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U.S. Market Overview:
On Friday, the major indices in the U.S. finished higher, with the S&P 500 closing at a record high as weaker than expected employment data reduced expectations for a Federal Reserve rate hike in September. Sentiment was also supported by a strong earnings season and continued strength in technology shares.
The S&P 500 advanced 47.68 points (+0.62%) to 7,757.64, while the Nasdaq 100 jumped 348.97 points (+1.19%) to 29,722.30. The Dow Jones gained 151.83 points (+0.28%) to 54,036.93.
On the sector front, Consumer Discretionary (XLY), Technology (XLK), and Materials (XLB) outperformed, while Energy (XLE), Financials (XLF), and Consumer Staples (XLP) underperformed the most.
U.S. Economic Developments:
Looking at the latest U.S. economic data, the unemployment rate fell to 4.1% in July from 4.2%, better than the 4.2% forecast. However, nonfarm payrolls declined by 23,000, well below expectations for an 80,000 increase, while June’s gain was revised sharply lower to 20,000 from 57,000.
U.S. Equity News:
Twilio (TWLO), a cloud company, surged 24.89% after current quarter guidance beat estimates. Also, the company raised full-year forecast regarding revenue growth.
Airbnb (ABNB), a home rental platform, soared 17.43% on better-than-expected quarterly financial figures.
Microchip Technology (MCHP), a designer of microprocessors, jumped 13.89% as current quarter guidance topped expectations.
Trade Desk (TTD), an advertising technology company, sank 21.9% as quarterly financial figures missed estimates.
Lyft (LYFT), a ridesharing company, gained 7.12% as quarterly sales slightly beat estimates. However adjusted EPS missed expectations.
Tesla (TSLA), the electric vehicle maker, gained 2.83%.
NVIDIA (NVDA), a leading designer of graphics processors and AI chips, rose 2.27%.
Volatility & Commodities Snapshot:
The VIX declined 0.25 points (-1.65%) to 14.90, while the U.S. 10-year Treasury yield rose to 4.645%.
In commodities, gold surged US$100.24 (+2.36%) to US$4,339.47, silver jumped US$1.96 (+3.20%) to US$63.44, and WTI crude oil slipped US$0.30 (-0.39%) to US$76.99.
Europe Market Overview:
At the European close, the major indices in the region finished in positive territory. Germany’s DAX gained 179 points (+0.69%) to 26,319, France’s CAC 40 rose 15 points (+0.17%) to 8,714, and the U.K.’s FTSE 100 advanced 33 points (+0.31%) to 10,901.
On the economic front, in Germany, industrial production rose 0.2% month-on-month in June, versus +0.1% expected, after increasing 0.9% a month earlier. Still in Germany, trade surplus narrowed to 15.4 billion euros in June from 19.3 billion euros in May (revised from 19.1 billion euros), compared with expectations for a surplus of 17.4 billion euros. Exports increased 0.9%, matching the pace recorded a month earlier, while imports rose 4.4%, after declining 2.6% the previous month. In France, the unemployment rate came in at 8.3% in the second quarter, versus 8.2% expected, after 8.1% in the previous quarter.
Foreign Exchange & Crypto Wrap:
The U.S. Dollar Index declined 0.35 points (-0.35%) to 99.582.
EUR/USD gained 32 pips (+0.28%) to 1.1556.
GBP/USD advanced 36 pips (+0.27%) to 1.3489.
USD/JPY fell 71 pips (-0.45%) to 157.71.
USD/CHF retreated 42 pips (-0.52%) to 0.8078.
AUD/USD rose 34 pips (+0.48%) to 0.7064.
USD/CAD slipped 69 pips (-0.49%) to 1.3943.
Finally, in the cryptocurrency market, Bitcoin gained US$544 (+0.85%) to US$64,947, while Ethereum rose US$9 (+0.52%) to US$1,916.
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