403100 July 27, 2024 05:14 Forexlive Latest News Market News
For most of the week, the flow of funds sent the JPY and CHF higher on flight to safety flows. The AUD (and NZD) lower as risk off sentiment dominated on the back of slowdown in China, lower commodities and stocks moving lower.
Today saw a reversal of some of those trends.
For the day, the AUDSD is the strongest of the majors. The CHF is ending as the weakest. The JPY is ending the day mixed. The USD which was mixed for a lot of the week is ending the week with the same fortunes today.
Stocks moved higher in both Europe and the US today.
The major European indices bounced back in trading today with all the indices higher.
For the trading week, most of the indices were higher except Italy’s FTSE MIB
The final numbers in the US closed the day with gains across the board.
For the trading week, the results were mixed with the Dow up for the 4th consecutive week. The Russell 2000 was up for the 3rd week.. The S&P and the Nasdaq were down for the 2nd consecutive week. Next week will be influenced by a slew of earnings highlighted by Microsoft, Apple, Amazon and Amazon amongst other large cap titans in various industries.
US yields are closing the day near lows across the yield curve:
For the trading week:
The 2-10 year rose by 8.3 basis points for the week to -19.4 basis pointe. The 2-30 year spread is ending positive by 6.7 basis points.
Fundamentally today, the PCE data was consistent with the PCE data from the GDP data yesterday.
The core PCE moved up by 0.188% (rounded to 0.2%. The YoY rose by 2.6%. The was unchanged from last month. The headline PCE rose of 0.1% (revised higher) with the YoY dipping to 2.5% from 2.6%.
The Michigan consumer survey data was mixed with the sentiment moving higher vs the preliminary, the current conditions lower and the expectations higher . Inflation results were more or less as expected and close to last months levels.
IN addition to the parade of earnings, the Fed, the Bank of England and the Bank of Japan will announce interest rate decision. The US jobs report will be released on Friday. Australia and EU CPI will be released. China PMI will be released as well.
Thank you for the support.this week. Wishing you all a great weekend (PS enjoy the Olympics).
This article was written by Greg Michalowski at www.forexlive.com.
403099 July 27, 2024 04:14 Forexlive Latest News Market News
The US stocks have closed the week with gains on the day.
The S&P and the Nasdaq remain lower on the week. The Dow and the small-cap Russell 2000 closed higher with the Russell 2000 the best performer on the rotation on hopes lower rates would help those companies going forward.
The final numbers are showing:
The small-cap Russell 2000 rose to 37.08 points or 1.67% at 2260.06.
For the trading week:
Next week is a huge week with Amazon, Apple, Meta Platforms, and Microsoft all scheduled to release earnings.
Today:
For a list of the other companies scheduled to release can be found HERE. Of course the Fed interest rate decision on Wednesday will also be a key event. The week will also end with the US jobs report on Friday (177K estimate with the unemployment rate at 4.1%).
This article was written by Greg Michalowski at www.forexlive.com.
403098 July 27, 2024 02:39 Forexlive Latest News Market News
Next week will be a key earnings release week. 4 of 7 of the Magnificent 7 will be released with Microsoft, Meta Platforms, Apple and Amazon all scheduled to report.
As if that wasn’t enough, McDonald’s, Pfizer, Merck, AMD, Starbucks, Boeing, Qualcomm, Intel, Exxon Mobil and Chevron will also report.
Monday
Before Open:
After Close:
Tuesday
Before Open:
After Close:
Wednesday
Before Open:
After Close:
Thursday
Before Open:
After Close:
Friday
Before Open:
This article was written by Greg Michalowski at www.forexlive.com.
403094 July 27, 2024 00:14 Forexlive Latest News Market News
The major European indices have bounced back in trading today with all the indices higher. A snapshot of the closing levels shows:
For the trading week, most of the indices were higher with the exception of Italy’s FTSE MIB
In the European debt market yields move lower today, Looking at the benchmark 10 year yields:
This article was written by Greg Michalowski at www.forexlive.com.
403093 July 26, 2024 22:14 Forexlive Latest News Market News
A mix of the details compared to the preliminary.
In an interesting study chart of the consumer sentiment within the survey, those surveyed with the Top tercile of stock holdings had higher confidence, while those who did not all stocks has a much more negative view on the consumer sentiment. That is not too surprising given the relative rise in US stock markets over the last year and a half.
This article was written by Greg Michalowski at www.forexlive.com.
403092 July 26, 2024 22:14 Forexlive Latest News Market News
As the opening bell rings on the major US exchanges, the major indices are trading higher. Having said that the NASDAQ index was up over 200 points in premarket trading and is currently up only 136 points. Having said that with the declines this week, any gain is accepted at this point.
A snapshot of the market currently shows:
The small-cap Russell 2000 (which is higher this week by 3.24%) is trading up 38.52 points or 1.73% at 2261.42. For the week, the index is up 3.435%. Last week the index was up 1.67% and the week before the index was up 5.996%.
Looking at the NASDAQ from a technical perspective, getting above 17353, and a swing area at 17494 – 17544 is needed to give the buyers some confidence and gives sellers some cause for pause on the downside.
