Market Highlights π‘ - 17 July 2024
* Wall Street closes higher in continued rotation; Hong Kong's Hang Seng retreats as geopolitical concerns mount
πΊπΈ S&P 500: 0.64% π
πΊπΈ Nasdaq: 0.20% π
πͺπΊ Stoxx 600 Index: -0.28% π
π―π΅ Nikkei 225 Index: 0.20% π
ππ° Hang Seng Index: -1.60% π
π¨π³ CSI 300 Index: 0.74% π
* U.S. stocks extended gains, with the S&P 500 $SPDR S&P 500 ETF Trust(SPY)$
* U.S. retail sales stagnated in June, beating forecasts of -0.3% mom, while core retail sales rose 0.4% mom (forecast: 0.1%).
* Asian markets were broadly lower, with Hong Kong's Hang Seng down -1.6% on worries about heightened risks from U.S.-China geopolitical tensions, while the Nikkei 225 eked out a 0.2% gain, tracking Wall Street's gains overnight.
π‘ Future events: π‘
* On Thursday, Japanese trade data, U.S. unemployment claims, and EU interest rate decisions will be the focus of investors' attention.
* At the end of the week, we will see the release of Japan's national core consumer price index (CPI) year-on-year data.
π‘ Things you need to know today: π‘
1. The German regulatory agency (BaFin), known as the Federal Financial Supervisory Authority, said that Deutsche Bank incorrectly disclosed deferred tax assets in its 2019 financial statements and did not comply with international accounting standards.
BaFin
2. The U.S. Federal Trade Commission asked Amazon $Amazon.com(AMZN)$
Amazon Hiring
3. Fed Governor Adriana Kugler: βIf economic conditions continue to move in this favorable direction, as shown by the inflation data over the past three months, inflation recedes more quickly, and employment rates although "It has declined but remains resilient, as the past few employment reports have shown, and I expect it will be appropriate to begin easing monetary policy later this year."
Adriana Kugler
4. Bank of America's $Bank of America(BAC)$ profit in the second quarter of 2024 fell due to rising deposit costs, which led to a decline in interest income. However, boosted by investment banking and trading businesses, the overall performance was better than analysts' expectations.
Bank of America
5. European Union governments disagreed over the bloc's move to impose tariffs on imports of Chinese-made electric cars in a non-binding but still influential vote, with more than a dozen EU members voting in favor On the imposition of tariffs, 4 voted against and 11 abstained.
β KEY TAKEAWAYS:
Gains in U.S. stocks continued to extend to smaller companies on optimism over a rate cut at the September Federal Reserve meeting despite lackluster retail sales data.
@Daily_Discussion @TigerStars @CaptainTiger @MillionaireTiger @Tiger_comments @TigerGPT
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Based on the market highlights on July 17, 2024:
Wall Street closed higher, with the S&P 500 up 0.64% and the Nasdaq up 0.20%. This was driven by expectations of a Federal Reserve rate cut, which boosted investor sentiment.
U.S. retail sales stagnated in June, beating forecasts of a decline. Core retail sales, however, rose 0.4% month-on-month, exceeding expectations.
Asian markets were mostly lower, with Hong Kong's Hang Seng down 1.60% due to concerns about heightened risks from U.S.-China geopolitical tensions. The Nikkei 225 in Japan eked out a 0.2% gain, following Wall Street's positive performance.
Future events to watch include Japanese trade data, U.S. unemployment claims, EU interest rate decisions, and Japan's national core consumer price release.
In other news:
Bank of America's profit in the second quarter of 2024 fell due to rising deposit costs, leading to a decline in interest income. However, the overall performance was better than analysts' expectations, thanks to the bank's investment banking and trading businesses.
European Union governments were divided over imposing tariffs on imports of Chinese-made electric cars. In a non-binding vote, more than a dozen EU members voted in favor of tariffs, while four voted against and eleven abstained.
Key takeaways:
Gains in U.S. stocks continued, particularly in smaller companies, driven by optimism over a potential rate cut at the September Federal Reserve meeting, despite lackluster retail sales data.
Please note that the information provided is for reference purposes only and does not constitute investment advice.
A mixed day on wall street as the Dow hits all times highs up almost 300 points and Sn ps and nas close off there lows.
A super bloody red day today π₯²