Market Outlook 🚀 - US Equities Falling

Investors undecided on next Fed rate hike

Inside.com Part of   Network July 18, 2022

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US Markets U.S. equities rallied on Friday as investors reacted to bank earnings and the possibility of a 100-basis point interest rate hike by the Federal Reserve. Wells Fargo was up 6.2% despite reporting that its quarterly profits declined by 48%.  Citigroup was up 13.2% after announcing that it beat earnings estimates as the company benefited from an economic environment with higher interest rates.  The current 10 Year U.S. Treasury yield is set at 2.91890% Dow Jones  31,288.26 2.15% S&P 500  3,863.16 1.92% Nasdaq  11,452.42 1.79% Russell 2000 1,744.37 2.16% *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 home prices had their largest monthly decline since 2005 in June. The benchmark price of a home was down 1.9% in June vs May.  The Bank of Canada has raised interest rates from 0.25% to 2.5% since the start of March.  Home sales were down 5.6% from May to June.  TSX  18,394.45 0.36% *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 up on Friday as they recovered much of the week's losses following lower-than-expected economic data from China earlier last week. The Stoxx 600 was up 1.8% on the day. The automotive industry led gains with a 4% jump on the day.  Uniper was up 6% after its majority owner said it considered all possible options to help the company ensure the security of European energy markets. Earlier this month, Uniper asked the German government for a bailout. Virtolife, the Swedish IVF products company, was up over 15% after posting higher-than-expected earnings.  Euro STOXX 50  3,477.20 2.37% UK (FTSE 100)  7,159.01 1.69% Germany (DAX)  12,864.72 2.76% France (CAC 40) 6,036.00 2.04% *European stock prices are as of 7 am ET. Data received directly from the references indexes through ICE Data Services.

Asian Markets Stocks in Asia were mixed at the end of last week with banking and real estate stocks falling in China on Thursday as some homebuyers decided to boycott mortgage payments. China Overseas Land Investment was down 3.9% and Longfor lost 6.2% on Friday.  Chinese tech companies fell. Tencent dropped 2.99% and Meituan was down 1.81%.  China's GDP was up 0.4% in Q2 2022, significantly less than the 4.8% reported in Q1 2022.  S&P Asia 50 4,586.71 -0.90% Japan (Nikkei 225) 26,788.47 0.54% South Korea (KOSPI) 2,330.98 0.37% China (Hang Seng) 20,297.72 -2.19% India (SENSEX) 53,760.78 0.65% *Asian stock prices are as of 7 am ET. Data received directly from the references indexes through ICE Data Services.

Commodities Oil prices were up 2.5% on Friday after Reuters reported that Saudi Arabia might not increase oil production as much as previously expected. Brent crude closed at $101.60 on Friday while U.S. West Texas Intermediate crude was at $98.16.  China's refinery output in June was down 10% year-over-year.  The recent Covid outbreaks in China have led to lower oil demand. Oil (NYSEARCA:OIL) 31.35 0.97% Gold (NYSEARCA:GLD) 159.01 -0.20% Silver (NYSEARCA:SLV) 17.19 1.12% Corn (NYSEARCA:CORN) 24.32 0.12% Lumber (NASDAQ:WOOD) 73.25 1.20% *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.

Currency Exchange Rates The U.S. Dollar was down on Friday as investors continued to re-evaluate the value of the dollar amid speculation of a possible 100-basis point interest rate hike later this month. The U.S. Dollar Index suffered a 0.47% drop on Friday and closed at 108.04 after peaking at 109.29 on Thursday, its highest point since September 2002 The Euro was up 0.57% to $1.0080 after falling to a 20-year low earlier in the day.  Fed futures indicate a 73% chance of a 75-basis point increase and a 27% chance of a 100-basis point increase.  UK(GBP) £0.84 -0.15% Europe (EURO) €0.99 -0.64% Canada (Canadian Dollar) $1.30 -0.60% Japan (Yen) ¥138.53 -0.32% *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.

Cryptocurrency Bitcoin rose over $21,000 after seeing gains at the end of last week and over the weekend. Ethereum's Merge project, which will move the network from proof-of-work to proof-of-stake, is scheduled to take place in the week of Sept. 19.  DeFi coins outperformed bitcoin and ether last week.  OpenSea on Thursday said it will lay off 20% of its workforce due to the "crypto winter" and macroeconomic instability.  Bitcoin $21,108.30 2.70% Ethereum $1,334.54 8.24% Litecoin $54.58 5.45% Bitcoin Cash $108.27 5.27% *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.

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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