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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Tuesday, following better-than-expected economic data, U.S. indices finished in positive territory. The Dow Jones Industrial Average snapped a 6-day losing streak, climbing 212 points (+0.63%) to 33,926, the S&P 500 rose 49 points (+1.15%) to 4,378 and the Nasdaq 100 gained 256 points (+1.75%) to 14,945.

The Automobiles & Components (+3.52%), Semiconductors & Semiconductor Equipment (+3.28%), and Consumer Durables & Apparel (+2.4%) sectors were the top performers.

Snowflake (SNOW), a software solutions provider, rose 4.23% and Nvidia (NVDA), a leading designer of graphics processors, gained 3.06% after announcing a team-up that will provide customers a way to build custom generative artificial intelligence applications more easily using their own data within a secure cloud environment.

Meanwhile, Meta Platforms (META), a social technology company, rose 3.08% as the co's price target was raised to 360 dollars from 315 dollars at Citi while Kellogg (K), a leading manufacturer of packaged food products, added 1.68% after the stock was upgraded to "buy" from "neutral" at Goldman Sachs.

Looking at earnings news, Walgreens Boots Alliance (WBA), a retail pharmacy chain, plunged 9.34% after slashing full-year adjusted EPS guidance. Oppositely, Delta Air Lines (DAL), one of the world's largest airlines, climbed 6.84% after raising full-year adjusted EPS guidance.

On the U.S. economic data front, durable goods orders rose 1.7% on month in May, against an expected decline of 0.9%, while the Conference Board Consumer Confidence Index increased to 109.7 in June, above 103.0 forecasted. Also, annualized new home sales in May came in at 763,000, well above 670,000 units expected.

The U.S. 10-year Treasury Yield rose 4.5 basis points to 3.766%.

European stocks were broadly higher as the Dax 40 gained 0.21%, the Cac 40 rose 0.43% and the FTSE 100 added 0.11%.

WTI Crude Futures was down 2.4% to $67.70.

Spot gold was down $9 to $1,914.

Market Wrap: Forex

The U.S. dollar index fell 0.2% to 102.50. Investors would keep an eye on the Federal Reserve chairman Jerome Powell's scheduled speech later in the day.

EUR/USD added 55 pips to 1.0961. The European Central Bank president Christine Lagarde said the central bank need to bring rates into "sufficiently restrictive" territory to lock in its policy tightening and ensure that hiking rates does not elicit expectations of a too-rapid policy reversal.

GBP/USD rose 36 pips to 1.2749.

USD/JPY gained 53 pips to 144.04, while USD/CHF dropped 24 pips to 0.8933.

AUD/USD climbed 13 pips to 0.6688.

USD/CAD increased 31 pips to 1.3186. Canada's consumer price index rose 3.4% on year in May, down from 4.4% in April and below 3.6% expected.

Bitcoin traded higher to $30,626.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Wednesday, major U.S. stock indexes were little changed. The Nasdaq 100 gained 18 points (+0.12%) to 14,964, while the S&P 500 dipped 1 point (-0.03%) to 4,377, and the Dow Jones Industrial Average was down 74 points (-0.22%) to 33,852.

U.S. Federal Reserve Chair Jerome Powell repeated his hawkish tone by pointing out that the central bank would likely raise interest rates further.

The U.S. 10-year Treasury yield dropped 5.2 basis points to 3.712%.

Automobiles & Components (+2.34%), energy (+1.02%), and media (+0.88%) stock sectors performed well, while utilities (-1.48%), food & beverage (-1.21%), and semiconductors (-1.16%) sectors lagged behind.

Apple (AAPL) rose 0.63% to a record close of $189.25.

Tesla (TSLA) climbed 2.41%, NetFlix (NFLX) advanced 3.06%, and Alphabet (GOOGL) was up 1.56%.

On the other hand, Nvidia (NVDA) fell 1.81% after the Wall Street Journal reported that U.S. authorities plans more curbs on exports of artificial intelligence (AI) chips to China.

