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[supertrader9]

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.

 

[supertrader9]

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.

 

[supertrader9]

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.

 

[supertrader9]

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.

 

[supertrader9]

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[supertrader9]

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.

 

[supertrader9]

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.

 

[demisw768]

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