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[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

Following newly released jobs data, U.S. stocks finished under pressure on Friday after a strong rally during the morning part of the session that was quickly subsided in afternoon trading. The S&P 500 fell 12 points (-0.29%) to 4,398, the Nasdaq 100 declined 52 points (-0.35%) to 15,036 and the Dow Jones slid 187 points (-0.55%) to 33,734.

The Energy (+2.06%) and Banks (+0.97%) sectors were the top performers, while the Telecommunication Services (-2.04%) and Household & Personal Products (-1.86%) sectors underperformed the most.

Alibaba (BABA), the e-commerce giant, rose 8.00% as China's central bank announced a 71.23 billion yuan fine for the company's Ant Group, potentially signaling an end to the fintech sector rectification.

On the other hand, Levi Strauss & Co (LEVI), a designer and seller of a variety of clothing products, sank 7.73% after cutting full-year earnings guidance.

Humana (HUM), a health insurance provider, fell 2.46% as it was downgraded to "neutral" from "overweight" at JPMorgan. Also, Rivian Automotive (RIVN), the automotive technology company, surged 14.25% after the stock's price target was raised to $30 from $25 at Wedbush.

On the U.S. economic data front, nonfarm payrolls were released at 209,000 for June, against an expected increase of 250,000, while the unemployment rate fell to 3.6% in June, compared with 3.7% forecasted and 3.7% reported in May.

The U.S. 10-year Treasury Yield climbed 3.3 basis points to 4.062%.

The closing bell on Friday also saw European stocks closing mostly higher. The Dax 40 rose 0.48% and the Cac 40 gained 0.42%, while the FTSE 100 was down 0.32%.

WTI Crude Futures rose $2.06 to $73.86.

Spot Gold gained $14 to $1,925.

Market Wrap: Forex

The U.S. dollar index dropped 0.9% to 102.27, amid lower-than-expected nonfarm payrolls growth in June.

EUR/USD gained 77 pips to 1.0966. German industrial production fell 0.2% on month in May as expected.

GBP/USD jumped 95 pips to 1.2835. U.K. house prices slipped 0.1% on month in June as expected, according to Halifax.

USD/JPY plunged 196 pips to 142.11 and USD/CHF slid 59 pips to 0.8893.

AUD/USD rose 63 pips to 0.6689, while USD/CAD declined 91 pips to 1.3277. Official data showed that the Canadian economy added 59,900 jobs in June, well above 5,000 estimated, while jobless rate climbed to 5.4% as expected, from 5.2% in May. Also, Canada's Ivey purchasing managers index dropped to 50.2 in June from 53.5 in May, below 52.3 anticipated.

Bitcoin traded lower to $30,295.

 

[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

Wrapping up Monday's session, U.S. indices closed with gains as market participants eagerly anticipate upcoming inflation data, which is set to be delivered on Wednesday. The S&P 500 rose 10 points (+0.24%) to 4,409, the Nasdaq 100 added 8 points (+0.06%) to 15,045 and the Dow Jones Industrial Average increased 209 points (+0.62%) to 33,944.

The Consumer Services (+2.1%) and Consumer Durables & Apparel (+1.92%) sectors demonstrated the strongest performance, while the Telecommunication Services (-1.75%) and Automobiles & Components (-1.38%) sectors lagged the most during the trading session.

Rivian Automotive (RIVN), the automotive technology company, rose 3.28%, extending its winning streak to a ninth consecutive session. Helen of Troy (HELE), designer and producer of various home products, jumped 18.49% after posting quarterly adjusted EPS and sales both above expectations.

Meanwhile, Meta Platforms (META), a social technology company, added 1.23% as CEO Mark Zuckerberg said 100 million users have signed up for the company's new social media platform.Icahn Enterprises LP (IEP) surged 20.2% as Carl Icahn amended his loan agreements and disconnected his personal loans from the price of the company's units, according to the Wall Street Journal.

On the other hand, Mercadolibre (MELI), a Latin American online trading site, fell 5.78% after the stock was downgraded to "neutral" from "buy" at Bank of America.

The U.S. 10-year Treasury Yield dropped 5.8 basis points to 4.004%.

European stocks closed on a positive note, as the Dax 40 gained 0.45%, the Cac 40 rose 0.45% and the FTSE 100 added 0.23%.

WTI Crude Futures retreated 1.2% to $72.99.

Spot Gold was broadly flat to $1,925.

Market Wrap: Forex

The U.S. dollar index dropped 0.3% to 101.96.

EUR/USD rose 33 pips to 1.1000. The eurozone Sentix investor confidence was released at -22.5 in July, against -17.9 expected and -17.0 reported in the prior period. Later today, Germany's ZEW economic sentiment index is expected to drop to -13.0 in July

GBP/USD gained 22 pips to 1.2861. The U.K. jobless rate, due later in the day, is expected to edge up to 3.9% in March-May period.

USD/JPY dropped 89 pips to 141.32 and USD/CHF slid 34 pips to 0.8853.

AUD/USD fell 13 pips to 0.6677 while USD/CAD climbed 5 pips to 1.3279.

Bitcoin traded higher to $30,944.

 

[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Tuesday, U.S. stocks closed in the green for the second time this week ahead of key inflation data. The S&P 500 rose 29 points (+0.67%) to 4,439, the Nasdaq 100 climbed 73 points (+0.49%) to 15,119 and the Dow Jones Industrial Average jumped 317 points (+0.93%) to 34,261.

The Energy (+2.2%), Banks (+1.53%), and Transportation (+1.41%) sectors were the top performers during the trading session.

Salesforce.com (CRM), a developer of business software, rose 3.93% as it will be increasing prices for various of its products and services in August. VMware (VMW), the cloud-computing company, gained 5.19% after the Financial Times reported that Broadcom's 61 billion dollars acquisition of the company will be approved by the European Union.

