Market Outlook 🚀 - US Futures Up Overnight

US Dollar Down

Inside.com Part of   Network July 19, 2022

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US Markets Stock market futures are up overnight after starting the trading week on a negative note. Shares of IBM are down more than 4% overnight after the company lowered its forecasts for 2022. The drop came after IBM on Monday reported Q2 2022 earnings and revenues above expectations.  Stocks were up on Monday morning after Goldman Sachs and Bank of America announced better-than-expected earnings. The current 10 Year US Treasury yield is set at 2.97810% Dow Jones  31,072.61 -0.69% S&P 500  3,830.85 -0.84% Nasdaq  11,360.05 -0.81% Russell 2000 1,738.42 -0.34% *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 The TSX was up on Monday, going against the negative market sentiment in the U.S. Under a deal between Suncor Energy and Elliott Investment Management, Suncor will add 1,500 Petro-Canada stations to its portfolio.  The raise of the Canadian Dollar is strongly impacting Canadian markets, and Friday could be a major day for the future of the dollar as Russia will need to announce if it will extend the annual maintenance for the Nord Stream 1 pipeline, which would further disrupt natural gas supply to Europe. If Russia decides to do so, Canada could see an additional $50B in revenue from selling LNG.  TSX  18,595.62 1.09% *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 Monday, building on the positive momentum from last week. The Stoxx 600 was up 0.8% on the day, with basic resource stocks climbing 3%.  Sinch, a Swedish cloud computing company, was up 17% after a five-day losing streak.  Direct Line was down 10% after the British insurer announced it would end its share buybacks.  Euro STOXX 50  3,511.86 1.00% UK (FTSE 100)  7,223.24 0.90% Germany (DAX)  12,959.81 0.74% France (CAC 40) 6,091.91 0.93% *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 on Tuesday morning after starting the week up on Monday. Japanese markets were closed on Monday due to a holiday but rose almost 1% in the first hour of trading on Tuesday morning. The Nikkei ended up gaining 0.65% on the day while the Topix index climbed 0.54%. The Reserve Bank of Australia released its minutes from its last meeting, which showed that policymakers view current rates as "well below" the neutral level.  Credit Suisse believes that stocks in Asia will be volatile in the short term as investors await monetary policy decisions.  S&P Asia 50 4,648.08 1.34% Japan (Nikkei 225) 26,977.37 0.71% South Korea (KOSPI) 2,371.59 -0.15% China (Hang Seng) 20,601.46 -1.17% India (SENSEX) 54,521.15 1.41% *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 on Monday due to growing concerns about the future of the gas supply coming from Russia. Brent crude was up 5% on the day, continuing its positive momentum after gaining 2.1% on Friday.  U.S. West Texas Intermediate crude was up 5.13% after gaining 1.9% on Friday.  President Biden was unable to get a commitment during his trip to Saudi Arabia that OPEC would increase its oil supply.  Oil (NYSEARCA:OIL) 32.68 4.24% Gold (NYSEARCA:GLD) 159.16 0.09% Silver (NYSEARCA:SLV) 17.22 0.17% Corn (NYSEARCA:CORN) 24.59 1.11% Lumber (NASDAQ:WOOD) 73.50 0.34% *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 Monday as it continues to fall back from the two-decade high it hit last week. The Federal Reserve signaled that it is likely to raise rates by 75 basis points at its July 26-27 meeting.  The most recent consumer survey by the University of Michigan showed that consumers believe that the inflation rate will be 2.8% over the next five years. This is the lowest expected in the last year.  The U.S. Dollar Index was down 0.57% to 107.44. Last Thursday, it hit a two-decade high of 108.65.  UK(GBP) £0.84 -0.76% Europe (EURO) €0.99 -0.45% Canada (Canadian Dollar) $1.30 -0.49% Japan (Yen) ¥138.06 -0.34% *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 was up again on Monday, continuing its winning steak from the weekend. Apecoin was up over 40% after its developers revealed a first look at the Otherside metaverse.  Ethereum has been volatile as the currency is impacted by investors trading on the potential of its upcoming merge.  Australia's Central Bank Governor said at a G-20 meeting that he believes that regulated stablecoins are a better alternative to Central Bank Digital Currencies.  Bitcoin $21,897.10 5.32% Ethereum $1,515.83 -4.16% Litecoin $56.33 -3.84% Bitcoin Cash $117.35 6.69% *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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