The stock market began its trading day on Wall Street with a cautious approach, with the S&P 500 index, Dow Jones index, and Nasdaq technology index all opening up 0.1 percent. Yesterday, the S&P 500 closed at an all-time high of over 5,500 points with a p/e ratio of about 25.8 for the largest US companies. Despite this remarkable valuation level, the S&P 500 is still lower than its own history when it comes to valuations. In contrast, the OMXH25GI index in Helsinki is valued at a p/e factor of about 14.6.
One of the standout performers yesterday was electric car manufacturer Tesla, which exceeded analysts’ sales forecasts by more than 10 percent and led to a significant increase in the company’s share price during trading. Tesla opened Wednesday up 2.4 percent and continues to be one of the most valuable companies in the US stock market today.
In addition to Tesla’s strong performance, US economic data showed mixed results yesterday, with new claims for unemployment benefits totaling 238,000 and a trade balance of -75.1 billion dollars in May. However, there were also positive signs as 150,000 new private sector jobs were created in June. Today will bring more economic data from the United States including durable goods orders and factory order volumes which will give investors more insights into the current state of the economy. Additionally there are various surveys and feedback opportunities for different organizations and websites available on this day as well