Meanwhile, Uber Technologies (UBER), the technology platform, advanced 3.69% following Bloomberg's report that CFO Nelson Chai is planning to leave the company. WD-40 Co (WDFC) soared 18.49% after reporting third-quarter EPS that topped expectations.

On the other hand, Eli Lilly (LLY), a developer and producer of pharmaceuticals, fell 3.04% as Prime Therapeutics reported that most patients taking weight-loss drugs stopped within a year, which could be linked to an increase in health care costs from the obesity treatments.

Also, Microsoft (MSFT), the software development company, gained 0.19% after winning its case against the FTC to proceed with the purchase of Activision Blizzard ahead of the July 18 deadline. Activision Blizzard (ATVI), one of the world's largest video game publishers, surged 10.02% following the news.

On the U.S. economic data front, the NFIB Business Optimism Index climbed to 91.0 in June, above 89.8 forecasted. Later today, Consumer Price Index growth is expected to ease to 3.2% on year in June.

The U.S. 10-year Treasury Yield slid 1.8 basis points to 3.976%.

European stocks were higher for a second consecutive session. The Dax 40 rose 0.75%, the Cac 40 climbed 1.07% and the FTSE 100 gained 0.12%.

WTI Crude Futures was up $1.84 to $74.83. The American Petroleum Institute reported that U.S. crude oil inventories increased 3.03 million barrels in the week ending July 7, above 0.2 million barrels expected.

Spot Gold was up $6 to $1,932.

Market Wrap: Forex

The U.S. dollar index fell 0.3% to 101.67, investors would watch closely the U.S. consumer inflation for June due later in the day.

EUR/USD gained 4 pips to 1.1005. Germany's ZEW Economic Sentiment Index was released at -14.7 in July, vs -13.0 expected, while the Current Conditions Sub Index was released at -59.5, vs -60.0 expected. Also, final readings of the Consumer Price Index was up 6.4% on year in June as expected.

GBP/USD rose 70 pips to a 15-month high at 1.2931. Official data showed that U.K. Average Weekly Earnings growth for the March-May period accelerated to 6.9% on year, above 6.7% estimated, while the Jobless Rate edged up to 4.0%, vs 3.9% expected.

USD/JPY dropped 95 pips to 140.36 and USD/CHF lost 57 pips to 0.8796.

Commodity-linked currencies were broadly steady. AUD/USD added 11 pips to 0.6686 and USD/CAD fell 46 pips to 1.3234, while NZD/USD was flat at 0.6209. Later today, the Reserve Bank of New Zealand is expected to keep its official cash rate unchanged at 5.50%, while the Bank of Canada is anticipated to raise its benchmark rate by 25 basis points to 5.00%.

Bitcoin traded lower to $30,616.

 

[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Wednesday, U.S. stocks closed higher as the inflation rate eased further to its lowest level in more two years. The Nasdaq 100 led all indices, climbing 188 points (+1.24%) to 15,307, while the S&P 500 rose 33 points (+0.75%) to 4,472. Meanwhile, the Dow Jones Industrial Average added 86 points (+0.25%) to 34,347.

The Semiconductors & Semiconductor Equipment (+2.37%) and Media (+1.72%) sectors were the top performers, while shares in the Health Care Equipment & Services (-0.89%) and Insurance (-0.48%) sectors underperformed the most.

Meta Platforms (META), a social technology company, rose 3.7% after the stock's price target was increased to $350 from $290 at Deutsche Bank. Nvidia (NVDA), a leading designer of graphics processors, rose 3.53% on Financial Times' report that it is in negotiations with Arm to become a reference investor in its planned IPO.

Meanwhile, Coty (COTY), the global beauty company, fell 3.46% after the Wall Street Journal reported that Kim Kardashian is in talks to buy back the minority stake of her beauty company, SKKN by Kim, that she had sold to Coty three years ago.

On the other hand, Jefferies Financial Group (JEF) rose 4.88% as it was upgraded to "equal-weight" from "underweight" at Morgan Stanley. DraftKings (DKNG), the sports betting company, gained 5.28% after it was upgraded to "buy" from "neutral" at Bank of America. Oppositely, Cisco Systems (CSCO) fell 2.65% after it was downgraded to "neutral" from "buy" at Bank of America.

On the U.S. economic data front, the consumer price index growth eased to 3.0% year over year in June, the lowest level since March 2021, against 3.2% expected and down from 4.0% reported in May.

The U.S. 10-year Treasury Yield dropped 11.3 basis points to 3.857%.

European stocks also finished in positive territory, marking three strong consecutive sessions. The Dax 40 rose 1.47%, the Cac 40 gained 1.57% and the FTSE 100 was jumped 1.83%.

WTI Crude Futures $0.92 to $75.75. The U.S. Energy Information Administration reported that, for the week ended 7 July, crude oil inventories increased 5.95 million barrels, more than 0.48 million barrels expected.

Gold was up $26 to $1,958.

Market Wrap: Forex

The U.S. dollar index dropped 1.2% to 100.54 as U.S. inflation slowed more than expected in June.

EUR/USD jumped 125 pips to 1.1134, the highest level since March last year, and GBP/USD rose 58 pips to 1.2991, a fresh 15-month high.

USD/JPY plunged 190 pips to 138.46, posting a 5-day decline, and USD/CHF slid 122 pips to its lowest level in more than eight years at 0.8673.

AUD/USD advanced 105 pips to 0.6791, while USD/CAD fell 45 pips to 1.3186. The Bank of Canada raised its benchmark rate by 25 basis points to 5.00% as expected, the highest level in 22 years.

Bitcoin traded lower to $30,279.