US markets have worst day in two months
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US Markets Stock futures rose overnight after the worst trading day in two months. - All 11 sectors of the S&P 500 were down on Monday amid significant fears about the health of the global economy.
- The S&P 500 and the Nasdaq are 14% and 24% below their all-time highs, respectively.
- The current 10 Year U.S. Treasury yield is set at 3.02200%
| Dow Jones | 33,063.61 | -1.91% | | S&P 500 | 4,137.99 | -2.14% | | Nasdaq | 12,381.57 | -2.55% | | Russell 2000 | 1,915.74 | -2.13% | *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 A survey by the Angus Reid Institute shows that 56% of Canadians cannot keep up with rising living costs. - 52% of Canadians said they would not be able to afford a sudden CA$1,000 expense.
- 52% of Canadians have started cutting back on their discretionary spending.
- 42% of Canadians said they are delaying a major purchase to save money, while 41% said they are driving less.
- Costs of basic goods in Canada are rising at unprecedented rates. According to Statistics Canada, Egg prices rose 15.8% in the last year, while coffee and tea are up 13.8%.
*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 lost ground on Tuesday amid fears of aggressive hikes from the European Central Bank. - The Stoxx 600 was down 1% on the day, with automotive stocks leading losses.
- Just Eat Takeaway was the worst-performing stock, losing 9%.
- Novo Nordisk gained 5% after announcing a positive trial result for a new diabetes drug.
| Euro STOXX 50 | 3,658.22 | -1.93% | | UK (FTSE 100) | 7,533.79 | -0.22% | | Germany (DAX) | 13,230.57 | -2.32% | | France (CAC 40) | 6,378.74 | -1.80% | *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 down on Tuesday morning after negative sentiment from U.S. markets carried over into Asian trading. - The Hang Seng, Shanghai Composite, and Shenzhen Component are all down in China.
- Travel stocks in Japan are up as the country considers lifting Covid testing requirements for vaccinated travelers. Japan Airlines was up 3.4% in the first hour of trading, while ANA Holdings gained 2%.
- Tencent shares dropped as technology stocks in China continue a downward trajectory from last week.
| S&P Asia 50 | 4,499.30 | -1.86% | | Japan (Nikkei 225) | 28,475.68 | -1.11% | | South Korea (KOSPI) | 2,444.22 | -0.74% | | China (Hang Seng) | 19,562.62 | -0.48% | | India (SENSEX) | 58,472.29 | -0.51% | *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 are expected to rise after Saudi Arabia told OPEC early on Tuesday (Monday night in the U.S.) that it could cut output. - Brent crude and U.S. West Texas Intermediate were down on Monday but rose early in Asian trading hours.
- Brent is down 12% so far this month, while U.S. West Texas Intermediate has lost 8%.
- The U.S. will be releasing its own supply data at 4:30 PM ET today.
| Oil (NYSEARCA:OIL) | 32.21 | -0.40% | | Gold (NYSEARCA:GLD) | 161.64 | -0.66% | | Silver (NYSEARCA:SLV) | 17.50 | -0.28% | | Corn (NYSEARCA:CORN) | 25.42 | 1.27% | | Lumber (NASDAQ:WOOD) | 78.68 | -1.93% | *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 continued its upward trajectory on Monday as investors moved into safe-haven assets with equities declining. - The U.K. Pound is at a 2.5-year low against the U.S. Dollar.
- The U.S. Dollar Index is at 108.9, close to its 20-year high of 109.3.
- The Australian Dollar and New Zealand Dollar were flat despite the move toward safer assets.
| UK(GBP) | £0.85 | 0.38% | | Europe (EURO) | €1.01 | 0.94% | | Canada (Canadian Dollar) | $1.30 | 0.20% | | Japan (Yen) | ¥137.17 | 0.09% | *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 remained at around the $21,000 price point on Monday following a significant drop last week. - Morgan Stanley predicts that the cryptocurrency market will not rise in the short term due to liquidity issues.
- South Korea plans to end a tax on airdrops, with tokens attained through an airdrop being considered a gift.
- Investors are awaiting a Fed update during the Jackson Hole Symposium on Aug. 25-27. A more hawkish tone by the Fed could result in a decline in Bitcoin's price.
| Bitcoin | $21,248.70 | -1.22% | | Ethereum | $1,612.13 | -0.78% | | Litecoin | $56.12 | -1.92% | | Bitcoin Cash | $122.85 | 3.11% | *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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 |  | 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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