Fed considers 100-basis point interest rate hike
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US Markets Stocks were down on Thursday as banks started the earnings season with negative results. - JPMorgan Chase shares were down 3.5% after the bank announced it was halting share buybacks due to the uncertain economic outlook.
- Morgan Stanley fell 0.4% after announcing that its investment banking revenue had declined.
- Wells Fargo and Citigroup will report their earnings today. Both stocks fell during Thursday's trading session.
- The current 10 Year U.S. Treasury yield is set at 2.96230%
| Dow Jones | 30,630.17 | -0.46% | | S&P 500 | 3,790.38 | -0.30% | | Nasdaq | 11,251.19 | 0.03% | | Russell 2000 | 1,707.51 | -1.07% | *Stock Market data as of the last closing bell. Data received directly from the references indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Canadian Markets Canadian bank stocks had their worst daily performance in two years as investors reacted to the negative bank results in the U.S. - Royal Bank of Canada lost 5.6%, the most since March 2020. The stock is now down more than 20% from its January high.
- Bank of Nova Scotia lost 3% and Toronto-Dominion Bank fell 2.1%.
- Canadian banks don't report their earnings until July, but the results in the U.S. added to investor concerns, as the market is still reacting to Wednesday's 1% overnight interest rate hike by the Bank of Canada.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets European stocks were down on Thursday as the market was still negatively impacted by the U.S. inflation figures released on Wednesday. - The Stoxx 600 finished the day down 1.4%.
- All sectors of the Stoxx 600 were down on the day aside from travel and leisure.
- The FTSE MIB (Italian stock market index) was down 3.3% after a parliamentary vote of non-confidence led Prime Minister Mario Draghi to say he wanted to resign.
- There is now substantial political uncertainty. The EU has stated they hope Draghi will remain as Prime Minister, but an election may be held in the early fall.
| Euro STOXX 50 | 3,397.56 | -1.63% | | UK (FTSE 100) | 7,039.81 | -1.63% | | Germany (DAX) | 12,519.66 | -1.86% | | France (CAC 40) | 5,915.41 | -1.41% | *European stock prices are as of 7 am ET. Data received directly from the references indexes through ICE Data Services.
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Asian Markets Stocks in Asia were mixed on Thursday, with continued national pressures impacting local markets differently. - Official data shows that Singapore's GDP grew by 4.8% in Q2 2022, less than the 5.2% growth expected. The Straits Times Index, Singapore's stock market index, fell by 1.15% on the day.
- Australia said it had added 88,400 new jobs in June, significantly more than the 30,000 jobs expected by analysts. Stocks in Australia were up 0.44%.
- Stocks in the Philippines were down after the country's central bank increased interest rates by 75 basis points.
| S&P Asia 50 | 4,628.53 | 0.06% | | Japan (Nikkei 225) | 26,643.39 | 0.62% | | South Korea (KOSPI) | 2,322.32 | -0.27% | | China (Hang Seng) | 20,751.21 | -0.22% | | India (SENSEX) | 53,416.15 | -0.18% | *Asian stock prices are as of 7 am ET. Data received directly from the references indexes through ICE Data Services.
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Commodities Oil prices were volatile on Thursday, falling over 5% during trading before regaining most of their losses to finish just under even. - Brent crude and U.S. West Texas Intermediate crude both finished the day down 0.5%, reaching their lowest point since Russia invaded Ukraine in late February.
- Prices were down early in the day due to the European Commission lowering its economic forecast for the eurozone and increasing its inflation estimates for 2022.
| Oil (NYSEARCA:OIL) | 31.05 | -0.38% | | Gold (NYSEARCA:GLD) | 159.33 | -1.40% | | Silver (NYSEARCA:SLV) | 17.00 | -3.90% | | Corn (NYSEARCA:CORN) | 24.29 | 0.91% | | Lumber (NASDAQ:WOOD) | 72.38 | -1.68% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates The U.S. Dollar was up on Thursday, hitting a new 24-year high as the Yen and the Euro continued to fall. - The U.S. Dollar Index was up 0.7% on the day and is now up 13% so far this year.
- The Euro fell 1.07% due to political uncertainty in Italy.
- The British Pound continued its fall, losing another 0.72% due to concerns about the country's economy.
| UK(GBP) | £0.85 | 0.33% | | Europe (EURO) | €1.00 | 0.15% | | Canada (Canadian Dollar) | $1.31 | 0.93% | | Japan (Yen) | ¥138.95 | 0.96% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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Cryptocurrency Bitcoin was up on Thursday amid growing concerns that the Federal Reserve may follow the Bank of Canada and increase interest rates by 1 percentage point at its next meeting. - Ethereum's ninth shadow fork went live on Thursday as the network continues to prepare for its transition from proof-of-work to proof-of-stake.
- JP Morgan claims that the cost of mining Bitcoin has fallen to $13,000, which may create downward pressure on the price of Bitcoin.
- Paradigm led a $16M investment round in NFT membership platform Hang.
| Bitcoin | $20,653.90 | 2.38% | | Ethereum | $1,194.17 | 7.17% | | Litecoin | $51.21 | 3.45% | | Bitcoin Cash | $103.44 | 6.43% | *Exchange rates as of 7am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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 |  | Liam Gill is a founder, lawyer and investor.
He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law at Zargar Lawyers + Business Strategists in Vancouver, Canada.
|   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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