Daily summary: US stocks rise despite shrinking economy

• European indices finished today's volatile session mostly higher, with Dax up 0.88% as annual inflation rate in Germany eased in July, albeit by less than expected, while consumer morale in the Eurozone plunged to a new all-time low and the economic sentiment indicator fell more than expected in July.

• Three major Wall Street indices erased early losses and are trading approximately 1.0% higher as investors are trying to assess how another weak GDP reading will affect FED rate-hike path.

• The GDP report showed the economy unexpectedly shrunk in the second quarter, which means that the US entered a technical recession. 

• Meta Platforms fell almost 6% following disappointing quarterly results. Apple and Amazon will release their quarterly figures after market close

• NATGAS fell nearly 5.0% even as the gas stock in the US increased less than expected

• Brent crude briefly rose to $101.70 per barrel and WTI tested $ 100.00 per barrel, however buyers failed to uphold momentum in the evening and gave away most of the early gains

• Gold rose sharply above $ 1750 per ounce, while silver approaches $18.60 amid weaker dollar and lower bond yields,

• Currently CHF and JPY are the best performing major currencies while EUR and AUD lag the most.

• Major cryptocurrencies rose sharply yesterday after Fed Chair Powell said that it will likely become appropriate to slow the pace of interest rate increases depending on the inflationary and economic picture and upbeat mood prevails today. Bitcoin is testing $24000 level, while Ethereum broke above $1700 level.

Silver jumped nearly 5.0% during today's session and is heading towards psychological resistance at $20.00. Source: xStation5