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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Tuesday, major U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 71 points (+0.20%) to 35,630, while the S&P 500 declined 12 points (-0.27%) to 4,576, and the Nasdaq 100 was down 38 points (-0.25%) to 15,718.

Top-performing stock sectors were capital goods (+0.62%), commercial & professional services (+0.31%), and insurance (+0.24%), while automobiles (-1.92%), telecom services (-1.41%), and utilities (-1.26%) stock sectors under-performed.

Arista Networks (ANET) surged 19.68%. The high-speed network provider reported better-than-expected quarterly earnings.

On the other hand, after posting quarterly results, ZoomInfo Technologies (ZI) slumped 26.98%, Uber Technologies (UBER) declined 5.68%, Norwegian Cruise Line (NCLH) fell 12.05%, and Carnival (CCL) dropped 4.51%.

Gap Inc (GPS) rose 3.11%, and American Eagle Outfitters (AEO) gained 4.27%. Both stocks were upgraded to "overweight" at Barclays.

In after-market hours, Advanced Micro Devices (AMD) gained 2% after posting higher-than-expected earnings and giving upbeat revenue forecast. Meanwhile, Starbucks (SBUX) declined 1%, and Pinterest (PINS) slid over 3%.

The U.S. 10-year Treasury yield rose 7.8 basis points to 4.037%.

Regarding U.S. economic data, the ISM manufacturing purchasing managers index posted at 46.4 for July (vs 48.0 expected).

European stocks closed lower. The DAX 40 fell 1.26%, the CAC 40 slid 1.22%, and the FTSE 100 was down 0.43%.

U.S. WTI crude futures retreated $0.43 to $81.37 a barrel.

Gold price sank $20 to $1,944 an ounce.

Market Wrap: Forex

AUD/USD plunged 104 pips to 0.6613, the biggest daily fall since March, after Australia's central bank kept its key rate unchanged at 4.10%, against wide expectations of a hike of 25 basis points.

Also, China's Caixin manufacturing purchasing managers index dropped to 49.2 in July (vs 50.1 expected).

EUR/USD eased 15 pips to 1.0982, and GBP/USD was down 61 pips to 1.2774.

USD/JPY jumped a further 105 pips to 143.34, the highest level since July 6.

USD/CHF gained 35 pips to 0.8754, and USD/CAD climbed 90 pips 1.3281.

Bitcoin saw volatile trading, sinking down to $28,480 before bouncing back to $29,490.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Wednesday, U.S. stocks fell, impacted by an unexpected downgrade of the U.S. credit rating by Fitch Ratings. The Dow Jones Industrial Average slid 348 points (-0.98%) to 35,282, the S&P 500 dropped 63 points (-1.38%) to 4,513, and the Nasdaq 100 slumped 347 points (-2.21%) to 15,370.

Fitch downgraded the U.S. rating to AA+ from AAA citing expected fiscal deterioration over the next three years.

The U.S. 10-year Treasury yield climbed 4.7 basis points to 4.070%.

The worst-performing sectors during the trading session were semiconductors (-4.22%), automobiles (-2.7%), and software & services (-2.48%).

Advanced Micro Devices (AMD) fell 7.02% despite facts that the chip maker posted higher-than-expected earnings and provided upbeat revenue forecast, and that the stock was upgraded to "buy" at Citi.

SolarEdge Technologies (SEDG) plunged 18.36%, and Virgin Galactic (SPCE) lost 4.35%. Both companies reported disappointing quarterly results.

On the other hand, with upbeat earnings reports, CVS Health (CVS) rose 3.33%, and Humana (HUM) gained 5.60%.

Regarding U.S. economic data, the ADP jobs report showed the economy added 324,000 private jobs in July (vs +210,000 expected).

European stocks also closed lower. The DAX 40 fell 1.36%, the CAC 40 dropped 1.26%, and the FTSE 100 was down 1.36%.

U.S. WTI crude futures declined $1.60 to $79.77 a barrel. The U.S. Energy Department reported a reduction of 17.05 million barrels in crude-oil stockpiles (vs -1.37 million barrels expected).

Gold price sank a further $9 to $1,935 an ounce.

Market Wrap: Forex

The U.S. dollar strengthened against other major currencies despite Fitch's U.S. credit rating downgrade. The dollar index climbed to 102.64.

EUR/USD fell 47 pips to 1.0937.

GBP/USD dropped 67 pips to 1.2710. Later today, the Bank of England is expected to raise its key rate by 25 basis points to 5.25%.

USD/JPY advanced a further 8 pips to 143.42.

AUD/USD sank a further 72 pips to 0.6541, the lowest close since May 31.

