- U.S. indexes are posting strong gains today after improving investor sentiment with better-than-expected labor market data. The Nasdaq 100 gains more than 3%, the S&P500 is up more than 2.3% and the Dow Jones is up 1.7%.
- Semiconductor stocks are the strongest gainers, with Nvidia share prices rebounding more than 5%. Monster Beverage and Warner Bros Discovery results disappointed, with both companies posting double-digit declines today
- With better-than-expected results, Eli Lilly reversed investor sentiment toward the obesity drug company sector today.
- The company is up more than 8% today, with Novo Nordisk up 3.9%, making up for most of its losses after yesterday's discount following weaker-than-expected results. Viking Therapeutics is also up today, gaining about 9%.
- Weaker-than-expected results today pushed the stock price of Warner Bros. Discovery. The company reported deteriorating revenues in all key segments, as well as more than 40% weakening free cash flow. As a result, it is losing nearly 9%.
Today, investors were particularly looking at data from the US labour market. Smaller-than-expected claims for jobless claims pushed back concerns about a potential recession in the US economy. EURUSD drops today 0.1% to 1.091
US jobless claims came in: 223k vs 240k exp. and 249k previously
- US continued jobless came in 1875k vs 1871k exp. and 1877k previously (the highest reading since 2021)
- JPMorgan raised the probability of a US recession in 2024 to 35% from 25% estimated before. However, stronger claims reading signal potentially lower recession odds. Wall Street indices rebound after the US labour market data.
- US wholesale inventories came in line with expectations in 0.2% monthly vs 0.2% in June but wholesales trade sales plunged -0.6% monthly in July vs 0.3% exp. and 0.4% previously
- Precious metals are posting strong gains today. Gold is gaining 1.7%, while silver is up nearly 3.5%. At the same time, yields on US 2- and 10-year Treasury bonds are also rising, following better-than-forecast claims.
- The cryptocurrency market is seeing euphoric rises. Bitcoin and Ethereum are trading near a 10% rebound, and a sizable portion of altcoins like Ripple, Filecon, Waves and Phantom are also trading at double-digit gains
- Sugar futures are posting the strongest gains among agricultural soft commodities today, gaining 2.4%.
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