📈 Stock Market
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Mixed sentiment on Wall Street with a tilt toward the industrial segment – while the tech-heavy Nasdaq remains under pressure, the broad Dow Jones index is currently gaining, showing a clear rotation of capital toward traditional economy companies.
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Meta Platforms' cloud plans serve as the main driver for the AI correction – news regarding the company's plans to commercialize its surplus computing power sparked concerns that the tech infrastructure supply might outpace demand, hitting the artificial intelligence sector.
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Strong gains for Meta Platforms and calm among Big Tech companies – in reaction to these reports, Meta shares surged by around +8%, becoming the strongest performer of the session. Meanwhile, traditional cloud leaders such as Amazon, Microsoft, and Alphabet remained relatively stable.
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Deep declines across infrastructure providers, chipmakers, and storage manufacturers – CoreWeave (down around 10%) and Nebius (down around 12%) suffered the heaviest losses. Industry leaders like Nvidia, AMD, Broadcom, and Marvell shed 2–3% each, while memory makers Micron and SanDisk dropped 7–8%.
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An even worse performance in the storage segment – Micron Technology fell by about 8% (despite positive news regarding a new contract with GM), SanDisk lost around 9%, while Seagate Technology and Western Digital declined by roughly 5% and 6% respectively.
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European weakness contrasts with US stabilization – declines prevailed across the Old Continent, with the French CAC 40 retreating by nearly 0.8%, the Spanish IBEX 35 dropping over 0.3%, and the British FTSE 100 losing 0.2%. The German DAX was the sole exception, ticking up by 0.3%.
📊 Macroeconomics
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A pivotal shift in the US central bank's communication – the Fed's Kevin Warsh announced a total abandonment of providing the market with future interest rate projections and forward guidance. Monetary policy decisions will now be made reactively, based solely on current macroeconomic indicators here and now.
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Maintaining a restrictive policy stance – the Fed's hawkish tone and the relative resilience of the economy suggest that tight monetary policy could persist into the second half of the year, which led to a temporary strengthening of the US dollar and an increase in bond yields.
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A decline in the ISM Manufacturing index amid cooling inflation – the June reading of the US ISM Manufacturing index fell to 53.3 (down from 54.0 previously). Nonetheless, the sector expands for the sixth consecutive month.
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A sharp cooling of the labor market in the ADP report – private payrolls in the US added a mere 98,000 new jobs in June, coming in significantly worse than market expectations (110,000 to 118,000) and marking the weakest reading in several months.
🪙 Precious Metals
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An improvement in commodity market sentiment is visible in precious metals – gold rallies by over 1% to return above 4000 USD, while silver similarly gains around 1% to break past the 60 USD threshold.
🛢️ Oil and Gas
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Crude oil remains under pressure – Brent drops by more than 2% toward the 71 USD level, while Henry Hub natural gas (Natgas) futures also shed over 2%, extending the ongoing correction in the energy market.
₿ Cryptocurrencies
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Capital returns to digital assets – an improvement in market sentiment sparked distinct gains of around three percent for the major crypto projects.
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Bitcoin gained nearly 3%, breaking through the 60,000 USD mark, while Ethereum climbed over 3%, positioning itself above the 1,600 USD level.
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BREAKING: Oil inventory report still shows a decline. WTI crude oil at its lowest since the end of February
Fed Warsh tones down the hawkish sentiment and gives hope gold bulls🟡
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