Daily summary: semiconductor stocks underperformed; silver dipped 3.7%.📌

6:50 PM 21 June 2024
  • Wall Street indexes ended the week lower. The US500 is down 0.30%, and the US100 is down 0.40%. The largest declines were recorded by semiconductor sector companies, including Nvidia (-3.6%), Broadcom (-2.9%), and Micron (-3.2%).

  • In the USA today, investors focused on preliminary PMI data for June. The report for industry and services exceeded analysts' expectations. The readings indicate very strong services, which could signal greater inflationary pressure across the entire American economy.

  • Today's PMI data from Europe turned out to be disappointing. Very weak data from Germany and France. Both industry and services data fell below expectations. Eurozone PMI data:

    • Industrial PMI: current 45.6; forecast 48.0; previously 47.3;
    • Services PMI: current 52.6; forecast 53.5; previously 53.2;
  • At the end of the week, the currency market is led by the US dollar and the New Zealand dollar. Increased downward pressure is observed on the Japanese yen and the Swiss franc.

  • The USDJPY pair extends its rally, thus approaching the zone of local highs (levels highest since 1990).

  • The EIA report indicated that the change in US gas inventories was 71 billion cubic feet (bcf) compared to forecasts of 69 bcf and 74 bcf previously.

  • PALLADIUM is today's best-performing precious metal, gaining over 2% and briefly reaching the highest level in three weeks. On the other hand, gold and silver record massive declines (respectively -1.7% and -3.75%).

  • WTI crude oil loses 0.7% at the same time.

  • The cryptocurrency market returned to declines after a brief recovery yesterday. Bitcoin falls below $64,000, losing 2.00% and thus trading below the profit levels for short-term investors.

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