- Wall Street indices launched today's trading little changed, but managed to catch a bid later on. S&P 500 and Nasdaq trade 0.6% higher, Dow Jones gains 1%, while small-cap Russell 2000 rallies over 2%
- US dollar gained after US GDP report came in above expectations. USDJPY reversed 1.1% drop and is now trading higher on the day
- US GDP report showed an annualized growth of 2.8% in Q2 2024 (exp. 2.0%), with annualized private consumption growing by 2.3%. Headline PCE decelerated from 3.1% to 2.3% QoQ (exp. 2.6% QoQ), while core PCE decelerated from 3.7% to 2.9% QoQ (exp. 2.7% QoQ)
- Ford Motor slumps 17% after company reported weakish Q2 2024 results
- Nvidia traded 7% lower at the start of the Wall Street session, but managed to erase losses and is now trading higher on the day. However, there was no company-specific news accompanying the reversal
- European stock market indices traded lower today - German DAX dropped 0.45%, French CAC40 plunged 1.15%, Dutch AEX closed 0.54% lower and Spanish Ibex declined 0.58%. UK FTSE 100 was the outperformer with 0.40% gain
- US headline durable goods orders slumped 6.6% MoM in June (exp. +0.3% MoM), while core orders excluding transport increased 0.5% MoM (exp. 0.2% MoM)
- US initial jobless claims came in at 235k (exp. 239k), while continuing claims dropped from 1867k to 1851k (exp. 1868k)
- EIA report showed a 22 billion cubic feet increase in US natural gas inventories (exp. +13 bcf)
- German IFO Business Climate index dropped from 88.6 to 87.0 in July (exp.89.0). Expectations subindex plunged from 89.0 to 86.9 (exp. 89.3), while Current Conditions index dropped from 88.3 to 87.1 (exp. 88.5)
- Cryptocurrencies trade lower today - Bitcoin drops 1%, while Ethereum slumps over 5%
- Energy commodities trade mixed - oil gains 0.9%, while US natural gas prices drop 4%
- Precious metals pull back amid USD strengthening - gold drops 1.7%, silver trades 3.7% lower, platinum declines 1.6% and palladium plunges 2.4%
- CHF, EUR and USD are the best performing major currencies, while NZD and AUD lag the most
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