- The session in Europe brought moderate gains among the major benchmarks from the Old Continent. The DAX, CAC40 and FTSE all made gains.
- Indexes on Wall Street are ending today without a clear direction. The US500 is trading at a slight 0.10% plus at 5485 points, while the US100 gains 0.07% to 19930 points.
- Semiconductor companies are leading the gains on Wall Street today. Dell (DELL.US) shares gain 8%, and Nvidia is trading up nearly 3.5% after Wells Fargo raised its price target to $155 per share, implying double-digit upside potential from current levels. The company leaps Apple, becoming the second largest US stock company today
- Today's comments from Fed officials are moderately optimistic. Bankers see improvement in macro data and reaffirm sufficiently restrictive Fed monetary policy.
- Fed Barkin remains cautiously optimistic, highlighting recent encouraging inflation data and expecting more clarity in the coming months.
- John Williams, president of the Federal Reserve Bank of New York, expects inflation to continue to decline this year, with the Fed bringing it to its 2.0% target. Williams also expects interest rates to return to low levels over the next few years.
- On the contrary, data from industry in the US fared well. Industrial production in May rose more than analysts' expectations, suggesting continued good industrial health with a weaker consumer. US industrial production in May: 0.9% m/m vs. 0.3% forecast and 0% previously
- OIL gains almost 0.5% reaching monthly highs near $85 per barrel, but Wall Street doesn't react to that with Nasdaq100 rising 0.15% and 0.4% rise in Russell 2000 index
- U.S. natural gas futures (Henry Hub) are gaining today as extreme heat is expected to spread across U.S. states, boosting demand for air conditioning and thus electricity. NATGAS opened higher today after rolling over, with futures up nearly 2.5% from a new open.
- In the cryptocurrency market, weak sentiment continues to prevail. Bitcoin is trading down 2.80% to the $64600 level and spot Bitcoin ETFs showed continued net outflows, in the fastest pace since March. Altcoins are losing even more. The total capitalization of the entire market excluding BTC and ETH is losing more than 5.0%.
- Prices of smaller cryptocurrencies fell after Ethereum settled below an important support zone at $3500. Filecoin is trading at double-digit declines today, despite recent announcements suggesting partnerships with more AI startups
Source: xStation5
