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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Wednesday, U.S. stocks closed mixed after a choppy trading session. The Dow Jones Industrial Average fell 232 points (-0.68%) to 33,979, while the S&P 500 added 3 points (+0.08%) to 4,372, and the Nasdaq 100 rose 104 points (+0.70%) to 15,005.

As widely expected, the Federal Reserve kept its key interest rates unchanged at 5.00% - 5.25% after 10 consecutive interest-rate increases.

However, the central bank projected another two 25-basis-point rate hikes before the end of the year.

The U.S. 10-year Treasury yield dropped 1.9 basis points to 3.794%.

Semiconductors (+2.72%), consumer durables & apparel (+2.08%), and transportation (+1.49%) stock sectors gained the most, while health-care equipment & services (-1.8%), banks (-1.17%), and energy (-1.12%) sectors came under pressure.

Nvidia (NVDA) jumped 4.81% to a record close of $429.97.

Advanced Micro Devices (AMD) gained 2.25%. The chip maker unveiled its new artificial intelligence (AI) chip.

Also, Broadcom (AVGO) rose 4.12%, and Intel (INTC) climbed 4.92%.

Microsoft (MSFT) added 0.91% after a U.S. judge temporarily blocked the software giant's acquisition of video game maker Activision Blizzard.

Tesla (TSLA) slipped 0.74% halting a thirteen-session winning streak.

UnitedHealth (UNH) fell 6.4%. The chief finance officer of the private health insurer warned investors of rising healthcare costs.

Also, CVS Health (CVS) dropped 7.76%, and Humana (HUM) plunged 11.24%.

U.S. data showed that producer-price growth slowed to 1.1% on year in May (vs 2.1% expected).

European stocks also closed higher. The DAX 40 rose 0.49%, the CAC 40 climbed 0.52%, and the FTSE 100 was up 0.10%.

U.S. WTI crude futures declined $0.70 to $68.70 a barrel. The U.S. Energy Department reported an addition of 7.92 million barrels in crude-oil stockpiles (vs a reduction of 0.51 million barrels expected).

Gold price was little changed at $1,943 an ounce.

Market Wrap: Forex

The U.S. dollar retreated against other major currencies after the Federal Reserve paused its interest-rate hikes. The dollar index fell to 103.00.

EUR/USD gained 40 pips to 1.0833. The Eurozone's data showed that industrial production grew 1.0% on month in April (vs 1.9% expected).

USD/JPY dropped 24 pips to 139.98. This morning, Japan's data showed that trade deficit widened to 1.37 trillion yen in May with exports growing 0.6% on year (vs -1.1% expected).

Also, machinery orders increased 5.5% on month in April (vs +2.2% expected).

GBP/USD climbed 49 pips to 1.2661. U.K. data showed that gross domestic product grew 0.2% on month in April (as expected), while industrial production declined 0.3% (vs +0.1% expected).

NZD/USD gained 61 pips to 0.6211. This morning, New Zealand's data showed gross domestic product (GDP) shrank 0.1% on quarter in the first quarter (as expected). With two consecutive quarters of negative growth, the country is now in a technical recession.

AUD/USD rose 28 pips to 0.6795.

USD/CHF declined 41 pips to 0.9011, while USD/CAD edged up 8 pips to 1.3326.

Bitcoin slid over 3% to test the support at the $25,000 level.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Thursday, U.S. stocks posted further gains pushing the S&P 500 (+53 points or 1.22% to 4,425) and the Nasdaq 100 (+179 points or +1.20% to 15,185) to their highest closes since April 2022. The Dow Jones Industrial Average rose 428 points (+1.26%) to 34,408.

The U.S. 10-year Treasury yield retreated 7 basis points to 3.717%.

Software & services (+2.69%), telecoms services (+2.1%), and transportation (+1.72%) stock sectors led the market higher.

Microsoft (MSFT) rose 3.19%. During the session, the software giant marked an all-time intraday high of $349.84.

Apple (AAPL) gained 1.12%. The tech giant also touched an all-time intraday high of $186.52.

On the other hand, Nvidia (NVDA) retreated 0.80% from its record closing level of $429.97 achieved Wednesday.

Tesla (TSLA) slipped a further 0.35% after halting a thirteen-session winning streak Wednesday.

Lennar (LEN) advanced 4.41%. The largest homebuilder in the U.S. reported better-than-expected second-quarter results and raised its full-year home-delivery guidance.