USD/CHF added 27 pips to 0.8780, and USD/CAD was up 67 pips to 1.3348.

Bitcoin once touched the key level of $30,000 before falling back to $29,130.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Thursday, major U.S. stock indexes closed lower for a second session. The Dow Jones Industrial Average fell 66 points (-0.19%) to 35,215, the S&P 500 dropped 11 points (-0.25%) to 4,501, and the Nasdaq 100 was down 17 points (-0.11%) to 15,353.

The US 10-year Treasury yield jumped a further 10.2 basis points to 4.179%.

Automobiles (+1.71%), energy (+0.95%), and banks (+0.55%) stock sectors posted gains, while utilities (-2.29%), real estate (-1.39%), and telecoms services (-1.00%) stock sectors lost the most.

Tesla (TSLA) rebounded 2.05% after declining for two days.

Clorox Company (CLX) gained 8.96%, as the cleaning-supplies producer's quarterly earnings exceeded expectations.

After reporting quarterly earnings, Expedia (EXPE) tumbled 16.38%, PayPal (PYPL) sank 12.32%, Qualcomm (QCOM) lost 8.18%, Robinhood Markets (HOOD) slid 7.23%, and Etsy (ETSY) plunged 13.69%.

Roku (ROKU), a video-streaming platform, fell 3.05% as the stock was downgraded to "neutral" at Citigroup.

In after-market hours, Apple (AAPL) declined 2%. The tech giant reported better-than-expected quarterly earnings, but its iPhone revenue failed to beat expectations.

Amazon.com (AMZN) jumped over 9% in after-market hours, as the mega-tech firm posted excellent quarterly results and provided an upbeat revenue guidance.

Regarding U.S. economic data, the Institute for Supply Management (ISM) services purchasing managers index declined to 52.7 in July (vs 52.0 expected). Factory orders rose 2.3% on month in June (vs +1.5% expected).

At the same time, the latest number of initial jobless claims climbed to 227,000 (vs 225,000 expected).

European stocks also closed lower. The DAX 40 fell 0.79%, the CAC 40 dropped 0.72%, and the FTSE 100 was down 0.43%.

U.S. WTI crude futures gained $2.30 to $81.83 a barrel.

Gold price was relatively flat at $1,934 an ounce.

Market Wrap: Forex

The U.S. dollar index was stable at 102.48.

GBP/USD was little changed at 1.2710. As widely-expected, the Bank of England raised its key rate by 25 basis points to 5.25%.

EUR/USD gained 11 pips to 1.0949. The Eurozone's data showed that producer-price decline widened to 3.4% on year in June (vs -3.2% expected).

USD/JPY retreated 83 pips to 142.49.

AUD/USD gained 13 pips to 0.6551. Australia's data showed that trade surplus amounted to A$11.32 billion in June (vs A$10.80 billion expected).

USD/CHF declined 32 pips to 0.8743, while USD/CAD was relatively flat at 1.3352.

Bitcoin showed a lack of momentum trading at levels around $29,200.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

Friday's trading session saw U.S. stocks closing lower for the third consecutive session. The Dow Jones Industrial Average fell 150 points (-0.43%) to 35,065, the S&P 500 dropped 23 points (-0.53%) to 4,478, and the Nasdaq 100 was down 78 points (-0.51%) to 15,274.

U.S. data showed that the economy added 187,000 nonfarm payrolls in July, slightly below an addition of 190,000 expected, while the jobless rate declined to 3.5% (vs 3.6% expected).

The U.S. 10-year Treasury Yield retreated 14.1 basis points to 4.034%.

The technology hardware & equipment (-4.07%), automobiles (-1.96%), and food & beverage (-1.25%) stock sectors led the market lower, while the retailing sector (4.29%) outperformed.

U.S. Stock Highlights:

- Amazon.com (AMZN), the world's largest online retailer and web services provider, impressed with a gain of 8.27% to $139.57, surpassing quarterly earnings and sales estimates, and offering strong sales guidance for the current quarter.

- Apple (AAPL), the consumer electronics giant, fell 4.8% to $181.99 as quarterly iPhone sales missed expectations, underperforming the Nasdaq 100.

- Booking Holdings (BKNG), a major online travel company, jumped 7.86% to $3063.16, exceeding quarterly earnings and sales estimates.

- DraftKings (DKNG), a sports betting company, surged 5.84% to $31.74 due to better-than-expected quarterly earnings.

- Dropbox (DBX), a smart workspace provider, traded 5.93% higher at $27.49 after beating expectations with quarterly earnings.

- Fortinet (FTNT), a cybersecurity firm, plunged 25.07% to $56.77 as current quarter sales guidance disappointed investors.