Carnival (CCL) jumped 8.81% as Citi raised its target price of the cruise operator to $20.00.

Norwegian Cruise Line (NCLH) also climbed 7.55%.

General Mills (GIS) slid 5.17%. The packaged foods company posted lower-than-expected quarterly revenue.

European stocks closed higher. The DAX 40 rose 0.64%, the CAC 40 climbed 0.98%, and the FTSE 100 was up 0.52%.

U.S. WTI crude futures gained $1.40 to $69.14 a barrel. The U.S. Energy Department reported a reduction of 9.60 million barrels in crude-oil stockpiles (vs -1.76 million barrels expected).

Gold price dropped $4 to $1,909 an ounce.

Market Wrap: Forex

The U.S. dollar strengthened against other major currencies as Fed Chair Jerome Powell continued to show a aggressive stance on interest rates. The dollar index rose to 102.96.

EUR/USD fell 45 pips to 1.0916. Germany's GfK consumer confidence index fell to -25.4 for July (vs -23.0 expected). France's official consumer confidence index rose to 85 in June, the highest level in a year.

USD/JPY climbed to a fresh 7-month high of 144.61. Bank of Japan Governor Kazuo Ueda said the central bank is less confident over whether inflation would accelerate again after a period of moderation.

GBP/USD sank 111 pips to 1.2638, and AUD/USD dropped 85 pips to 0.6601.

USD/CHF added 31 pips to 0.8968, and USD/CAD was up 63 pips to 1.3255.

Bitcoin retreated nearly 2% to $30,100.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Thursday, major U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 269 points (+0.80%) to 34,122, the S&P 500 climbed 19 points (+0.45%) to 4,396, while the Nasdaq 100 declined 24 points (-0.16%) to 14,939.

Banks (+2.62%), insurance (+1.50%), and materials (+1.27%) stock sectors were the top performers, while media (-0.81%) and food & staples retailing (-0.47%) stock sectors lagged behind.

Bank stocks rallied as major banks passed the Federal Reserve's annual stress test. JPMorgan Chase (JPM) rose 3.49%, Bank of America (BAC) climbed 2.10%, and Wells Fargo (WFC) gained 4.51%.

Occidental Petroleum (OXY) added 1.84% after Berkshire Hathaway Inc (BRKA) reported a higher stake of over 25% in the energy company.

On the other hand, Micron Technology (MU) fell 4.09%, Intel (INTC) dropped 1.97%, and Nvidia (NVDA) was down 0.72%.

Uber Technologies (UBER) slid 3.75% on reports that the company's chief executive sold 100,000 shares in the company.

Stronger-than-expected economic data raised expectations that the Federal Reserve would keep interest rates higher for longer. The latest number of initial jobless claims fell to 239,000 (vs 266,000 expected).

First-quarter gross domestic product growth was confirmed at an annualized rate of 2.0% (vs +1.3% previously estimated).

The U.S. 10-year Treasury yield jumped 13.3 basis points to 3.840%.

European stocks closed mixed. The DAX 40 was flat, while the CAC 40 rose 0.36%, and the FTSE 100 was down 0.38%.

U.S. WTI crude futures rose $0.30 to $69.86 a barrel.

Gold was little changed at $1,908 an ounce.

Market Wrap: Forex

The U.S. dollar index rose to a two-week high of 103.35.

EUR/USD declined 46 pips to 1.0867. Germany's inflation rate remained stable at 6.4% on year in June (as expected).

USD/JPY climbed 32 pips to 144.80. This morning, Japan's data showed that the jobless rate remained stable at 2.6% in May (as expected), and industrial production declined 1.6% on month (vs +0.1% expected).

Tokyo's core inflation rate was steady at 3.2% on year in June (as expected).

GBP/USD lost 24 pips to 1.2610.

AUD/USD added 19 pips to 0.6619.

USD/CHF gained 26 pips to 0.8995, while USD/CAD dipped 9 pips to 1.3249.

