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Wall Street surges on strong US employment and services data.
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Crude oil drops, breaking the $60 level after a large inventory build.
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Gold and silver rally despite falling expectations for US rate cuts.
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Wall Street surges on strong US employment and services data.
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Crude oil drops, breaking the $60 level after a large inventory build.
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Gold and silver rally despite falling expectations for US rate cuts.
- US Equity Futures Stage Rally: Wall Street futures experienced a sharp rebound following better-than-expected US economic data and renewed hopes that a portion of the Trump-era tariffs on certain countries might be revoked.
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Broad Market Gains: The S&P 500 (US500) climbed by almost 0.7%, while the Nasdaq 100 (US100) was up approximately 1%. The Russell 2000 (US2000), surging over 1.4%, underscored the breadth of the recovery, particularly benefiting sectors outside of technology.
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Labour Market Resilience: The ADP employment report showed a jobs increase of 42k, surpassing the 28-30k forecast. The data suggests a potential improvement in the labour market, even amid a record-long government work suspension.
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Services Sector Momentum: The ISM Services PMI unexpectedly rebounded to 52.4, significantly above the 50.8 expectation and the previous 50.0. While the sub-index for prices spiked to 70 points, the overall increase was driven by the business activity and new orders sub-indices, pointing to economic resilience.
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EUR/USD Consolidates: The EUR/USD pair consolidated below the 1.1500 level on the back of falling odds for a December US rate cut. Despite this, Fed's Miran suggested the US requires lower interest rates, downplaying the likelihood of a higher inflation scenario.
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Oil Inventory Surge: The DOE report revealed a substantial increase in crude oil stockpiles, rising by 5.2mn barrels per day against expectations of a minor decline. This inventory build-up was attributed to decreased refinery throughput. Simultaneously, falling product inventories triggered an attempt to lift crude prices off the $60 per barrel level, but a fourth test today ultimately led to a breach of this support. Oil is down 1.2% today.
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Precious Metals Recovery: Gold and silver recovered previous losses, rising by 1.3% and 2.3% respectively, linked to increasing uncertainty surrounding the ongoing government work stoppage. Interestingly, gold rallied despite diminishing expectations for US interest rate cuts.
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Supreme Court Scrutiny on Tariffs: The US Supreme Court commenced hearings regarding the legality of Donald Trump's use of special powers to impose tariffs. Initial reports indicate the Court harbours doubts regarding the legitimacy and legal basis of Trump's decision.
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European Indices Boosted: European services PMI indices delivered positive surprises, fueling a recovery in European equity markets. Germany’s DAX (DE40) climbed 0.9%, and France's CAC 40 (FRA40) rose 0.7%.
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Corporate Earnings Highlights: McDonald's and AMD advanced following their quarterly results. McDonald's demonstrated growth and resilience against current uncertainty (despite marginally missing expectations), while AMD presented a strong outlook for continued growth. Conversely, Arista Networks and SMCI underwent sharp corrections.
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Post-Market Watch: Earnings from tech heavyweights Arm and Qualcomm are anticipated after the Wall Street close.
⏫US100 Jumps 1% on Tariffs Hopes
US OPEN: Is This the Turning Point After the Correction?
BREAKING: Huge oil inventories increase. Oil rebounds from $60
BREAKING: Service ISM clearly higher than expected. US500 continues rebound
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