- Coinbase Global (COIN), a cryptocurrency exchange platform, declined 3.79% to $87.31 despite a narrower-than-anticipated quarterly loss.

European stocks ended higher. The DAX 40 rose 0.37%, the CAC 40 gained 0.75%, and the FTSE 100 was up 0.47%.

U.S. WTI crude Futures climbed $1.10 to $82.62 a barrel.

Gold price advanced $8 to $1,942 an ounce.

Market Wrap: Forex

The U.S. dollar softened against other major currencies after a relatively down-beat U.S. jobs report. The index fell to 102.02.

U.S. inflation data, also closely-watched by investors, will be released Thursday.

EUR/USD gained 58 pips to 1.1007. The Eurozone's retail sales shrank 0.3% on month in June (vs +0.4% expected).

Germany's factory orders grew 7.0% on month in June (vs +2.0% expected), while France's industrial production declined 0.9% on month in June (vs -0.5% expected).

GBP/USD rose 38 pips to 1.2747.

USD/JPY was down for a second session falling 81 pips to 141.77.

AUD/USD added 17 pips to 0.6568,

USD/CHF eased 13 pips to 0.8729.

USD/CAD increased 32 pips to 1.3385. Canada’s data showed that the jobless rate to 5.5% in July (vs 5.4% expected). Additionally, the July Ivey purchasing managers index posted at 48.6 (vs 49.7 expected).

Bitcoin spent Friday and the weekend trading within a tight range around $29,000.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Monday, U.S. stocks closed in positive territory. The Dow Jones Industrial Average jumped 407 points (1.16%) to 35,473, the biggest one-day gain since June 15. The S&P 500 rose 40 points (0.90%) to 4,518, and the Nasdaq 100 climbed 132 points (0.87%) to 15,407.

The U.S. 10-year Treasury yield rebounded 5.9 basis points to 4.093%.

Media (2.06%), consumer services (2.05%), and diversified financials (1.46%) stock sectors led the market higher, while technology hardware & equipment (-1.26%) and automobiles (-0.67%) sectors lagged behind.

U.S. Stock Highlights:

- Tesla (TSLA) declined 0.95% to $251.45. The electric-vehicle maker announced that Vaibhav Taneja will replace Zachary Kirkhorn as its finance chief.

- Apple (AAPL) fell 1.73% to $178.85 posting a five-session decline.

- Alphabet (GOOGL) rose 2.67% to $131.53.

- Berkshire Hathaway (BRK/B) climbed 3.60% to a record close of $362.58. The investment holding company under Warren Buffett reported an 8.2% on year surge in second-quarter operating profit to $10.04 billion.

- United Airlines (UAL) advanced 2.50% to $53.68.

- Boeing (BA) gained 2.98% to $238.25.

- Monster Beverage (MNST) jumped 6.13% to $58.49.

- Mercadolibre Inc (MELI) added 4.83% to $1,358.81.

- Booking Holdings (BKNG) was up 5.87% to $3,243.01.

European stocks closed mixed. The DAX 40 was little changed, the CAC 40 edged up 0.06%, and the FTSE 100 declined 0.13%.

U.S. WTI crude futures fell $0.88 to $81.94 a barrel.

Gold price slipped $6 to $1,936 an ounce.

Market Wrap: Forex

The U.S. dollar held up well against other major currencies, as Federal Reserve officials said additional interest-rate hikes are likely. The dollar index edged up to 102.10.

EUR/USD eased 4 pips to 1.1002. Germany's data showed that industrial production shrank 1.5% on month in June, worse than a reduction of 0.2% expected.

USD/JPY rebounded 70 pips to 142.46 halting a two-session decline.

GBP/USD rose 34 pips to 1.2783. The U.K. Halifax house price index dipped 0.3% on month in July (vs -0.6% expected).

AUD/USD added 5 pips to 0.6575. This morning, Australia's Westpac consumer confidence index declined slightly to 81.0 in August (vs 80.7 expected).

USD/CHF was little changed at 0.8729, while USD/CAD dipped 10 pips to 1.3369.

Bitcoin managed to hold at levels above $29,100.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Tuesday, U.S. stocks ended in negative territory, as sentiment was impacted by Moody's downgrading credit ratings of 10 small and mid-sized U.S. banks. The Dow Jones Industrial Average fell 158 points (0.45%) to 35,314, the S&P 500 dropped 19 points (0.42%) to 4,499, and the Nasdaq 100 was down 134 points (0.87%) to 15,273.

The U.S. 10-year Treasury yield retreated 6.7 basis points to 4.022%.

Semiconductors (-1.61%), health-care equipment & services (-1.32%), and insurance (-1.2%) stock sectors lost the most.

