July 8th Morning Report

Monday 8th July 2024

US markets closed higher on Friday with the tech-heavy Nasdaq and benchmark S&P 500 hitting record highs, as new data showing US labor market weakness boosted expectations for interest rate cuts as early as September.

The Dow Jones Industrial Average closed up 0.17%, while the S&P 500 and Nasdaq Composite were up 0.54% and 0.90% respectively.

Other key markets ended mixed. European stocks closed as follows: the FTSE100 (-0.45%), the Dax 30 (+0.14%), CAC 40 (-0.26%) and the STOXX (-0.16%). In Asia, the Hang Seng and Shanghai indices closed higher. The key Asian indices ended yesterday as follows: Nikkei 225(+0.82%), HSI (+0.28%) and the Shanghai Composite (-0.83%).

The yield on the US 10 - year note was at 4.277%, while the 2 - year note was at 4.604%. Oil was up to $83.44 per barrel, up 0.34%. The gold price was at US$2399.80 per ounce, up 0.09%.