- Wall Street indices are pulling back today - S&P 500 drops 0.6%, Dow Jones trades 1% lower, Nasdaq declines 0.4% and small-cap Russell 2000 slumps around 1.5%
- Pullback on US indices is triggered by a spike in US yields, which in turn was triggered by hawkish comments from Fed Kashkari yesterday as well as weak demand on Treasury auctions
- USD is the best performing major currency, putting pressure on precious metals and other commodities. Gold drops around 0.8% at press time
- Energy commodities also trade lower, with oil dropping around 1% and US natural gas prices plunging almost 6%
- Cocoa surges over 7% amid lack of sufficient rainfall in West Africa and continued declines in merchant inventories
- Cryptocurrencies trade lower amid stronger USD - Bitcoin drops 1.3%, while Ethereum trades 2.1% lower
- American Airlines plunge around 15% today after the company cut Q2 guidance. Other US airlines also traded under pressure
- Abercrombie & Fitch rallies over 20% after company reported better-than-expected fiscal-Q1 2025 earnings and issued upbeat fiscal-Q2 and full-year forecasts
- European stock market indices traded lower today, with blue chips indices from Germany, France, Italy and Spain dropping over 1%. Polish WIG20 was among top laggards with an almost 1.7% drop
- German CPI inflation accelerated from 2.2 to 2.4% YoY in May, in-line with expectations. However, monthly increase of 0.1% MoM was smaller than 0.2% MoM expected
- Richmond Fed index improved from -7 to 0 in May (exp. -2)
- Spanish retail sales increased 0.3% YoY in April, down from 0.9% YoY in March
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