- Wall Street is mostly down minimally today. The S&P 500 loses 0.12%, the Dow Jones loses 0.3%, while the Nasdaq 100 gains 0.3%
- Among BigTech Nvidia 'wins' again, up 2% today. Also, Adobe outperforms most of US stocks today, with a nearly 14% rise in share prices, driven by results and the company's raised forecasts; the company is seeing increased interest in AI and sees catalysts for its products on the horizon
- U.S. 10-year Treasury bond yields fell today to 4.21%, levels last seen in April 2024
- The Bank of Japan kept interest rates unchanged, in line with market expectations. The bank also decided to maintain the pace of bond purchases at about JPY6 trillion per month (about $38 billion).The decision to continue bond purchases at the previous pace was a dovish surprise.
- The Fed's Loretta Mester indicated today that it is important not to delay rate cuts for long, and that not cutting rates before inflation reaches 2% would be a wrong strategy on the part of policymakers
- UoM data indicated worse sentiment among Americans and greater concern about the persistence of inflation over the long term. However, U.S. import and export prices turned out to be lower than expected.
- Data from Canada indicated lower-than-expected sales in both the industrial and wholesale sectors.
- ECB policymakers Mario Centeno, Mārtiņš Kazāks and Bostjan Vasle jointly emphasize a cautious and data-dependent approach to monetary policy. They acknowledge the trend toward lower inflation, but emphasize the need to balance the limits of easing with maintaining a degree of tightness.
- Thanks to lower yields, we are seeing improved sentiment in the precious metals market today. Gold and silver are gaining 1.3% and 1.6%, respectively
- In the FX market, the Swiss franc and the Canadian dollar are currently the best performers. Large declines are observed on pairs related to the British pound and the New Zealand dollar.
- Strong declines are being recorded today in the shares of luxury furniture company RH (RH.US). The company expects high interest rates to affect demand in the second half of this year and into 2025 as well. The company's results, as well as its forecasts, disappointed Wall Street leading to a nearly 18% plunge in its share prices. Shares of another company, MSC Industrial (MSM.US), which operates in parts of the industrial sector, also lost nearly 9%; its results disappointed analysts' forecasts
- Cryptocurrencies have had a week session today, with Bitcoin testing $65,000 and most altcoins losing. U.S. Bitcoin ETFs saw more than $200 million in outflows yesterday, and investors are beginning to fear increased selling among BTC miners, in the face of a noticeable drop in mining profitability after the recent halving
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