Economics News July 12, 2024
12 thg 7, 2024
US Stock Market Situation
The US stock market unexpectedly turned sharply lower during trading on Thursday despite the potential for a Federal Reserve interest rate cut. By the close, the S&P 500 index fell by 0.88%, ending at 5,584.54 points. The Nasdaq index dropped 1.95%, closing at 18,283.41 points. In contrast, the Dow Jones index showed a mixed performance, increasing by 0.08% to end at 39,753.75 points.
US Treasury Bonds Situation
The yield on the 10-year US Treasury bond continued to decline, reaching 4.212%.
Dollar Index Situation
The Dollar Index continued to fall, down 0.55% to 104.50 points, as newly released data showed an unexpected decrease in the Consumer Price Index (CPI) for June.
Gold Situation
Global gold prices surged today, with spot gold increasing by $43.80 to $2,414.50 per ounce. Futures gold trading last occurred with an increase of $42.65 compared to early morning, reaching $2,422.30 per ounce.
Commodity Market Situation
At the close of yesterday’s trading, oil prices continued to rise slightly due to data indicating that inflation unexpectedly slowed, raising expectations for a US interest rate cut. Brent crude oil rose by 32 cents, or 0.4%, to $85.40 per barrel. WTI crude oil increased by 52 cents, or 0.6%, to $82.62 per barrel.
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The overwhelming selling pressure dragged the MXV-Index down by an additional 0.59% to 2,102 points, extending the losing streak to three consecutive sessions. By the close of the market, nearly the entire price board for metals and agricultural products was covered in red.
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