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On Tuesday, the U.S. stock market finished higher for the first time this week following cooler than anticipated inflation data.
The S&P 500 advanced 28.25pts (+0.38%) to 7543.59, the Nasdaq 100 rose 322.185pts (+1.1%) to 29586.287, and the Dow added 9.63pts (+0.02%) to 52508.27.
Sector performance was mixed, with the outperformers being: Technology (XLK), Energy (XLE), and Financials (XLF). On the other hand, Health Care (XLV), Consumer Staples (XLP), and Real Estate (XLRE) underperformed the most.
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U.S. Economic Developments: |
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Inflation slowed to 3.5% year over year in June, coming in below the 3.9% forecast and down from 4.2% in May. It was the first cooling trend after three straight months of increases. Core inflation also eased to 2.6% year over year, against an expectation that it would stay unchanged from 2.9% in May.
Elsewhere, Fed Chair Warsh testified before the House Financial Committee, reaffirming the Fed’s commitment to reducing inflation to its 2% target.
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Nvidia (NVDA) rose 4.06% after a report said Chinese firms, including ZTE Kangxun Telecom and Maginfra, were allowed to purchase Nvidia’s H200 chips. Advanced Micro Devices (AMD) gained 2.57% after Zhuhai Hengqin Yunxiang Zhisheng Network Technology received clearance to use certain AMD chips that compete with the H200. Separately, Keybanc reiterated an “Overweight” rating on Nvidia, while BofA Securities maintained a “Buy” on AMD.
IBM (IBM) sank 25.21% after releasing preliminary second-quarter results in which both adjusted EPS and revenue missed expectations.
JPMorgan Chase (JPM) climbed 2.50% as second-quarter EPS rose to $7.70 from $5.24 a year earlier, supported by its investment-banking business. The firm also raised its 2026 expense guidance to $107.5 billion. Bank of America (BAC) gained 1.88% as second-quarter EPS increased to $1.21 from $0.90 a year ago, helped by strong trading activity. Goldman Sachs (GS) was also up 2.98% after second-quarter results beat expectations.
SK Hynix (SKHY) surged 27.29% after Barclays initiated coverage with an “Overweight” rating.
Paramount Skydance (PSKY) fell 4.50% after California and 11 other states sued to block the company’s $110 billion acquisition of Warner Bros. Discovery (WBD). As a result, WBD shares rose 1.44%.
Progressive (PGR) declined 3.37% following a downgrade to “Neutral” from “Overweight” at JPMorgan.
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At the European close, the major indices in the region finished in positive territory. Germany's Dax rose 32pts (+0.13%) to 25147 while U.K.'s FTSE 100 gained 31pts (+0.3%) to 10529. France’s CAC 40 was closed in observance of Bastille Day.
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
The VIX fell 0.66pts (-3.85%) to 16.5 and the US 10 year yield dropped to 4.587%.
Precious Metals & Crude:
In the commodities market, Gold climbed 53.27 dollars (+1.33%) to 4053.49 and Silver increased 1.07 dollars (+1.85%) to 58.71. WTI Crude Oil advanced 1.7 dollars (+2.18%) to 79.84 as Iran launched attacks on three crude oil supertankers.
The Dollar & Majors:
The dollar index dropped 0.3pts (-0.29%) to 100.937.
EUR/USD increased 39pips (+0.34%) to 1.142.
GBP/USD advanced 41pips (+0.31%) to 1.3387.
USD/JPY fell 19pips (-0.12%) to 162.23.
USD/CHF slipped 51pips (-0.63%) to 0.8093.
AUD/USD rose 55pips (+0.8%) to 0.6971. Australia’s Westpac consumer confidence index rose to 83.9 in July, while the NAB business confidence index improved to -5 in June. Both came in above expectations.
USD/CAD declined 91pips (-0.64%) to 1.4063.
Digital Assets:
Finally, in the cryptocurrencies market, Bitcoin rose 2285 dollars (+3.68%) to 64435 and Ethereum gained 110 dollars (+6.25%) to 1876.
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