Default Subject -- Negative sentiment hits stock markets

US crude oil exports reach record highs

Inside.com Part of   Network August 18, 2022

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US Markets Stocks were down Wednesday as the weeks-long rally in U.S. equities appears to be running out of momentum.  The Dow ended its 5-day winning streak but remains in the green so far this week.  The S&P 500 is down so far this week following a 4-week winning streak.  The current 10 Year U.S. Treasury yield is set at 2.90040% Dow Jones  33,980.32 -0.50% S&P 500  4,274.04 -0.72% Nasdaq  12,938.12 -1.25% Russell 2000 1,987.31 -1.64% *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 Stocks in Canada were down on Wednesday following the negative sentiment in the U.S. Shopify was among the biggest losers as technology stocks struggled.  Hudson's Bay announced plans to relaunch Zellers, formerly one of the largest apparel chains in Canada.  The uncertainty in oil markets is negatively impacting Canada's economy as the country is one of the world's largest oil exporters.  TSX  20,181.44 -0.44% *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 markets were down on Wednesday, as they suffered from the sudden end to the positive sentiment that buoyed stock prices in recent weeks.  The Stoxx 600 was down 1% on the day after gaining earlier in the morning.  Retail stocks led losses with the industry falling 2.6% on the day.  The food and beverage industry bucked the trend and finished the day up 0.5%.  Euro STOXX 50  3,756.06 -1.29% UK (FTSE 100)  7,515.75 -0.27% Germany (DAX)  13,626.71 -2.04% France (CAC 40) 6,528.32 -0.97% *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 largely positive on Wednesday, contributing to an early rise in European markets before the negative investor sentiment set in.  Meituan was up 3.34% following a 9% drop on Tuesday after a report that Tencent plans to sell more than half of its $24B-stake in Meituan.  Japan's exports increased by 19% in July, beating estimates of 18.2%.  All major markets in China were up, with the Shanghai Composite rising 0.45%, the Shenzhen Component gaining 1.01%, and the Hang Seng climbing 0.46%.  S&P Asia 50 4,631.96 0.17% Japan (Nikkei 225) 29,222.77 1.23% South Korea (KOSPI) 2,516.47 -0.67% China (Hang Seng) 19,922.45 0.46% India (SENSEX) 60,260.13 0.70% *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 slightly on Wednesday after rebounding from the six-month lows they hit earlier in the session.  Brent crude gained 1.8% while U.S. West Texas Intermediate gained 2.3%.  U.S. crude oil stocks were down by 7.1 million barrels last week, significantly more than the 275,000-barrel drop anticipated by analysts.  Crude oil exports from the U.S. were up to 5 million barrels per day last week, an all-time record.  Oil (NYSEARCA:OIL) 31.17 1.43% Gold (NYSEARCA:GLD) 164.35 -0.65% Silver (NYSEARCA:SLV) 18.25 -1.72% Corn (NYSEARCA:CORN) 24.80 0.32% Lumber (NASDAQ:WOOD) 80.54 -1.17% *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 increased slightly on Wednesday after a volatile session.  The dollar rose in the morning but dropped when the Federal Reserve meeting minutes were released before rising again later in the day.  The U.S. Dollar Index gained 0.11% to finish the day at 106.62.  Federal Reserve Chairman Jerome Powell said the Fed could slow interest rate hikes if economic data is strong in August and September.  UK(GBP) £0.83 0.04% Europe (EURO) €0.98 -0.16% Canada (Canadian Dollar) $1.29 0.07% Japan (Yen) ¥135.11 1.47% *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 has now been falling for four consecutive days. Bitcoin has lost more than 6% since it hit $25,000 on Monday morning.  New data shows that the cryptocurrency donated to Ukraine at the start of the Russian invasion was used to buy weapons and drones.  Colombia is considering launching a Central Bank Digital Currency with the goal of preventing tax evasion.  Bitcoin $23,285.70 -3.37% Ethereum $1,834.51 -2.24% Litecoin $60.26 -1.74% Bitcoin Cash $133.65 -2.69% *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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