Bitcoin remained firm gaining over 1% to $30,500.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Friday, U.S. stocks closed in the green after the S&P 500 rose 53 points (+1.22%) to 4,450, the Nasdaq 100 gained 239 points (+1.6%) to 15,179 and the Dow Jones Industrial Average climbed 285 points (+0.84%) to 34,407. Looking back at the performance of U.S. indices in the month of June, the S&P 500 gained 6.47%, the Dow Jones rose 4.56% and the Nasdaq 100 climbed 6.49%.

The Semiconductors & Semiconductor Equipment (+2.21%), Technology Hardware & Equipment (+2.11%), and Retailing (+1.58%) sectors were the top performers during the trading session.

Apple (AAPL), the consumer electronics company, rose 2.31% as it became the first company to close above a market capitalization of three trillion dollars. XPeng (XPEV), a Chinese producer of electric vehicles, surged 13.44% and outperformed the S&P 500 after unveiling its new G6 model. Meanwhile, Carnival (CCL), the world's largest cruise company, jumped 9.73% after it was upgraded to "buy" from "hold" at Jefferies.

Nike (NKE), the sportswear company, fell 2.65% as fourth-quarter EPS missed estimates and its outlook disappointed investors.

Over the weekend, Tesla (TSLA), an electric vehicle manufacturer, reported deliveries of 466,140 in the second quarter, above estimates.

On the U.S. economic data front, core personal consumption expenditures price index grew 0.3% in May, as expected, while personal spending rose 0.1% and personal income increased 0.4%, against +0.4% and +0.3% expected respectively. Also, the Chicago Purchasing Managers Index was posted at 41.5 for June, below 44.0 forecasted, while final readings of the Michigan Consumer Sentiment Index were posted at 64.4, above 63.9 anticipated.

The U.S. 10-year Treasury Yield dropped 1.1 basis points to 3.827%.

European stocks were broadly higher. The Dax 40 rose 1.26%, the Cac 40 gained 1.19% and the FTSE 100 climbed 0.80%.

WTI Crude Future added 1.1% to $70.64.

Spot gold was up $10 to $1,918.

Market Wrap: Forex

The U.S. dollar index fell 0.4% to 102.92.

EUR/USD added 45 pips to 1.0910. The eurozone's core consumer price index rose 5.4% on year in June, while jobless rate was stable at 6.5% in May, both as expected.

GBP/USD climbed 87 pips to 1.2700. U.K. first-quarter gross domestic product growth was unrevised at 0.1% on quarter as expected. Furthermore, according to Nationwide, house prices grew 0.1% on month in June, against -0.3% estimated.

USD/JPY dropped 46 pips to 144.3 andUSD/CHF slid 43 pips to 0.8952.

AUD/USD increased 45 pips to 0.6661, while USD/CAD dipped 5 pips to 1.3247. Canada's gross domestic product was flat on month, against an expected growth of 0.2%.

Bitcoin traded lower to $30,374.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Monday, U.S. stocks closed in the green following a shortened session ahead of the July 4th holiday. The S&P 500 rose 5 points (+0.12%) to 4,455, the Nasdaq 100 climbed 29 points (+0.19%) to 15,208 and the Dow Jones Industrial Average increased 10 points (+0.03%) to 34,418.

The Automobiles & Components (+5.84%), Banks (+1.47%), and Transportation (+1.03%) sectors were the top performers during the trading session.

Tesla (TSLA), the electric-vehicle maker, rose 6.9% after reporting deliveries of 466,140 vehicles in the second quarter, above estimates. Apple (AAPL), the consumer electronics company, fell 0.78% as it cut Vision Pro headset targets on production issues, according to the Financial Times. Meanwhile, Coinbase Global (COIN), a cryptocurrency exchange platform, jumped 11.71% after crypto-related stocks edged higher as Bitcoin traded above 30,000 dollars.

On the U.S. economic data front, the ISM Manufacturing Purchasing Managers Index fell to 46, below 48.0 expected, while construction spending grew 0.9% on month in May, above 0.6% anticipated. Meanwhile, final readings of the S&P Global Manufacturing Purchasing Managers Index for June was released at 46.3, as expected.