Moody's cut the credit ratings of 10 small and mid-sized U.S. banks, while placing some major banks, including Bank of New York Mellon (BK, -1.32% to $45.72), State Street (STT, -1.58% to $72.73) and U.S. Bancorp (USB, -0.27% to $40.23), under review for a potential downgraded.

Nvidia (NVDA) fell 1.66% to $446.64, Amazon.com (AMZN) dropped 1.60% to $139.94, Microsoft (MSFT) declined 1.23% to $326.05, and Tesla (TSLA) was down 0.70% to $249.70.

Meanwhile, Apple (AAPL) gained 0.53% to $179.80.

Eli Lilly (LLY) surged 14.87% to $521.60. The pharmaceutical developer raised its sales forecast.

Beyond Meat (BYND) plunged 14.27% to $13.10, and International Flavors & Fragrances (IFF) tumbled 19.37% to $64.78. Both companies posted lower-than-expected quarterly sales.

Palantir Technologies (PLTR) fell 5.28% to $17.04. The data mining company gave a down-beat full-year revenue forecast.

European stocks came under pressure after Italy's government introduced a one-off 40% windfall tax on local banks. The DAX 40 fell 1.10%, the CAC 40 dropped 0.69%, and the FTSE 100 was down 0.36%.

U.S. WTI crude futures gained $0.90 to $82.8 a barrel.

Gold price sank $11 to $1,925 an ounce.

Market Wrap: Forex

The U.S. dollar strengthened against other major currencies. The dollar index climbed to 102.55.

AUD/USD fell 32 pips to 0.6541. China -- Australia's biggest trading partner -- reported that exports dropped 14.5% on year in July (vs -14.0% expected), the biggest decline since the outset of the coronavirus pandemic in February 2020, and imports were down 12.4% (vs -5.2% expected).

Later today, China is expected to report that its inflation rate slipped into a deflation reading of negative -0.3% on year in July.

EUR/USD slid 46 pips to 1.0956, GBP/USD dropped 39 pips to 1.2745.

USD/JPY climbed 92 pips to 143.42, up for a second session.

USD/CHF gained 28 pips to 0.8756, and USD/CAD added 52 pips to 1.3422.

Bitcoin posted a strong run overnight, jumping up to $30,200 before retreating to $29,800.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Thursday, major U.S. stock indexes pared most of their gains seen earlier in the session to close slightly higher. The Dow Jones Industrial Average rose 52 points (+0.15%) to 35,176, the S&P 500 added 1 point (+0.03%) to 4,468, and the Nasdaq 100 was up 27 points (+0.18%) to 15,128.

U.S. data showed that the inflation rate ticked up to 3.2% on year in July, compared to 3.1% expected and 3.0% in June. The latest number of initial jobless claims increased to 248,000 (vs 229,000 expected).

Meanwhile, the U.S. 10-year Treasury yield rebounded 8.6 basis points to 4.094%.

Consumer services (+0.6%) and media (+0.45%) stock sectors ended higher, while consumer durables & apparel (-1.59%), capital goods (-0.45%), and semiconductors (-0.39%) sectors were under pressure.

Walt Disney (DIS) rose 4.88%. The entertainment and media giant posted better-than-expected quarterly earnings, and announced plans to raise prices of its Disney+ video-streaming services.

General Motors (GM) fell 5.79%, and Ford Motor (F) dropped 4.48%, as investors feared that demands from unions could send the car-makers' labor costs soaring.

Tapestry (TPR), the parent company of luxury clothing & accessories brand Coach, said it has agreed to acquire Capri Holdings (CPRI), the owner of brand Michael Kors, in an $8.5 billion deal. Tapestry's share price plunged 15.93%, while Capri Holdings surged 55.74%.

Alibaba (BABA) gained 4.60%, as the Chinese e-commerce giant's quarterly sales exceeded expectations.

European stocks also closed higher. The DAX 40 rose 0.91%, the CAC 40 climbed 1.52%, and the FTSE 100 was up 0.41%.

U.S. WTI crude futures retreated $1.50 to $82.88 a barrel.

Gold price declined $2 to $1,912 an ounce.

Market Wrap: Forex

The U.S. dollar held onto its recent strength. The dollar index climbed to 102.65.

USD/JPY jumped 105 pips to 144.78, the highest level since July 3.

EUR/USD added 7 pips to 1.0981.

GBP/USD dropped 42 pips to 1.2677. In the U.K., the Royal Institute of Chartered Surveyors house price index declined to -53% in July (vs -48% expected).

AUD/USD edged down 6 pips to 0.6522.

USD/CHF dipped 5 pips to 0.8768, while USD/CAD rose 23 pips to 1.3442.

Bitcoin traded slightly lower to $29,440.