The main nasdaq rises they signed up in Airbnbs 3.2%, JD.com 3% Y Old Dominion Freight Line and Booking 2.4%. The best of the Dow Jones it was for Goldman Sachs 2.5%, Dow 1.9% Y Chevron 1.4%. In the S&P 500 I know highlighted Freeport MacMoRan 6.2%, EnphaseEnergy 5.9% Y Solahedge Technologies 5.6%.
Technology and healthcare stocks led the declines, with Apple falling more than 2%. The iPhone maker plans to slow hiring and spending growth next year in some divisions to weather a potential economic downturn, according to Bloomberg.
The day continued with the presentation of bank balances. Among which the Bank of America posted mixed quarterly results, with revenue benefiting from rising interest rates and customer loan growth, but net profit fell 34%. Goldman Sachs they far exceeded expectations, vastly outperforming their expected earnings and revenue.
The dollar weakened on the wheel, to a one-week low against a basket of currencies, after hitting two-decade highs last week, as traders cut bets on the Fed’s aggressiveness in raising rates at its meeting this month . Also, A modest uptick in investor appetite for risky assets also weakened safe-haven demand for the currency.
In this monetary scenario, Fed officials signaled on Friday that they will likely raise rates by 75 basis points at its meeting on July 26-27, despite the fact that a recent inflation measure could justify higher than expected hikes later in the year.
Traders in the Fed’s short-term fed funds rate futures contracts, which had favored a one percentage point hike, shifted bets firmly in favor of a 0.75 point hike. percentages at the next meeting.
“It’s a clear price reversal from last week, after the UMich 5yr inflation expectations figure and after (Fed Governor Christopher) Waller cast significant doubt on a higher hike,” said Michael Brown, head of market intelligence at Caxton.
For its part, The preliminary survey of consumers from the University of Michigan for July showed on Friday that they see inflation at 2.8% over a five-year horizon.the lowest in a year and below 3.1% in June.
From the Federal Reserve, Governor Waller said he favored a further 75 basis point rate hike this monthlowering bets to a 100 basis point bet, which had risen after a Labor Department report on Wednesday showed consumer prices rose 9.1% in June.
Against a basket of currencies, the dollar index fell 0.5% to 107.32 units. On Thursday it had closed at a two-decade high of 108.65 units. And the euro rose 0.68% a u$s1,0158.
european bags
The european trading day It was also characterized by staying bullish, amid the official communication that the European Central Bank to raise rates for the first time in more than a decade on Thursday, the same day the bloc expects Russia to resume gas supplies. Italy, for its part, is again immersed in a political crisis.
Pan-European STOXX 600 index rose 1.3% ,, after registering a fall of 0.8% last week. Day gains were led by miners, energy stocks and banks.
The context in which the markets in Europe operate, bear in mind that Prime Minister Mario Draghi tried to resign from his post on Thursday after the 5 Star Movement, a coalition partner, did not support him in a confidence vote. Draghi’s resignation was rejected by the Italian president.
Draghi is expected to address parliament on Wednesday.but Italy’s 10-year bond yield rose 10 basis points (bps) on Monday to 3.48% , pushing the narrow spread over German Bund yields to their widest level in more than a month, in around 235 bp.
Source: Ambito
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