U.S.-listed shares of Chinese companies posted further gains. Alibaba (BABA) jumped 3.18%, JD.com (JD) rose 3.42%, Baidu (BIDU) climbed up 1.02%, and Tencent (TCEHY) was up 1.13%.

Regarding U.S. economic data, retail sales grew 0.3% on month in May (vs +0.2% expected), while industrial production shrank 0.2% (vs +0.2% expected).

Import prices fell 0.6% on month in May (vs -0.4% expected).

The latest number of initial jobless claims was stable at 262,000 (vs 275,000 expected).

The New York State manufacturing index bounced to 6.6 in June (vs -15.0 expected), while the Philadelphia Fed manufacturing index dropped to -13.7 (vs -13.0 expected).

European stocks closed mixed. The DAX 40 fell 0.13%, and the CAC 40 dropped 0.51%, while the FTSE 100 gained 0.34%.

U.S. WTI crude futures rebounded $2.40 to $70.63 a barrel.

Gold price rose $15 to $1,958 an ounce.

Market Wrap: Forex

The U.S. dollar weakened against other major currencies. The dollar index fell to 102.12.

EUR/USD jumped 118 pips to 1.0948 after the European Central Bank (ECB) raised its key interest rate by 25 basis points to 3.5%, the highest level in 22 years. ECB President Christine Lagarde said: "We are not thinking about pausing."

USD/JPY gained 16 pips to 140.25. The Bank of Japan is widely expected to keep its key interest rate at negative -0.100% later today.

GBP/USD surged 120 pips to 1.2784.

AUD/USD climbed 91 pips to 0.6887. Australia's data showed that the economy added 75,900 jobs in May (vs +37,000 jobs expected) and the jobless rate fell to 3.6% (vs 3.7% expected).

USD/CHF dropped 97 pips to 0.8913.

USD/CAD tumbled 108 pips to 1.3216. Canada's data showed that the number of housing starts fell to 202,500 in May (vs 219,000 expected).

Bitcoin was steady at $25,500.

 

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Recent Payout

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Friday, U.S. stocks paused their recent rally. The Dow Jones Industrial Average fell 108 points (-0.32%) to 34,299, the S&P 500 dropped 16 points (-0.37%) to 4,409, and the Nasdaq 100 slid 101 points (-0.67%) to 15,083.

Software & services (-1.24%), media (-1.10%), and food & staples retailing (-1.05%) stock sectors led the market lower, while automobiles (+1.48%) and household & personal products (+0.94%) stock sectors posted gains.

Tesla (TSLA) gained 1.81%, while Microsoft (MSFT) fell 1.66%, Alphabet (GOOGL) dropped 1.25%, and Apple (AAPL) was down 0.59%.

Amazon.com (AMZN) fell 1.27%, while iRobot (IRBT), the maker of robot vacuum "Roomba", surged 21.20%. The U.K. Competition and Markets Authority (CMA) approved Amazon.com's planned $1.7 billion acquisition of iRobot.

Intel (INTC) rose 1.54%. The chip maker announced a $4.6 billion investment plan to build a semiconductor plant in Poland.

Micron Technology (MU) dropped 1.69%. The chip maker said it would invest over $600 million in upgrading its chip packaging and testing equipment at its factory in the Chinese city of Xi'an. And Bloomberg reported that the company would invest $1 billion for a semiconductor packaging factory in India.

Nvidia (NVDA) edged up 0.09%, while Advanced Micro Devices (AMD) fell 3.35%. Wall Street firm Morgan Stanley said Nvidia has replaced Advanced Micro Devices as its top pick in the U.S. semiconductor sector.

Regarding U.S. economic data. The University of Michigan consumer sentiment index rose to 63.9 in June (vs 60.8 expected, 59.2 in May).

The U.S. 10-year Treasury yield climbed 4.9 basis points to 3.765%.

European stocks closed higher. The DAX 40 rose 0.41%, the CAC 40 gained 1.34%, and the FTSE 100 was up 0.19%.

U.S. WTI crude futures increased $1.10 to $71.68 a barrel.

Gold price was little changed at $1,956 an ounce.

U.S. markets will be closed on Monday for the Juneteenth holiday.

Market Wrap: Forex

The U.S. dollar stabilized against other major currencies. The dollar index climbed to 102.31.

EUR/USD dipped 6 pips to 1.0939.

