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Economic News July 10, 2024

10 thg 7, 2024

U.S. Stock Market Situation:

The U.S. stock market continued its upward trend during Tuesday's trading session, as Federal Reserve Chairman Jerome Powell warned about the risks of keeping interest rates high for too long. At the close of the session, the S&P 500 increased by 0.07% to 5,576.98 points, marking its 36th record closing this year. The Nasdaq rose by 0.14% to 18,429.29 points, also reaching a new closing record. Conversely, the Dow Jones experienced a mixed performance, decreasing by 0.13% to 39,291.97 points.


U.S. Treasury Bond Situation:

The yield on the 10-year U.S. Treasury bond rose slightly to 4.298%.


Dollar Index Situation:

The Dollar Index continued to rise, up by 0.12% to 105.12 points. The increase in the USD was influenced by recent remarks by Fed Chairman Jerome Powell, who acknowledged progress in inflation and the labor market cooling. However, he did not provide clear signals that the Fed is considering an interest rate cut in the near term.


Gold Situation:

The global gold price reversed direction and saw a slight increase, with spot gold rising by 4.4 USD to 2,364 USD/ounce. Futures gold traded up by 7 USD compared to the previous session, reaching 2,371.1 USD/ounce.


Commodity Market Situation:

At the end of yesterday's trading session, oil prices decreased by more than 1% after traders assessed the low likelihood of extended supply disruptions due to Hurricane Beryl. Brent crude oil fell by 1.09 USD, or 1.3%, to 84.66 USD per barrel. WTI crude oil dropped by 0.92 USD, or 1.1%, to 81.41 USD per barrel.

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Agricultural commodity prices came under pressure in the early-week session, with wheat prices falling nearly 3%.

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Metal prices showed mixed movements.

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Many commodities in the energy and metals groups simultaneously increased in price, while the agricultural and industrial raw materials markets saw a return of the red.

Commodity markets fluctuated during the early week trading session.

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