The U.S. 10-year Treasury Yield gained 2 basis points to 3.857%.

European stocks were broadly lower. The Dax 40 fell 0.41%, the Cac 40 slipped 0.18% and the FTSE 100 was down 0.06%.

WTI Crude Future dropped 1.2% to $69.79.

Spot gold was little changed at $1,921.

Market Wrap: Forex

The U.S. dollar index was broadly flat at 102.95.

EUR/USD gained 4 pips to 1.0913 while GBP/USD dropped 11 pips to 1.2692. Later today, Germany's trade surplus is estimated at 19.1 billion euros in May.

USD/JPY increased 36 pips to 144.67 and USD/CHF added 8 pips to 0.8964.

AUD/USD gained 11 pips to 0.6675. The Reserve Bank of Australia is expected to raise its benchmark rate by 25 basis points to 4.35% later in the day.

USD/CAD edged up 8 pips to 1.325.

Bitcoin traded higher to $31,030.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Tuesday, the U.S. stock market was closed for Independence Day.

Meanwhile, the U.S. Federal Reserve will release its latest FOMC meeting minutes later today, while factory orders are estimated to be up 1.5% on month in May.

European stocks were broadly lower. The Dax 40 fell 0.26% and the Cac 40 dropped 0.23% and the FTSE 100 was down 0.10%.

WTI Crude Future rose $1.4 to $71.23.

Spot gold was up $4 to $1,925.

Market Wrap: Forex

The U.S. dollar index was relatively stable at 103.00 amid thin holiday trading.

EUR/USD dropped 17 pips to 1.0895. Germany's trade surplus totaled 14.4 billion euros in May, compared with 19.1 billion euros expected.

GBP/USD rose 27 pips to 1.2720.

USD/JPY lost 16 pips to 144.52 and USD/CHF fell 1 pip to 0.8962.

AUD/USD gained 23 pips to 0.6696. The Reserve Bank of Australia kept its benchmark rate unchanged at 4.10%, while some have expected a rate hike of 25 basis points. The central bank said "some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon how the economy and inflation evolve".

USD/CAD dipped 24 pips to 1.3226. Canada's S&P Global Manufacturing purchasing managers index slipped to 48.8 in June from 49.0 in May, above 48.4 estimated.

Bitcoin traded lower to $30,931.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Wednesday, U.S. indices lost ground after the S&P 500 slipped 8 points (-0.2%) to 4,446, the Nasdaq 100 fell 4 points (-0.03%) to 15,203 and the Dow Jones Industrial Average dropped 129 points (-0.38%) to 34,288.

The Materials (-2.47%), Semiconductors & Semiconductor Equipment (-1.54%), and Consumer Durables & Apparel (-1.17%) sectors underperformed the most during the trading session.

Rivian Automotive (RIVN), the automotive technology company, climbed 4.45% as Amazon.com (AMZN) announced the arrival of its new custom electric delivery vans from Rivian in Europe.

Meta Platforms (META), a social technology company, increased 2.92% and Alphabet (GOOGL), Google's holding company, added 1.54% after Canadian Heritage Minister Pablo Rodriguez said the Canadian government is hoping to mend relations with the tech giants after they ended news access in the country on their platforms following a bill that was passed into law last month in Canada that'd require platforms to share advertising revenue with the Canadian Government.

Meanwhile, Netflix (NFLX), the video streaming service, rose 1.01% after it was upgraded to "neutral" from "sell" at Goldman Sachs. Oppositely, Coinbase Global (COIN), a cryptocurrency exchange platform, fell 1.98% and underperformed the Nasdaq 100 as it was downgraded to "neutral" from "overweight" at Piper Sandler.

On the U.S. economic data front, the Federal Reserve's latest FOMC meeting minutes revealed that some officials favored a rate hike at this meeting, while almost all participants judged that additional rate increases during 2023 would be appropriate. On the other hand, factory orders rose 0.3% on month in May, against an expected increase of 1.5%.

The U.S. 10-year Treasury Yield gained 7.7 basis points to 3.932%.