USD/JPY jumped 157 pips (+1.12%) to 141.86, a six-month high. The Bank of Japan kept its key interest rate unchanged at negative level of -0.10%. The central bank said core inflation rate is likely to decelerate towards the middle of fiscal 2023.

EUR/JPY hit a fresh 15-year high of 155.26.

GBP/USD gained 41 pips to 1.2825. The Bank of England is expected to hike its key interest rate by 25 basis points to 4.75% on Thursday.

AUD/USD dipped 9 pips to 0.6876.

USD/CHF rose 24 pips to 0.8942, while USD/CAD touched a 9-month low of 1.3177 before closing at 1.3193.

Over the weekend, Bitcoin climbed back to level around $26,700.

 

[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

U.S. markets were closed on Monday for the Juneteenth holiday.

This morning, futures of major U.S. stock indexes declined slightly.

Investors will be watching closely U.S. Federal Reserve Chair Jerome Powell's congressional testimony to be delivered on Wednesday and Thursday.

European stocks were lower at the close. The Dax 40 fell 0.96%, while the Cac 40 slid 1.01% and the FTSE 100 declined 0.71%.

U.S. crude futures fell $0.49 to $71.29 a barrel, and Brent crude settled $0.48 lower at $76.13 a barrel. Investors were concerned about China's weak economic growth.

Gold declined $7 to $1,950 an ounce.

Market Wrap: Forex

The U.S. dollar kept its strength against other major currencies. The dollar index climbed to 102.52.

EUR/USD fell 18 pips to 1.0919.

USD/JPY gained 15 pips to 141.97.

GBP/USD dropped 38 pips to 1.2779. U.K. house prices remained stable in June after rising 1.8% in May, according to online property agency Rightmove.

AUD/USD declined 29 pips to 0.6846.

USD/CHF rose 22 pips to 0.8960.

USD/CAD added 13 pips to 1.3213. Canada's data showed that producer prices fell 6.3% on year in May (vs -4.0% expected), the sharpest fall since October 2009.

Bitcoin advanced further striking $27,000 on the upside. Bitcoin investors are cheered up by the fact that BlackRock, the world’s biggest asset manager, applied to the U.S. Securities and Exchange Commission (SEC) for the formation of a spot Bitcoin exchange-traded fund (ETF). Meanwhile, market rumors suggest that Fidelity, the world’s third-largest asset manager, may also file for forming a Bitcoin spot ETF.

 

[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Tuesday, U.S. stocks closed lower. The Dow Jones Industrial Average fell 245 points (-0.72%) to 34,053, the S&P 500 dropped 20 points (-0.47%) to 4,388, and the Nasdaq 100 was down 13 points (-0.09%) to 15,070.

U.S. data showed that the number of housing starts jumped 21.7% on month to an annualized rate of 1.63 million units in May, the highest level since April 2022.

U.S. Federal Reserve Chair Jerome Powell will give a testimony before the House of Representatives later today.

The U.S. 10-year Treasury yield retreated 4.4 basis points to 3.717%.

Energy (-2.29%), telecoms services (-1.33%), and materials (-1.26%) stock sectors lost the most in the session.

SolarEdge Technologies (SEDG), a solar-power solution provider, slid 7.71% posting the biggest loss among S&P 500 constituents.

Alibaba Group (BABA) fell 4.53%. The Chinese e-commerce giant announced a surprise shakeup appointing a new chairman and a new chief executive.

JD.com (JD) lost 6.73%.

On the other hand, Tesla (TSLA) gained 5.34%. Rival electric-vehicle maker Rivian Automotive (RIVN) announced plans to use Tesla's Supercharger standard. Rivian's share price rose 5.51%.

Nvidia (NVDA) rose 2.61% to $438.08, a fresh record close.

PayPal (PYPL) climbed 3.70% after investment firm KKR & Co agreed to buy up to $44 billion worth of the online payment firm's buy-now-pay-later loans.

Thanks to rising Bitcoin price, crypto-related stocks outperformed the market. Marathon Digital (MARA) surged 17.43%, Riot Platforms (RIOT) jumped 8.17%, MicroStrategy (MSTR) rose 6.82%, and Coinbase Global (COIN) was up 2.70%.

European stocks also closed lower. The DAX fell 0.55%, the CAC 40 dropped 0.27%, and the FTSE 100 was down 0.25%.

