📊 Indices and Companies
US index futures are heading into the session close slightly in the green. Cautious optimism was sparked by a decline in oil prices (OIL: -3.75%) and bond yields (US 10-year and 30-year yields: -6 bps).
The Nasdaq is gaining the most (US100: +0.3%) thanks to a rebound in the semiconductor sector (Nvidia: +1.9%, AMD: +4.3%) and memory (SK Hynix: +1.9%, Micron: +1.5%). Futures on the S&P 500 (US500) and DJIA (US30) are adding a more modest 0.1%.
European indices also closed with moderate gains. The German DAX (+0.6%) and Swiss SMI (+0.54%) rebounded the most. The UK's FTSE 100 and Italian FTSE MIB added around 0.3%, while the French CAC40 (-0.16%) and Spanish IBEX 35 (-0.2%) posted losses.
Nvidia broke a 7-day losing streak ahead of tomorrow's earnings release.
SpaceX plans to build a new launch facility for Starship rockets on the southern coast of Louisiana. The project is expected to cost $100 billion.
Poland's CD Projekt was the worst-performing stock in the Stoxx 600 index today (-5.5%) after the company announced that The Witcher 4 will not be released before 2028, confirming earlier schedule concerns.
🌍 Economy and Geopolitics
US new home sales fell more than expected in July to 607k (consensus: 610k, previous: 678k).
Canada announced a series of retaliatory tariffs on the US ranging from 15% to 50% on goods worth a total of $20 billion. Targets include steel, aluminum, dairy, and a range of consumer goods.
Pakistan is reportedly preparing a new peace agreement proposal for the US. Sources also reported a potential return of US diplomats to the Middle East.
💱 Currencies and Commodities
The FX situation has stabilized. The US Dollar Index (USDIDX) is trading flat, with the Japanese yen being the weakest currency (USDJPY: +0.1%), while EURUSD added 0.1% to 1.1670.
Brent crude is down 3.7% to $87 per barrel (the first dip below $90 in a week) in response to Washington's new strategy focused on economic sanctions against Iran. A softer approach to the conflict reduces the risk of further military escalation, thereby safeguarding supply chains. European natural gas futures (NATGAS.EU) pulled back 2.8%, while NYMEX NATGAS traded flat.
🪙 Cryptocurrencies
Crypto volatility is falling. Bitcoin added a symbolic 0.35% today to $79,200, while Ethereum lost 0.2% to $2,470.
Market wrap: Market without direction before PCE
Chart of the Day 🚩 US100 ahead of Nvidia earnings – will semiconductors get hit or get fresh fuel?
Economic calendar 🗽 Wall Street holds its breath: US PCE data and Nvidia earnings in focus
Morning Wrap 🚩 Oil tumbles to $85, markets await Nvidia earnings
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