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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Wednesday, U.S. tech stocks posted losses, as the Nasdaq 100 fell 254 points (-1.75%) to 14,303, and the S&P 500 dropped 16 points (-0.38%) to 4,267. Meanwhile, the Dow Jones Industrial Average rose 91 points (+0.27%) to 33,665.

Investors felt uneasy after Australia's and Canada's central banks raised interest rates unexpectedly. Next week, latest U.S. inflation data will be released, and the Federal Reserve will decide on interest rates.

Software & services (-2.74%), media (-2.25%), and retailing (-2.1%) stock sectors lost the most, while energy (+2.65%), transportation (+2.23%), and capital goods (+1.98%) stock sectors outperformed the market.

Tesla (TSLA) once exceeded $230 before retreating to close at $224.57, still up 1.47% on day and posting a nine-session winning streak.

Ford Motor (F) gained 5.10%.

On the other hand, Microsoft (MSFT) fell 3.09%, Alphabet (GOOGL) dropped 3.78%, Amazon.com (AMZN) slid 4.25%, Meta Platforms (META) lost 2.77%, and Nvidia (NVDA) was down 3.05%.

Artificial intelligence (A.I.)-related stock Palantir Technologies (PLTR) surged 11% at open, only to reverse course and close 4.98% lower on day.

Meanwhile, Warner Bros Discovery (WBD) jumped 8.43%, Whirlpool Corp (WHR) rose 6.37%, Marathon Oil (MRO) climbed 4.87%, Phillips 66 (PSX) advanced 4.37%, and Halliburton (HAL) was up 4.23%.

The U.S. 10-year Treasury yield jumped 13.1 basis points to 3.791%

European stocks closed slightly lower. The DAX 40 fell 0.20%, the CAC 40 dropped 0.09%, and the FTSE 100 dipped 0.05%.

U.S. WTI crude futures increased $0.80 to $72.52 a barrel. The U.S. Energy Department reported a reduction of 452,000 barrels in crude-oil stockpiles (vs +1.02 million barrels expected).

Gold price slid $22 to $1,940 an ounce.

Market Wrap: Forex

The U.S. dollar index stayed firm at 104.14.

EUR/USD added 6 pips to 1.0699. Germany's data showed that industrial production grew 0.3% on month in April (vs +0.9% expected).

USD/JPY climbed 54 pips to 140.17.

GBP/USD gained 14 pips to 1.2438. In the U.K., the Halifax house price index was flat in May as compared to the previous month (vs -0.2% expected).

Also, the Royal Institute of Chartered Surveyors house price balance improved to -30% in May (vs -37% expected).

AUD/USD fell 19pips to 0.6652. Australia's data showed that gross domestic product grew 2.3% year over year in the first quarter (vs +2.4% expected).

USD/CHF rose 26 pips to 0.9102.

USD/CAD slid 30 pips to 1.3373. Canada's central bank raised its key interest rate by 25 basis points to 4.75%, compared to analyst expectations that it would keep rate unchanged at 4.50%.

Bitcoin slid over 3% back to $26,280.

 

[supertrader9]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Thursday, U.S. stocks closed higher, led by technology shares. The Nasdaq 100 rose 181 points (+1.27%) to 14,484, the S&P 500 climbed 26 points (+0.62%) to 4,293, and the Dow Jones Industrial Average was up 168 points (+0.50%) to 33,833.

The latest number of initial jobless claims in the U.S. increased more than expected to 261,000 (vs 235,000 expected), indicating that the labor market is cooling, and that the Federal Reserve could pause hiking interest rates.

The U.S. 10-year Treasury Yield dropped 7.9 basis points to 3.716%.

Automobiles (+3.66%), semiconductors (+1.63%), and retailing (+1.5%) stock sectors were the top performers in the session.

Tesla (TSLA) gained 4.58% to $234.86, extending its winning streak to a tenth session, the longest one since 2021.

In after-market hours, the Tesla gained a further 5%, and General Motors (GM) was up 4%. Both companies announced a collaboration in which Tesla will open its fast-charging network in North America to General Motors electric vehicles.

Amazon.com (AMZN) rose 2.49% as the tech giant was rated "overweight" at Wells Fargo.

At the same time, Apple (AAPL) climbed 1.55%, Nvidia (NVDA) advanced 2.76%, and Netflix (NFLX) was up 2.40%.

GameStop (GME) plunged 17.89%. The videogame retailer reported a bigger-than-expected quarterly loss, and ousted its chief executive.

In Europe, the DAX 40 rose 0.18%, the CAC 40 gained 0.27%, while the FTSE 100 was down 0.32%.

U.S. WTI crude futures fell $1.60 to $70.92 a barrel.

Gold price rebounded $25 to $1,965 an ounce.

