July 19th Morning Report

Friday 19th July 2024

US markets tumbled on Thursday, reversing early gains as investors continued to rotate away from high-priced megacap growth stocks and second-quarter earnings season gathered steam. All three major US stock indexes suffered losses, and the blue-chip Dow fell the most, halting a series of consecutive record closing highs.

The Dow Jones Industrial Average closed down 1.29%, while the S&P 500 and Nasdaq Composite were down 0.78% and 0.70% respectively.

Other key markets ended mixed. European stocks closed as follows: the FTSE100 (+0.21%), the Dax 30 (-0.45%), CAC 40 (+0.21%) and the STOXX (-0.44%). In Asia, the Hang Seng and Shanghai indices closed higher. The key Asian indices ended yesterday as follows: Nikkei 225(-2.36%), HSI (+0.22%) and the Shanghai Composite (+0.48%).

The yield on the US 10 - year note was at 4.20%, while the 2 - year note was at 4.469%. Oil was up to $82.42 per barrel, down 0.52%. The gold price was at US$2447.50 per ounce, down 0.50%.