The View from 5th Avenue – 2 July 2025

The S&P 500 notched a fresh all-time high today, with tech leading the charge. While Tesla remains the biggest laggard among the MAG7 in 2025 (Meta, by contrast, is up 23% YTD), the EV maker was the top gainer in the S&P 500 today despite reporting vehicle deliveries that missed consensus estimates. Sales fell 13% year-over-year, but the decline was smaller than feared, triggering a relief rally. On the macro front, private payrolls were the key data point, showing a surprise decline of 33K ver…

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