Market Wrap: Forex

The U.S. dollar weakened against other major currencies on signs that the labor market is cooling. The dollar index fell to 103.33.

EUR/USD gained 82 pips to 1.0781, and GBP/USD jumped 120 pips to 1.2558.

USD/JPY slid 120 pips to 138.93. This morning, the Bank of Japan reported that the M2 money stock grew 2.7% on year in May (vs +2.6% in April).

AUD/USD climbed 63 pips to 0.6715. Australia's data showed that the trade surplus declined to A$11.16 billion in April (vs A$12.40 billion expected) with exports shrinking 5.0% on month.

USD/CHF dropped 108 pips to 0.8993, and USD/CAD dipped 15 pips to 1.3355.

Bitcoin was little changed at $26,480.

 

[supertrader9]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Friday, U.S. stocks gained for a second trading session. The Dow Jones Industrial Average rose 43 points (+0.13%) to 33,876, the S&P 500 climbed 4 points (+0.11%) to 4,298, and the Nasdaq 100 was up 43 points (+0.30%) to 14,528.

Automobiles (+3.5%), software & services (+0.81%), and health-care equipment & services (+0.57%) stock sectors gained the most.

Tesla (TSLA) rose 4.06% to $244.40, extending its winning streak to an eleventh session. The electric-vehicle maker and U.S. auto giant General Motors (GM) announced a collaboration in which Tesla will open its fast-charging network in North America to General Motors electric vehicles. General Motors closed 1.06% higher.

Oracle (ORCL) climbed 2.21% to close at $109.85, a 52-week high price. The software company will report quarterly results in after-market hours on Monday.

Adobe (ADBE) advanced 3.41%. The software developer was upgraded to "overweight" at Wells Fargo.

Target (TGT) fell 3.26%. The leading discount retailer was downgraded to "neutral" at Citi.

The U.S. 10-year Treasury yield rose 2.3 basis points to 3.741%.

European stocks closed lower. The DAX 40 fell 0.25%, the CAC 40 dipped 0.12%, and the FTSE 100 was down 0.49%.

U.S. WTI crude futures declined $0.90 to $70.37 a barrel.

Gold price dropped $4 to $1,960 an ounce.

Market Wrap: Forex

The U.S. dollar index climbed to 103.58. U.S. inflation data will be released on Tuesday, and the inflation rate is expected to slow to 4.7% on year in May.

Also, the U.S. Federal Reserve (Wednesday), the European Central Bank (Thursday), and the Bank of Japan (Friday) will set interest rates within this week.

EUR/USD dropped 35 pips to 1.0747.

USD/JPY jumped 49 pips to 139.41. This morning, Japan's data showed that producer-price growth declined to 5.1% on year in May (vs 4.9% expected).

GBP/USD added 17 pips to 1.2570, and AUD/USD rose 25 pips to 0.6741.

USD/CHF increased 44 pips to 0.9034.

USD/CAD dipped 11 pips to 1.3346. Canada's data showed that the economy unexpectedly shed 17,300 jobs in May (vs +40,000 expected), while the jobless rate rose to 5.2% (vs 5.1% expected).

Over the weekend, Bitcoin lost the $26,000 level falling to $25,850.

 

[supertrader9]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Tuesday, U.S. stocks extended their rally to a fourth session. The Dow Jones Industrial Average rose 145 points (+0.43%) to 34,212, the S&P 500 climbed 30 points (+0.69%) to 4,369, and the Nasdaq 100 advanced 116 points (+0.79%) to 14,900.

U.S. data showed that the inflation rate slowed further to 4.0% on year in May (vs 4.3% expected), the slowest pace since March 2021, leading to wide expectations that the Federal Reserve will hold interest rates at the 5.00%-5.25% range on Wednesday.

However, the U.S. 10-year Treasury yield still gained 8.4 basis points to 3.819%.

Automobiles (+3.32%), materials (+2.33%), and semiconductors (+1.8%) stock sectors were the top performers.

Tesla (TSLA) rose 3.55% to $258.71, posting a thirteen-session winning streak.

Nvidia (NVDA) climbed 3.90% to $410.22 boosting its market capitalization to $1 trillion.

At the same time, Intel (INTC) rose 2.54%, while Advanced Micro Devices (AMD) fell 3.61%.

GameStop (GME) jumped 10.91%. The video-game retailer's executive chairman and other executives reported purchasing shares in the company.

Apple (AAPL) ended 0.26% lower after the tech giant was downgraded to "neutral" at UBS.

Devon Energy (DVN) rose 2.00%, as the energy exploration firm was upgraded to "buy" at Goldman Sachs.

U.S.-listed shares of Chinese companies performed well after China's central bank lowered its short-term lending rate. Alibaba (BABA) rose 1.92%, Baidu (BIDU) gained 6.11%, and JD.com (JD) was up 3.51%.

