CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Daily summary: US100 slumps after tech earnings, JPY gains on rate hike hopes

18:55 24 July 2024
  • Wall Street indices are trading lower, with the downward move being driven by tech sector. S&P 500 trades 1.7% lower, Nasdaq slumps 2.8%, while Dow Jones drops 0.8%. Small-cap Russell 2000 outperforms dropping 'only' 0.6%
  • Tech shares underperform following disappointing earnings releases from Tesla and Alphabet yesterday after close of US session. Tesla drops over 10%, while Alphabet trades 4.5% lower
  • European stock markets indices finished today's trading lower - German DAX dropped almost 1%, UK FTSE 100 finished 0.17% lower, French CAC slumped 1.12% and Dutch AEX plunged 1.26%
  • Japanese yen strengthened today after Reuters reported that Bank of Japan is weighing in a rate hike at next week's meeting. Report also stated that BoJ will unveil plans to halve bond buying in the coming years
  • The move lower 
  • USDJPY dropped below 154.00 mark and reached the lowest level since early- May 2024
  • Bank of Canada delivered the second 25 basis point rate hike of the current easing cycle at a meeting today, in-line with markets' and economists' expectations
  • Bank of Canada maintained 2.6% inflation forecast for 2024 and lowered 2024 GDP forecast from 1.5 to 1.2%. BoC also boosted 2025 inflation and GDP forecasts slightly, while lowering forecasts for 2026
  • However, as such a move was expected, Canadian dollar did not experience any major move in the aftermath of BoC announcement
  • DOE reported showed a 3.74 million barrel drop in US oil inventories (exp. -2.5 mb), a 5.57 million barrel draw in gasoline inventories (exp. -0.5 mb) and a 2.75 million barrel decline in distillate inventories (exp. +0.1 mb)
  • Flash US manufacturing PMI index dropped from 51.6 to 49.5 in July (exp. 51.6), while services index improved from 55.3 to 56.0 (exp. 54.9)
  • US new home sales unexpectedly dropped 0.6% MoM to 617k in June, while market was expecting a 3.4% MoM increase to 640k
  • US wholesale inventories increased 0.2% MoM in June (exp. +0.5% MoM). Retail inventories were 0.7% MoM higher (exp. +0.5% MoM)
  • US goods trade balance for June showed a $96.84 billion deficit (exp. -$98.70 billion)
  • Flash French manufacturing PMI index dropped 45.4 to 44.1 in July (exp. 45.8), while services index improved from 49.6 to 50.7 (exp. 49.8)
  • Flash German manufacturing PMI index dropped from 43.5 to 42.6 in July (exp. 44.0), while services index moved lower from 53.1 to 52.0 (exp. 53.3)
  • Flash Eurozone manufacturing PMI index ticked lower from 45.8 to 45.6 in July (exp. 46.1), while services index dropped from 52.8 to 51.9 (exp. 53.0)
  • Flash UK manufacturing PMI index improved from 50.9 to 51.8 in July (exp. 51.1), while services index improved from 52.1 to 52.4 (exp. 52.5)

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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