wonderful and safe holiday weekend.  The markets are closed tomorrow. Happy Independence Day America.  G-d bless.