European stocks closed higher. The DAX 40 rose 0.82%, the CAC 40 climbed 0.56%, and the FTSE 100 was up 0.32%.

U.S. WTI crude futures gained $2.30 to $69.37 a barrel.

Gold price retreated $14 to $1,943 an ounce.

Market Wrap: Forex

The U.S. dollar index closed at a three-week low of 103.29 on wide expectations that the Fed will pause interest rate hikes.

EUR/USD added 34 pips to 1.0791. In Germany, the ZEW economic sentiment index improved to -8.5 in June (vs -12.0 expected).

USD/JPY increased 60 pips to 140.20.

GBP/USD jumped 101 pips to 1.2610. U.K. data showed that the latest jobless rate dipped to 3.8% (vs 3.9% expected).

AUD/USD rose 16 pips to 0.6767. In Australia, the National Australia Bank (NAB) business confidence index dropped to -4 in May (vs 2 expected).

USD/CHF fell 36 pips to 0.9054, and USD/CAD dropped 55 pips to 1.3313.

Bitcoin was little changed at $25,860.

 

[supertrader9]

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.

 

[supertrader9]

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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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.

 

[supertrader9]

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.

 

[supertrader9]

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.

 

[supertrader9]

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.

 

[supertrader9]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Thursday, the Nasdaq 100 (+174 points or 1.18% to 15,042) and the S&P 500 (+16 points or +0.37% to 4,381) halted a three-day decline, lifted by rebounding technology stocks. The Dow Jones Industrial Average dipped 4 points (-0.01%) to 33,946.

In his testimony before the U.S. Senate, Federal Reserve Chair Jerome Powell said the central bank would raise interest rates at a "careful pace" from here.

The U.S. 10-year Treasury yield jumped 7.2 basis points to 3.791%.

Retailing (+2.46%), automobiles (+1.62%), and technology hardware & equipment (+1.38%) stock sectors were the top performers, while banks (-2.12%), real estate (-1.46%), and energy (-1.30%) stock sectors lagged behind.

Amazon.com (AMZN) rose 4.26%. The tech giant announced plans to invest $100 million in creating a generative artificial intelligence (AI) center which will help its AWS cloud-computing service customers to develop AI products.

At the same time, Tesla (TSLA) climbed 1.98%, Microsoft (MSFT) advanced 1.84%, Apple (AAPL) gained 1.65%, and Alphabet (GOOGL) was up 2.16%.

On the other hand, Boeing (BA) fell 3.05%, and the airplane maker's biggest supplier Spirit AeroSystems (SPR) dropped 9.43%. Spirit AeroSystems suspended production after union workers voted to strike.

Alcoa (AA) slid 4.30%. The aluminum producer was downgraded to "underweight" at Morgan Stanley.

Regarding U.S. economic data, the latest number of initial jobless claims remained stable at 264,000 (vs 271,000 expected). The number of existing home sales increased 0.2% on month in May (vs -0.5% expected).

The Conference Board leading index declined 0.7% on month in May (vs -0.4% expected). The Chicago Fed national activity index fell to -0.15 in May (vs +0.15 expected).

European stocks remained under pressure. The DAX 40 fell 0.22%, the CAC 40 dropped 0.79%, and the FTSE 100 was down 0.76%.

U.S. crude futures slid $3.10 (-4.27%) to $69.44 a barrel. The U.S. Energy Department reported a reduction of 3.83 million barrels in crude-oil stockpiles (vs +0.33 million barrels expected).

Gold price sank $18 to $1,913 an ounce.

Market Wrap: Forex

The U.S. dollar regained some strength against other major currencies. The dollar index rose to 102.41.

GBP/USD fell 25 pips to 1.2745. The Bank of England surprised the market by raising its key interest rate by 50 basis points (vs +25 basis points expected) to 5.00%, the highest since April 2008.

The GfK U.K. consumer confidence index ticked up to -24 in June (vs -27 expected).

EUR/USD dropped 31 pips to 1.0955. France's business climate indicator rose to 101 in June (vs 97 expected).

USD/JPY jumped 123 pips to 143.11. This morning, Japan's data showed that the inflation rate slowed to 3.2% on year in May (as expected).

The Jibun Bank Japan manufacturing purchasing managers index declined to 49.8 in June from 50.6 in May.

AUD/USD slid 41pips to 0.6756.

USD/CHF added 20 pips to 0.8951. The Swiss National Bank hiked its key interest rate by 25 basis points to 1.75%.

USD/CAD declined 15 pips to 1.3149.

Bitcoin managed to keep the key level of $30,000.

 

[supertrader9]

Recent Payout

 

[supertrader9]

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.

 

[supertrader9]

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.

 

[supertrader9]

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.

 

[supertrader9]

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.

 

[supertrader9]

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.

 

[supertrader9]

Recent Payout

 

[supertrader9]

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.