Equities mixed after Wall Street dipped - 1.7.2024

Senior Analytical Expert

Articles:861

Todays’ Market Summary

The Dollar weakening is intact
US stock index futures are higher
Brent is edging higher currently.
Gold is lower presently.

Top daily news

Global equity indexes futures are pointing in different directions currently after Wall Street slipped Friday despite soft PCE price index data. Alphabet shares slumped 1.84% as Rosenblatt cut its rating on Google’s parent Alphabet stock from Buy to Neutral citing “multiple areas of transitional risk that recommend stepping back for a little while to see how the company handles it,” Tesla shares added 0.29% on Friday outperforming market.

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Forex news

Currency Pair	Change
EURUSD	+0.5%
GBPUSD	+0.2%
USDJPY	+0.2%
AUDUSD	+0.1%

The Dollar weakening is intact today. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended 0.1% lower on Friday.

GBP/USD ended flat on Friday while EUR/USD slowed its climbing as data showed French consumer prices rose 2.5% over year in June, in line with expectations. Both euro and Pound are higher against the dollar currently. Both USD/JPY and AUD/USD resumed advancing on Friday with the yen lower against the Greenback currently and the Australian dollar higher still.

Stock Market news

Indices	Change
DJI	+0.2%
NIKKEI	-0.4%
HK50	-0.2%
AU200	+0.1%

US stock index futures are higher with the yield on benchmark 10-year Treasury notes up at 4.392%. The three main stock benchmarks ended down on Friday with daily losses in the range of -0.7% to -0.1% despite moderating personal consumption expenditures price index data that raised the odds of a Federal Reserve interest rate cut.

European indexes futures are rising today after stock indexes closed lower on Friday while technology shares led gains. Asian stock indexes futures are mixed today with Japan’s Nikkei leading losses as Japan's Q1 GDP was downgraded indicating the economy shrank more than estimated in the first quarter.

Commodity Market news

Commodities	Change
#C-BRENT	+0.1%
OIL	+0.1%

Brent is edging higher currently. Prices ended lower on Friday as Energy Information Administration's Petroleum Supply Monthly report indicated demand for gasoline fell. West Texas Intermediate (WTI) futures ended 0.24% lower but are higher currently. Brent futures slid 0.3% to $85.00 a barrel on Friday.