Daily summary: Wall Street rally continue driven by weaker than expected ISM services; Tesla and Nvidia rally

• Session on European stock market ended in positive sentiments among leading indices; DAX rallied more than 1.1%, CAC40 and FTSE gained 1.2% and 0.6% respectively.
• ASML shares gaining more than 2%. However, the biggest European by market cap, Novo Nordisk felt almost 2.5% amid after study suggesting that wieght-loss drug, Ozempic may cause blindness.
• We can see further Wall Street indices rally continued today. The strongest one is the Nasdaq 100, which broke through the 20,000-point level today and set a new ATH at 20,186 points level.
• The strongest companies among Big Tech are Tesla and Nvidia, which are gaining 7% and 5% respectively, improving sentiments on Wall Street. Tesla was supported today by Elon Musk comments, with stock price rebounding almost 75% since the April lows. Musk claims that the company will be a future winner in humanoid robots and autonomous 'robotaxi' sectors
• The S&P 500 rose more than 0.5% today. The Russell 2000 also recorded a positive session, although the smaller companies index is up only 0.14%. The Dow Jones closed at a similar level to yesterday's closing price. 
• The FOMC minutes came in quite dovish, given today much weaker than expected ISM services data. Bankers claim that current US monetary policy is restrictive. The Fed's narrative continues to base its monetary policy decision on incoming data
• The Fed views geopolitics and global trade tensions as risky for the trajectory of inflation. Nonetheless, the FOMC minutes suggest that policymakers are also calculating the risks of exaggerated monetary tightening, which under outlandish conditions could trigger a higher-than-historic response from the labour market and rising unemployment
• Today, data from the US economy were mixed, with focus on the weakest since May 2020 ISM PMI Services reading.

US ISM Services came in: 48.8 vs 52.6 exp. and 53.8 in May

• US ISM Services Price Paid: 56.3 vs 56.7 exp and 58.1 previously
• US ISM Services Employment: 46.1 vs 49 exp and 47.1 previously
• US ISM Services New Orders: 47.3 vs 53.6 exp and 54.1 previously
• US Factory orders dropped by -0.5% vs 0.2% exp. and 0.7% previously

S&P PMI for June came in 55.3 vs 55.1 exp. and 55.3 previously

US ADP report for June came in 150k vs 163k exp. and 152k previously 

US Initial Jobless Claims: 238k (Forecast 235k, Previous 233k)

• US Continued Jobless Claims: 1.858M (Forecast 1.84M, Previous 1.839M)

• Under the influence of weaker data, the market's belief in a potential acceleration of interest rate cuts by the Fed strengthened. U.S. bond yields recorded a strong decline. The yield on the 2-year bond fell 0.74% to 4.7%, marking the lowest since March of this year. Yields on 10-year US bonds fell to 4.36% (down -1.7%). 
• The change in market sentiment was also reflected in the quotations of the U.S. dollar, which lost -0.3% against a basket of currencies today and is the weakest of the G10 currencies. 
• Declines in yields and an increase in expectations of potential interest rate cuts have caused precious and industrial metals to surge; zinc, copper and nickel gain more than 2% today. Silver futures gained nearly 3.5% today, with gold up 1.3%.
• Oil and natural gas saw little reaction today to the change in inventories, according to the EIA. NATGAS loses nearly 1%, while OIL gains 0.3% approaching $87 per barrel again
• NATGAS EIA inventories change came in at 32 billion cubic feet (bcf) vs 29 bcf exp. and 52 bcf previously. 
• OIL EIA inventories change came in -12,15M vs -0,5M exp. and 3.59M previously. Gasoline inventories change came in -2,2M vs -0,39M exp. and 2.65M previously
• Cryptocurrencies are posting quite strong declines today, despite weakening US Dollar and strong Nasdaq 100 performance. Bitcoin loses more than 2.6% and Ethereum 3.4%. FANTOM currency is losing more than 13%