CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Daily summary: Wall Street extends bullish momentum at the end of the week

18:56 9 June 2023
  • The end of the week on European stock markets was marked by mixed sentiment. The German DAX, the British FTSE and the French CAC40 all lost on a daily basis.

  • Wall Street indices slowed down the dynamic upward wave from the beginning of today's session, but are nevertheless trading higher all the time.

  • The biggest rally is again recorded by the technology Nasdaq. Its performance was driven by the strength of BigTech companies and the extension of the euphoria on Tesla and Netflix shares

  • Gains were also recorded by semiconductor companies including Nvidia, AMD and Taiwan Semiconductors

  • Canada's labor market data today showed a higher-than-forecast rise in unemployment and a negative change in employment indicating that the country's economy may be starting to cool sharply. The weaker reading also led the market to see lower chances of a hawkish surprise from the Fed, which supported Wall Street trading.

  • In the Chinese market, investors' attention was focused on the CPI and PPI inflation readings, which surprised positively. While the CPI reading came in as expected and was up slightly on the last reading, the PPI reading surprised sharply downwards, which gave investors hope that there would be even more stimulation of the Chinese economy

  • Chinese indices remained almost insensitive to inflation readings as the PBOC chief at a forum in Shanghai offered no prospect of a change to current monetary policy and reiterated China's 5% GDP growth target for 2023

  • Antipodean currencies are the best performers in the FX market today. On the other hand, the Swiss franc and the euro are posting the biggest falls against a basket of major currencies today. The EURUSD pair is recording declines today and is descending towards 1.074.

  • Japan's Nikkei managed to extend its upward momentum and closed its 5th consecutive week of gains. 

  • Brent crude oil was trading flat today around USD 70 per barrel. NATGAS lost more than 2% 

  • Precious metals held steady with gold above USD 1960 and silver trading above USD 24.3 per ounce.

  • Palladium settled down to May 2019 levels on concerns over oversupply of the commodity and prospects of lower demand in the face of EV expansion

  • Cryptocurrencies continue to trade in weak sentiment, with Bitcoin trading at US$26,600 and unresponsive to the Nasdaq index's rally and its correlation with the stock market faded.

While the 'stacked' US100 of tech companies is at January 2022 levels and is up nearly 35% since the beginning of the year, the US30 is still struggling to beat the local maxima of December 2022. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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