Sentiment on the U.S. stock market is highly optimistic today. Indices are ‘celebrating’ a ceasefire in the Middle East, while falling oil prices are easing concerns over a potential return of higher inflation.
- Technology stocks and small-cap companies are leading the gains on Wall Street. As a result, futures on the US100 and US2000 are both performing strongly, up +1.3%.
- Powell’s remarks today are mixed.
- On the one hand, he signals that inflation could rise due to trade tariffs. On the other hand, he suggests that the Fed may cut interest rates in response to a weakening labor market and the potentially smaller-than-expected impact of tariffs on prices.
- U.S. consumer confidence data came in well below forecasts (93 vs 99.8 expected and 98 previously);
- inflation expectations fell in June to 6% y/y, down from 6.4% expected and 7% previously.
- The Richmond Fed regional index came in slightly above expectations (-7 vs -10 expected).
- Uber (UBER.US) shares are up over 8%, boosted by a partnership with EV startup Waymo (owned by Google) in the city of Atlanta. As a shareholder in electric bike startup Lime, Uber could also benefit from the company’s IPO on the U.S. stock exchange.
US100 (Daily Chart – D1)
A V-shaped rebound in the Nasdaq 100 (US100) has opened the path toward new all-time highs at 22,350 points.
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Source: xStation5
The semiconductor sector, led by Taiwan Semiconductor, Broadcom, and AMD, is recording gains today.
Along with banks, software, and internet companies, it is lifting U.S. indices higher. On the downside, we see weakness in the oil & gas sector and the defense sector, which is reacting with a relatively calm pullback in response to the easing of geopolitical tensions in the Middle East.
Source: xStation5
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