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Today in the Market (6/30/2023)

Good Evening! On Friday, there was a notable increase in stock prices, marking the conclusion of a robust first half of the year. This positive trend was observed in light of additional indications of a slowdown in the Federal Reserve’s favored measure of inflation.

All three indexes finished Q2 on a positive note with the Nasdaq Composite finishing up 1.45%, the S&P 500 rising by 1.23%, and the Dow Jones increasing by 0.84%


Apple (AAPL) achieved a market valuation of $3 trillion, thus becoming the first publicly traded company to reach this milestone on two separate occasions. Even though it has hit $3 Trillion before, this is the first time a company has closed above it. The other time was back in January 2022 when AAPL hit it for the first time.

Was it because of the AI push? Actually no. The primary accomplishments of the company have been attributed to its adeptness in managing the supply chain disruptions resulting from the COVID-induced lockdowns in China, as well as the durability of its iPhone business. Additionally, the company has shown potential in venturing into the emerging market of augmented reality/virtual reality headsets with its Vision Pro product.

The achievement is a result of a highly successful in the first half of 2023 for technology stocks, which included a significant increase of 30% in the Nasdaq Composite and an impressive gain of over 45% in Apple stock.


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The stock price of Xpeng (9868.HK), a Chinese electric vehicle manufacturer, experienced a significant increase of approximately 15%. This surge in value coincided with the company’s introduction of a new electric vehicle (EV) that is priced nearly 20% lower than Tesla’s Model Y.

Why is this happening? The Chinese electric vehicle market is currently experiencing a highly competitive pricing competition, triggered by the significant reduction in prices by Tesla. This strategic move by Tesla aims to boost sales volume, as opposed to a strategy focused on achieving higher profit margins through lower vehicle production.

When did it all start? In May, BYD, which is widely regarded as Tesla’s most formidable rival in the Chinese market, implemented a 10% reduction in the price of its SEAL sedan. In June, NIO, an electric vehicle manufacturer, made a public statement regarding a reduction of $4,200 across all its vehicle models available in the Chinese market.

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