Looking at the US yields:
Looking at other markets:
The USDJPY has been talked about as the reason for the stock decline (open for some debate). The USDJPY moved up to technical resistance between 154.53 and 154.88, and found willing sellers. The price is back down testing the 38.2% retracement of the move up from December 2023 low at 153.65. The pair has found some support buyers on the look.
With traders in stocks, trading USDJPY, holding that level and bouncing might help stocks. Conversely, breaking below 153.65, followed by more selling the USDJPY could hurt the stocks (especially the USDJPY).
This article was written by Greg Michalowski at www.forexlive.com.
403091 July 26, 2024 20:39 Forexlive Latest News Market News
The core PCE was a bit higher than expectations which is somewhat congruent with the core PCE data released yesterday through the GDP report.
The Fed pricing sees 67 basis points of cut by the end of the year with a cut in September priced in.
This article was written by Greg Michalowski at www.forexlive.com.
403090 July 26, 2024 20:39 Forexlive Latest News Market News
Today’s data, may help the Fed with their decision next week (and going forward), as the “favored measure of inflation” (the core PCE) will be released at 8:30 AM ET.
A review of the economic data to be released today, will be highlighted by that PCE data (and Personal income and spending) along with the University of Michigan consumer sentiment (final) at 10 AM ET. I have been hearing how the core PCE will be 0.18% but the Reuters estimate has it at 0.1%. Be aware.
This article was written by Greg Michalowski at www.forexlive.com.
403089 July 26, 2024 19:39 Forexlive Latest News Market News
Headlines:
Markets:
Markets are taking a bit of a breather today, following the volatile risk selloff in the last few days.
Equities are faring better with S&P 500 futures seen up 0.7% as tech shares are finding some respite. European indices are also holding higher, with the French CAC 40 index seen up 0.9% though still largely down on the week.
In FX, USD/JPY is also keeping with the overnight bounce in a push to 154.70 from around 153.80 earlier in the session. The 100-hour moving average for the pair is seen at 154.83 and will be a key near-term level to watch before the weekend.
As we see traders sense some relief, AUD/USD is also seen higher by 0.3% to 0.6560 while USD/CHF is also up 0.2% to 0.8835 on the day. The latter fell to its lowest since March yesterday but staved off a firm break below 0.8800 at least.
In other markets, gold is also up 0.4% to $2,373 while Bitcoin is up roughly 3% to $67,231 currently.
It’s all pointing to just a bit of respite as all eyes turn to the US PCE report next. That will be the make or break for overall sentiment before we close out the week.
This article was written by Justin Low at www.forexlive.com.
403085 July 26, 2024 18:39 Forexlive Latest News Market News
Broader markets are seeking a respite today and if that is to hold, it will need the next key US inflation indicator to play ball. So far, risk trades are sensing some relief today after a rough week. But can it hold through until the weekend?
The expectation for the US PCE price index is for the monthly reading to come in at +0.1% for both the headline and core estimates. Meanwhile, the annual reading is expected to be at +2.5% for both the headline and core estimates as well. However, Goldman Sachs argues that we could see the core reading be at +0.2% m/m and +2.6% y/y with the latter unchanged from May.
The narrative at the moment is that the disinflation process in the US is continuing to take hold. However, it is moving at a rather gradual pace. And given the circumstances, there might be bumps in the road as per what policymakers are expecting as well.
So, even with a 2.6% reading in the core annual estimate today, it’s not a major setback to the Fed.
But with markets pretty much sitting on edge this week, any readings above that could easily spook investors. And all of the early gains we’re seeing in stocks and risk could be in jeopardy before the weekend comes along.
This article was written by Justin Low at www.forexlive.com.
403081 July 26, 2024 17:14 Forexlive Latest News Market News
That is leading to a much better mood in broader markets so far today. USD/JPY is also now trading up by 0.2% to 154.25 with the dollar keeping marginally lower elsewhere. While still in narrow ranges, EUR/USD and GBP/USD are both up 0.1% to 1.0851 and 1.2865 respectively.
Besides that, gold is also seen higher by 0.4% to $2,374 after having fallen by 1.4% in trading yesterday.
In Europe, stocks are also nudging higher now with the DAX up 0.2% and the CAC 40 up 0.9% on the day.
It’s all pointing to a slight reprieve after the continued selloff in risk over the last few days. But there’s still one final hurdle to get through in the US PCE price index later.
This article was written by Justin Low at www.forexlive.com.
403080 July 26, 2024 16:14 Forexlive Latest News Market News
Based on the earnings results of companies reporting on 25 July (AMC), here’s a summary focusing on the moves made by these companies and their possible impact on the overall market indices such as SPX and NDX. The list is ordered by market cap to highlight the biggest movers and provide an average weighted move. Emphasis is placed on the most popular companies and brands likely to influence market sentiment. Companies with moves less than 2 percent are disregarded unless they are popular brands or stocks.
Highlights of most popular companies
Other notable movers
Baker Hughes Company (BKR)
Deckers Outdoor (DECK)
Hartford Financial Services Group (HIG)
Overall market cap weighted trend
Positive influence:
Negative influence:
Overall sentiment:
Expected directional bias for 26 July
Investors and traders should prepare for a potentially mixed market with a slight bullish bias, adjusting their strategies accordingly based on the performance of these influential companies and the overall market sentiment derived from these earnings reports.
This article was written by Itai Levitan at www.forexlive.com.