|
| |
U.S. Market Overview:
U.S. equities retreated Friday as stronger than anticipated economic data kept bond yields elevated and weighed on risk appetite, with the S&P 500 slipping 92 points (-1.24%) to 7,408, the Nasdaq 100 dropping 455 points (-1.54%) to 29,125, and the Dow declining 537 points (-1.07%) to 49,526. Energy, Financials, and Consumer Staples led on the sector front, while Materials, Utilities, and Consumer Discretionary lagged.
U.S. Economic Developments:
Looking at the latest U.S. economic data, The NY Empire State Manufacturing Index rose to 19.6 monthly in May, above the 7 forecast and up from 11 in April. Industrial Production rose 0.7% month-over-month in April, above the 0.1% forecast and up from -0.3% in March.
U.S. Equity News:
Microsoft (MSFT), the software development company, jumped 3.05% after investor Bill Ackman said Pershing Square took a stake in the company with Ackman arguing the selloff underestimates the resilience of its Office 365 business and the growth potential of its Copilot AI platform.
NVIDIA (NVDA), a leading designer of graphics processors and AI chips, fell 4.42%, along with other chipmakers after Trump-Xi summit ended without major deals regarding the tech sector. Tesla (TSLA), the electric vehicle maker, dropped (-4.75%).
Figma (FIG), a collaborative design platform is the leading collaborative design platform, jumped 13% as quarterly financial figures smashed estimates.
Europe Market Overview:
European markets closed lower, with Germany's DAX declining 505 points (-2.07%) to 23,950, France's CAC 40 dropping 129 points (-1.60%) to 7,952, and the U.K.'s FTSE 100 slipping 177 points (-1.71%) to 10,195.
Volatility & Commodities Snapshot:
The VIX rose 1.17 points to 18.43, while the 10-year Treasury yield dipped 1.1 basis points to 4.603%.
Precious Metals & Crude:
Gold declined $114.79 (-2.47%) to $4,534.69 and silver dropped $7.72 (-9.25%) to $75.76, while WTI Crude climbed $4.81 (+4.75%) to $105.98.
The Dollar & Majors: U.S. dollar firms broadly as stronger economic data lifts greenback against majors.
The dollar index gained 0.48 points (+0.49%) to 99.302.
EUR/USD declined 48 pips (-0.41%) to 1.1620.
GBP/USD slipped 85 pips (-0.63%) to 1.3314.
USD/JPY rose 46 pips (+0.29%) to 158.81. Japan's producer price inflation accelerated to 4.9% year on year in April, faster than expected.
USD/CHF climbed 33 pips (+0.42%) to 0.7868.
AUD/USD dropped 74 pips (-1.02%) to 0.7146.
USD/CAD advanced 36 pips (+0.26%) to 1.3755.
Digital Assets:
In cryptocurrencies, Bitcoin dropped $2,302 (-2.83%) to $79,077 while Ethereum declined $77 (-3.36%) to $2,220.
|
| |
|
|
|
|
|