U.S. WTI crude futures declined $1.10 to $70.85 a barrel.

Gold price was little changed at $1,936 an ounce.

Market Wrap: Forex

The U.S. dollar index was flat at 102.53.

EUR/USD dipped 5 pips to 1.0916. Germany's data showed that producer-price growth slowed further to 1.0% on year in May (vs 1.8% expected).

USD/JPY ran up to 142.25, the highest level since November 2022, before coming down to 141.45. Seeing the yen's persistent weakness, Japanese Finance Minister Shunichi Suzuki warned of taking forex-policy action in case it is necessary.

GBP/USD fell 29 pips to 1.2763, and AUD/USD dropped 64 pips to 0.6787.

USD/CHF jumped 22 pips to 0.8979, and the USD/CAD gained 24 pips to 1.3234.

Bitcoin bounced over 5% to $28,300. EDX Markets, a new crypto exchange backed by Fidelity, Charles Schwab and Citadel Securities, has launched its operations in the U.S.

 

[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Wednesday, major U.S. stock indexes closed lower, dragged by technology shares. The Nasdaq 100 fell 202 points (-1.35%) to 14,867, the S&P 500 dropped 23 points (-0.52%) to 4,365, and the Dow Jones Industrial Average was down 102 points (-0.30%) to 33,951.

While giving a testimony before the U.S. House of Representatives, Federal Reserve Chair Jerome Powell hinted at the likelihood of further interest-rate hikes for bringing inflation back down the central bank's 2% target. This dampened market sentiment.

The U.S. 10-year Treasury yield was little changed at 3.723%.

Automobiles (-4.72%), semiconductors (-2.37%), and media (-1.51%) stock sectors lost the most in the session.

Tesla (TSLA) slid 5.46% to $259.46, giving back all the gain made in the prior session and some.

Intel (INTC) fell 6.00%. The chip maker said it agreed to sell its minority stake in its IMS Nanofabrication business to Bain Capital for about $4.3 billion.

Advanced Micro Devices (AMD) dropped 5.73%, and Nvidia (NVDA) declined 1.74%.

Amazon.com (AMZN) dipped 0.76%. The U.S. Federal Trade Commission has sued the world's largest online retailer, accusing it of misleading customers into signing up for its Prime service and making it difficult to cancel.

FedEx (FDX) declined 2.51%. The company provided a lower-than-expected full-year earnings guidance.

Dollar Tree (DLTR) rose 4.56% after the discount-store operator's management revealed growth strategies.

European stocks also closed lower. The DAX 40 fell 0.55%, the CAC 40 dropped 0.46%, and the FTSE 100 was down 0.13%.

U.S. WTI crude futures rose $1.40 to $72.57 a barrel.

Gold price dropped $3 to $1,932 an ounce.

Market Wrap: Forex

The U.S. dollar weakened against other major currencies. The dollar index declined to 102.06.

EUR/USD gained 72 pips to 1.099.

USD/JPY climbed 38 pips to 141.85.

GBP/USD was little changed at 1.2767. U.K. data showed that the inflation rate remained unchanged at 8.7% on year in May (vs 8.5% expected). Later today, the Bank of England is expected to raise its key interest rate by 25 basis points to 4.75%.

AUD/USD added 12 pips to 0.6797.

USD/CHF fell 51 pips to 0.8928, and USD/CAD dropped 71 pips to 1.3164.

Bitcoin surged over 6% up to $30,800, the highest level since April.

 

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Recent Payout

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Friday, U.S. stocks closed under pressure after the S&P 500 declined 33 points (-0.77%) to 4,348, the Nasdaq 100 dropped 150 points (-1.00%) to 14,891 and the Dow Jones Industrial Average fell 219 points (-0.65%) to 33,727.

The Automobiles & Components (-2.73%), Semiconductors & Semiconductor Equipment (-1.77%), and Utilities (-1.51%) sectors underperformed the most.

On the equity front, Tesla (TSLA), the electric-vehicle maker, lost 3.03% after it was downgraded to "sell" from "buy" at DZ Bank, while Under Armour (UAA), the athletic apparel company, declined 2.86% as it was downgraded to "equal-weight" from "overweight" at Wells Fargo.

In earnings news, Accenture (ACN), a leading global professional services company, dropped 2.87% after issuing a disappointing sales growth forecast, while CarMax (KMX), a car and light truck retail chain, jumped 10.07% after topping first-quarter earnings per share expectations.

