The FOMC decided to cut interest rates by 25 bps at the July meeting and end a program of balance sheet reduction. However, markets were seeing a small chance for even more action in terms of 50 bps cut. Meanwhile, 2 members preferred no cut at all, suggesting possibly less space for future cuts. EURUSD sunk below 1.11 and gold prices slid as a result. Fed’s Powell conference will begin at 7:30pm BST.
Daily Summary: Chip War Weighs on Wall Street as Oil Plunges After US–Iran Ceasefire ⭐
Nasdaq-100 under pressure after chip sell-off
China Is Building Its Own Chip-Making Machines. ASML Under Pressure as the Technology War Enters a New Phase
US Open: Wall Street Rebounds After US Iran Ceasefire