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July 17th Morning Report

Wednesday 17th July 2024

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US markets closed higher on Tuesday, The Dow Jones Industrial Average reached an all-time closing high on Tuesday after U.S. retail sales data supported the narrative that the Federal Reserve is approaching its easing cycle, reining in inflation while avoiding a recession.

The S&P 500 also rose, but weaker megacap growth stocks, led by Nvidia Corp (NVDA.O), opens new tab and Microsoft Corp (MSFT.O), opens new tab, capped the tech-heavy Nasdaq's gains.

The Dow Jones Industrial Average closed up 1.85%, while the S&P 500 and Nasdaq Composite were up 0.64% and 0.20% respectively.

Other key markets ended mixed. European stocks closed as follows: the FTSE100 (-0.22%), the Dax 30 (-0.39%), CAC 40 (-0.69%) and the STOXX (-0.71%). In Asia, the Hang Seng and Shanghai indices closed higher. The key Asian indices ended yesterday as follows: Nikkei 225(+0.20%), HSI (-1.60%) and the Shanghai Composite (+0.077%).

The yield on the US 10 - year note was at 4.23%, while the 2 - year note was at 4.158%. Oil was up to $80.76 per barrel, down 1.40%. The gold price was at US$2473.70 per ounce, up 1.84%. 

July 17th Morning Report



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