European stocks were under pressure at the close for the third time this week. The Dax 40 fell 0.63%, the Cac 40 dropped 0.80% and the FTSE 100 slid 1.03%.

WTI Crude Futures rose $2.1 to $71.9. The American Petroleum Institute reported that U.S. crude oil inventories dropped 4.38 million barrels in the week ending June 30.

Spot gold was down $9 to $1,916.

Market Wrap: Forex

The U.S. dollar index gained 0.3% to 103.36, as the Fed's latest minutes reaffirmed rate hike expectations. Investors would turn their focus to the U.S. employment data due later today, with the ADP employment expected to increase by 160,000 in June.

EUR/USD dropped 24 pips to 1.0855. The eurozone's producer prices index dropped 1.5% on year in May, compared with a decline of 1.1% anticipated.

GBP/USD fell 10 pips to 1.2703.

USD/JPY increased 20 pips to 144.67 and USD/CHF added 18 pips to 0.8988.

AUD/USD slid 37 pips to 0.6655 while USD/CAD climbed 59 pips to 1.3282.

Bitcoin traded lower to $30,458.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Thursday, U.S. indices closed under pressure after recent ADP employment data was higher than previously forecasted, alarming investors of potentially greater-than-expected policy tightening by the Federal Reserve. The S&P 500 fell 35 points (-0.79%) to 4,411, the Nasdaq 100 slid 114 points (-0.75%) to 15,089 and the Dow Jones Industrial Average dropped 366 points (-1.07%) to 33,922.

The Energy (-2.45%) and Consumer Durables & Apparel (-1.93%) sectors led the decline, while the Technology Hardware & Equipment (+0.13%) and Software & Services (+0.13%) sectors outperformed.

Exxon Mobil (XOM), an oil and gas company , slid 3.73% after providing a second-quarter earnings guidance that missed estimates.

Meta Platforms (META), a social technology company, fell 0.81% after the company launched Threads, an app to rival Twitter. Alphabet (GOOGL), Google's holding company, lost 1.35% after delaying the release of its fully custom phone chip until 2025, according to The Information.

On the other hand, Keurig Dr Pepper (KDP) rose 1.42% after it was upgraded to "overweight" from "equal-weight" at Morgan Stanley.

On the U.S. economic data front, ADP employment soared by 497,000 in June, well above 160,000 estimated, while the ISM Services Purchasing Managers Index was released at 53.9, compared to 50.0 expected.

Later today, investors would keep an eye on the nonfarm payrolls for June, with an increase of 250,000 expected, while jobless rate is estimated to be stable at 3.7%.

The U.S. 10-year Treasury Yield jumped 10 basis points to a 4-month high at 4.031%.

European stocks were broadly under pressure. The Dax 40 sank 2.57%, the Cac 40 plunged 3.13% and the FTSE 100 slid 2.17%.

WTI Crude Futures closed flat at $71.80. The Energy Information Administration reported that U.S. crude oil inventories dropped 1.51 million barrels for the week ending June 30.

Spot gold was down $5 to $1,911.

Market Wrap: Forex

The U.S. dollar index eased 0.2% to 103.14, despite surprisingly strong ADP employment data, as investors remained cautious ahead of the official nonfarm payrolls due later in the day.

EUR/USD rose 35 pips to 1.0889. The eurozone's retail sales were flat on month in May, compared with an estimated growth of 0.3%. Meanwhile, German factory orders rose 6.4% on month in May, above 1.5% expected.

GBP/USD gained 33 pips to 1.2737.

USD/JPY declined 53 pips to 144.13 and USD/CHF fell 33 pips to 0.8955.

AUD/USD dropped 30 pips to 0.6625, while USD/CAD rose 88 pips to 1.337. Canada's trade deficit totaled 3.44 billion Canadian dollars in May, compared with a surplus of 1.50 billion Canadian dollars expected. Later today, Canada's employment is anticipated to drop 10,000 in June, while jobless rate is expected to climb to 5.4%.

Bitcoin traded lower to $30,298.

 

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