Daily Summary: equities reduce losses, Apple gains 6.50% 📣

Wall Street indexes consolidate at the highest levels in anticipation of tomorrow's CPI report and the FOMC decision.

The US500 reduces deeper losses from the start of the session, losing 0.20% to 5350 points. Meanwhile, the US100 even managed to return to gains, increasing by 0.10% to 19120 points.

Yields on U.S. bonds continue to trade lower, with 10-year bonds dropping to 4.43%, and 2-year bonds to 4.85%.

The dollar index also slightly limits its increases but ends the day with a solid gain of 0.20%, reaching 105.280 points. EURUSD loses 0.25% to 1.0737.

Apple continues to rise, gaining a record 6.40% to $205.40. Apple's total market capitalization reaches $3.150 trillion, now only slightly less than Microsoft's market capitalization at $3.180 trillion.

The EIA assumes that Brent oil prices will average $84.15 per barrel this year, 4% less than the previous forecast of $87.79. U.S. crude oil production is expected to increase by 310,000 bpd in 2024, compared to the previous forecast of an increase of 270,000 bpd, and by 470,000 bpd in 2025, compared to the previous forecast of 530,000 bpd.

Today, natural gas contracts (NATGAS) gain nearly 3% driven by a change in the expected weather in the United States, where meteorologists suggest the likelihood of heatwaves, increasing the demand for air conditioning and, consequently, the use of gas in electricity production.

Wheat rebounds today from levels of 606 USD per bushel to nearly 630 USD after a record, over 15% sell-off. In the absence of significant news that could contribute to today's gains, the catalyst could be an updated weather forecast for the USA.

The Canadian building permit report for April showed the highest reading in 4 years. Currently: +20.5% m/m. Expected: +4.8% m/m. Previous: -11.7% m/m.

Panic in the cryptocurrency market continues. Bitcoin loses 4.30% to a level of 66500 USD. Meanwhile, declines accelerate in the sector of smaller projects, which initially were relatively lower today. Ethereum loses 6.00% to a level of 3450 USD, and other Altcoins 4.50% to a total market capitalization of 625 billion USD.

The strengthening of the dollar and yields puts pressure on Bitcoin. Declines occur before tomorrow's data from the USA: CPI inflation, the Fed decision, and Powell's conference. Yesterday, ETF funds recorded small net outflows of 64.9 million USD after 19 days of purchases.