US Markets Stocks were up on Wednesday after a rough start to the week that included the worst trading day in three months on Monday. - Wednesday ended a three-day losing streak that started last Friday.
- Energy, real estate, and financial stocks were the best performing.
- Technology, healthcare, and consumer stocks dragged down markets.
- The current 10 Year U.S. Treasury yield is set at 3.10850%
| Dow Jones | 32,969.23 | 0.18% | | S&P 500 | 4,140.77 | 0.29% | | Nasdaq | 12,431.53 | 0.41% | | Russell 2000 | 1,935.29 | 0.84% | *Stock Market data as of the last closing bell. Data received directly from reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
| |
Canadian Markets Economic reports show that Prairie provinces will likely be the fastest-growing areas of Canada. - The Conference Board of Canada forecasts that the Saskatchewan economy will grow 7.6% in 2022.
- Alberta, whose economy is largely dependent on oil, is expected to expand by 4.9%.
- Quebec is expected to have some of the worst growth as an aging population continues to negatively impact the local economy.
- Ontario and British Columbia are forecast to grow as their manufacturing and tourism industries recover.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
| |
European Markets European stocks are mostly positive on Wednesday as market sentiment turned positive following a negative start to the week. - The Stoxx 600 rose 0.2% as household goods companies led markets with a 1.2% gain, while mining stocks dragged down markets, losing 1.8%.
- Aveva, a British IT company, was up 27% after France's Schneider said it was considering its acquisition.
- Securitas, the Swedish security business, was the worst-performing stock in the Stoxx 600, losing 6% after posting poor financial results.
| Euro STOXX 50 | 3,667.46 | 0.41% | | UK (FTSE 100) | 7,471.51 | -0.22% | | Germany (DAX) | 13,220.06 | 0.20% | | France (CAC 40) | 6,386.76 | 0.39% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
| |
Asian Markets Stocks in Asia were mixed on Wednesday and did not benefit from the generally positive sentiment seen later in the day. - In mainland China, markets were down significantly as the Shenzhen Component lost 2.88% and the Shanghai Composite fell 1.86%. The Hang Seng was also down in Hong Kong, falling 1.2% on the day, including a 1.07% drop in the final hour of trading.
- Tech stocks were down, with Xpeng losing 12% as the Hang Seng Tech Index fell 2.72%
- Thailand's Constitutional Court ordered the Prime Minister needed to vacate his office while the court reviews a case claiming that he has served more than his legally mandated eight-year term limit. The court has to decide whether the PM's time as head of a military junta before a formal government was put in place should count toward the time limit. Stocks in Taiwan were up on the news.
| S&P Asia 50 | 4,460.62 | -0.73% | | Japan (Nikkei 225) | 28,313.47 | -0.49% | | South Korea (KOSPI) | 2,447.45 | 0.50% | | China (Hang Seng) | 19,268.74 | -1.20% | | India (SENSEX) | 59,085.43 | 0.09% | *Asian stock prices are as of 7 am ET. Data received directly from reference indexes through ICE Data Services.
| |
Commodities Oil prices were up on Wednesday as investors became pessimistic regarding a potential Iran nuclear deal. - Brent crude was up 1%, while U.S. West Texas intermediate gained 1.3%.
- Oil prices were lower earlier in the day as data showed that demand for gas in the U.S. was down 7% over the past four weeks, versus the same period last year.
- OPEC+'s output is 2.9 million barrels below its daily target, which is putting upward pressure on prices.
| Oil (NYSEARCA:OIL) | 33.75 | 1.02% | | Gold (NYSEARCA:GLD) | 163.25 | 0.29% | | Silver (NYSEARCA:SLV) | 17.63 | 0.06% | | Corn (NYSEARCA:CORN) | 26.41 | 0.08% | | Lumber (NASDAQ:WOOD) | 79.13 | -0.08% | *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 up during U.S. trading hours on Wednesday against the top six fiat currencies. - The U.S. Dollar Index gained 0.13% to finish the day at 108.67.
- Traders are estimating a 61% chance of a 75-basis point rate hike and a 39% chance of a 50-basis point hike.
- The Fed seemed to indicate it would continue to be aggressive in fighting price increases after the annual inflation rate hit 8.5% in July, significantly above the 2% target.
| UK(GBP) | £0.85 | -0.22% | | Europe (EURO) | €1.00 | -0.29% | | Canada (Canadian Dollar) | $1.30 | -0.59% | | Japan (Yen) | ¥137.09 | -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 slightly on Wednesday, benefiting from a move toward higher-risk investments caused by the market rebound. - Ethereum Foundation said the Ethereum Merge will start when the Bellatrix upgrade is activated on Sept. 6, with the actual Merge taking place between Sept. 10 and Sept. 20.
- Tether will not ban Tornado Cash wallet addresses despite an investigation into Tornado Cash by U.S. authorities.
- A U.S. judge ruled that Voyager can pay retention bonuses to its employees.
| Bitcoin | $21,502.10 | 0.49% | | Ethereum | $1,663.73 | 0.12% | | Litecoin | $56.64 | -0.72% | | Bitcoin Cash | $132.10 | 7.68% | *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. | |