On the economic data front, the S&P Global Manufacturing Purchasing Manager Index was reported at 46.3, below 48.7 initially expected, while the Services PMI was released at 54.1, above 53.0 estimated.

The U.S. 10-year treasury yield dropped 6 basis points to 3.735%.

European stocks were broadly lower. The Dax 40 fell 0.99%, the Cac 40 slid 0.55% and the FTSE 100 dropped 0.54%.

WTI crude futures slipped 0.5% to $69.16.

Spot gold was up $5.9 to $1,920.

Market Wrap: Forex

The U.S. dollar index gained 0.5% to 102.88.

EUR/USD fell 63 pips to 1.0893. In Europe, manufacturing purchasing managers index for the eurozone, Germany and France fell to their lowest level in more than a year in June and below expectations. The eurozone declined to 43.6, the German one slid to 41.0, and France to 45.7.

GBP/USD dipped 31 pips to 1.2717. The U.K. manufacturing purchasing managers index slipped to 46.2 in June, slightly below 46.5 expected. Meanwhile, retail sales rose by 0.3% on month in May, compared with a decline of 0.3% expected.

USD/JPY jumped 65 pips to 143.76 and USD/CHF rose 22 pips to 0.8970.

AUD/USD dropped 77 pips to 0.6679, while USD/CAD added 34 pips to 1.3185.

Bitcoin advanced 2.6% to $30,884.

 

[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Monday, U.S. stocks closed under pressure after the S&P 500 fell 19 points (-0.45%) to 4,328, the Nasdaq 100 slid 202 points (-1.36%) to 14,689 and the Dow Jones Industrial Average dropped 12 points (-0.04%) to 33,714.

The Automobiles & Components (-4.88%), Media (-2.29%), and Software & Services (-1.37%) sectors dropped the most, while the Real Estate (+2.31%), Energy (+1.71%), and Telecommunication Services (+1.48%) sectors outperformed.

On the equity front, Tesla (TSLA), the electric-vehicle maker, fell 6.06% after the stock was downgraded to "neutral" from "buy" at Goldman Sachs, while Alphabet (GOOGL), Google's holding company, slipped 3.27% as it was downgraded to "neutral" from "buy" at UBS.

Snowflake (SNOW), a software solutions provider, declined 4.72% after expanding partnership with Microsoft to enhance generative AI models, data governance, application development, and field collaborations. Additionally, Snowflake will increase its Azure spend commit. Microsoft (MSFT), the software development company, fell 1.92% following the news.

Meanwhile, Carnival (CCL), the world's largest cruise company, dropped 7.59% on third-quarter adjusted Ebitda forecast between 2.05-2.15 billion dollars, against 2.09 billion dollars initially estimated.

Finally, Lucid Group (LCID), the electric automotive company, rose 1.46% after it entered a long-term strategic technology partnership with Aston Martin for the integration and supply of Lucid's state-of-the-art electric vehicle powertrain and battery systems in contracts worth in excess of 450 million dollars.

On the U.S. economic data front, the Dallas Fed Manufacturing Index improved to -23.2 in June, against -27.0 forecasted and -29.1 reported in May.

The U.S. 10-year Treasury Yield dropped 1.7 basis points to 3.717%.

European stocks were mixed as the Dax 40 fell 0.11% and the FTSE 100 slid 0.11%, while the Cac 40 rose 0.29%.

WTI Crude Futures rebounded 0.3% to $69.37.

Spot gold was up $2 to $1,923.

Market Wrap: Forex

The U.S. dollar index fell 0.1% to 102.77. The U.S. Conference Board consumer confidence index, due later in the day, is anticipated to climb to 103.0 in June.

EUR/USD rose 11 pips to 1.0905. In Europe, the German IFO Business Climate Index fell to 88.5 in June, its lowest level this year, against 91.1 expected and 91.5 in May.

GBP/USD slipped 3 pips to 1.2711.

USD/JPY dropped 19 pips to 143.51 and USD/CHF fell 13 pips to 0.8957.

AUD/USD was down 5 pips to 0.6675.

USD/CAD lost 27 pips to 1.3156. Canada's manufacturing sales grew 0.8% on month in May, above 0.1% expected, and wholesale sales rose 3.5%, above 0.5% estimated. Later today, Canada's consumer price growth is expected to slow to 3.6% on year in May.

Bitcoin traded lower to $30,202.