Daily summary: Apple stock at ATH, the crypto market crash

6:50 PM June 5, 2023
  • The American stock market continues its strong gains from Friday, although today's movements are decidedly more moderate. The US100 is up by 0.6%, and the US500 gains nearly 0.3%. The US30, however, is down by 0.3%. Over the weekend, Biden signed a bill to abolish the debt limit, which eliminates risk from the market, but at the same time may mark the beginning of liquidity being drained from the market.
  • Apple is breaking through its previous all-time highs from January 2022 today and is trading around $184 per share, which again gives it a capitalization of over $3 trillion for the second time in history. It's the only such company in the market.
  • Data from the American economy is not impressive. The ISM for services comes in at 50.3 points, with expectations at 51.8 points and a previous level of 51.9 points. The price sub-index and new orders are falling, though they remain in the expansion zone. The employment sub-index drops below 50 points, which may suggest the end of a good run in the job market.
  • In response, we see a clear reversal of the situation on the US dollar, which is losing from the day's perspective. Gold also rose to around $1960 per ounce. Earlier, expectations of a rate hike in the US gave the chance for further gains on the dollar. Earlier, the euro was under pressure due to negative revisions of PMI indices.
  • Inflation in Turkey falls below 40% year-on-year for May, but the lira continues to lose and today it reaches a level of 21.15. OPEC+ surprises slightly with its decision. It extends the agreement to cut the production target to 2024, although the production target is supposed to be slightly higher than the current one. Oil reacted with a big increase to the information that Saudi Arabia voluntarily cuts production by an additional 1 million barrels per day. Production is to amount to 9 million barrels per day, although just a year ago the production target was 11 million barrels per day. Oil gained about 2% today, but this increase was almost revised to zero 2 hours before the end of the session.
  • Cryptocurrencies are in retreat. A large part loses over 10%, led by Binancecoin. Bitcoin lost about 5%. This is the result of Binance being sued by the SEC for irregularities in using customers' funds and offering services to customers in the US without permission. Binance intends to fight for its rights.
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