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S&P 500, Nasdaq 100 Reach Fresh Highs
US stocks were firmly higher on Monday, extending the sharp gains from the previous week as the softer stance on tariffs by the US government allowed markets to focus on signs of multiple rate cuts by the Fed this year.
The S&P 500 and the Nasdaq 100 advanced around 0.5% each to reach new record highs, while the Dow added over 200 points.
White House officials announced that the US and China had formally reached an agreement to prevent the return of tariff exchanges that topped levies at 145%.
Additionally, President Trump noted that he is open to extending the July 9th deadline for reintroducing reciprocal tariffs, while remaining optimistic that key deals will be announced before the date.
Lastly, Canada withdrew its digital services tax to support the outlook for US tech companies and restart trade talks with Washington.
Meta and Alphabet each gained 1%.
Also, Juniper Networks surged 9% after the DoJ settled its lawsuit against the company concerning its acquisition by HP.
SP 500
IXIC: Nasdaq Composite Hits Record Close as Tech-Dense Index Adds 32% Since April Lows
Key points:
· Nasdaq charts record highs
· What a magnificent comeback
· Nvidia leading the broader group
Yep — you read that right. Just over 32%, or one-third, of the index’s valuation was added in the span of just three months.
Celebrate Bull Times — Come On
· The Nasdaq Composite index IXIC rewrote history on Friday, notching its brand-new all-time closing high. Techy guys, this one goes out to you — the tech-heavy index added 0.5% to log out at 20,273.46 points.
· That’s the first record since the index’s December peak and comes amid all kinds of mixed-bag data, diverging outlook for the global economy, and — of course — Trump’s confusing rhetoric.
· But, and perhaps more interesting to the math kids, the Nasdaq Composite is up 5% on the year, but 32% since its April crash when Trump introduced the tariffs.
Drumroll: And the Winners Are…
· In other words, one-third of the Nasdaq’s valuation — a total of $23 trillion — was added in the span of just three months. That’s $7 trillion in net new money pouring into the index, an average of about $2.3 trillion each month.
· The gargantuan amount is highly concentrated in a handful of stocks. Collectively called the Magnificent Seven, they are the heavy-hitters, the hyperscalers of the corporate world and are present in just about every serious fund manager’s portfolio.
· Nvidia NVDA, Microsoft MSFT, Apple AAPL, Amazon AMZN, Alphabet GOOGL, Meta META, and Tesla TSLA. That’s the reason those charts are flashing green arrows in uncharted territory.
Breakdown: Performance
· But not all are equal. The full club of seven is collectively down on the year — a negative 0.6% performance.
· Take Nvidia – Jensen Huang’s AI juggernaut. The shares are up just 15% this year, but more than 65% since the April lows. Presently, they’re chasing the formidable $4 trillion valuation, with just about $200 billion left to pull in.
· Meta is up 21% and Microsoft is up by 17%. The other four are on the other side of the ledger for the year. But all are up between 15% and 50% from the April selloff.
Nasdaq, S&P 500 Notch New Record Highs
The S&P 500 and Nasdaq Composite both notched new record highs shortly after Friday’s open, capping a dizzying rally from the depths of April’s tariff-induced selloff.
· The broad S&P 500 topped 6158, besting a previous intraday record hit in February.
· The index is on pace for its quickest recovery back to all-time highs following a decline of at least 15%.
· The tech-heavy Nasdaq Composite topped 20240, besting a previous all-time high set in December.
· The best S&P 500 performers since the April 8 closing low include Micron, AMD, Palantir and Coinbase. The cryptocurrency exchange has risen 140% since then.
· Both the S&P and the Nasdaq are on track to close at record highs if they hold gains.
· Stocks got a boost in recent sessions after Israel and Iran struck a fragile cease-fire. Continued trade negotiations between the U.S. and China, Canada and the European Union have also lifted investor spirits.
SP 500 Chart
Wall Street up Pre-Bell Amid Trump-Fed Outlook; Asia Mixed, Europe Up
Wall Street futures pointed moderately higher pre-bell Thursday amid media reports that President Donald Trump may soon announce his pick to replace outgoing Federal Reserve Chair Jerome Powell.
The Fed chief is not slated to leave office until May of next year, but Trump’s nominee might influence markets by playing the role of a more-dovish “shadow banker,” while in waiting.
In the futures, the S&P 500 rose 0.3%, the Nasdaq inclined 0.4% and the Dow Jones was up 0.3%.
Asian exchanges traded unevenly overnight, while European bourses tracked moderately higher midday on the continent.
Worthington Steel (WS) traded up 16% pre-bell after reporting fiscal Q4 results, late Wednesday.
Nike (NKE) is scheduled to report results after-bell, among others.
On the economic calendar is the weekly jobless claims bulletin at 8:30 am ET, along with the May durable goods orders report, the latest Q1 GDP estimate, and the international trade in goods release for May.
Also posting at 8:30 am is the Chicago Fed National Activity Index for May, the Q1 corporate profits report, and retail and wholesale inventories for May.
The pending home sales index for May posts at 10 am, and the weekly EIA natural gas bulletin at 10:30 am.
The Kansas City Fed Manufacturing Index for June posts at 11 am.
Richmond Fed President Thomas Barkin, Cleveland Fed President Beth Hammack, Fed Governor Michael Barr, and Minneapolis Fed President Neel Kashkari speak on Thursday.
In pre-market action, Bitcoin traded at $107,318, West Texas Intermediate crude oil traded higher at $65.23, and 10-year US Treasuries offered 4.28%. Spot gold traded for $3,355 an ounce.
Crude Oil Chart
Oil Prices Rise After Three-Day Slide; S&P 500 Opens Higher
With the Israel-Iran cease-fire holding, stocks are back in rarefied territory.
Stocks were muted early Wednesday, but it won’t take much of an uptick in regular trading to set records. The S&P 500 closed Tuesday within 1% of an all-time high, while the Nasdaq Composite ended 1.3% off a fresh peak.
Oil prices nudged higher, suggesting the selloff of the past three sessions could have overshot. While the Israel-Iran truce appears fragile, analysts say oil prices are likely to stay subdued-as long as neither side attacks energy-export infrastructure or disrupts shipping through the Strait of Hormuz.
Federal Reserve Chair Jerome Powell is set for a second day of testimony on Capitol Hill. Bets on a July interest-rate cut have risen modestly in recent days, after two Fed officials signaled they were open to the possibility. Powell said Tuesday recent economic data would likely have justified cutting, were it not for concerns higher tariffs might fuel price rises.
Countries are racing to secure deals with the U.S. ahead of looming tariff increases. Canada’s new lead negotiator, Kirsten Hillman, said U.S. and Canadian officials would meet three times this week to hash out an agreement. Ottawa wants the U.S. to back down from levies on steel, aluminum and autos.
The European Union also is rushing to clinch a deal. But the bloc will launch retaliatory levies if the U.S. opts for even baseline tariffs on its goods, the bloc’s industry chief warned, according to a Bloomberg News report.
In recent trading:
Treasury yields rose above 4.3%. They settled Tuesday at 4.291%, the lowest level since early May.
S&P 500 and Nasdaq Composite rose. On Tuesday, indexes rallied on the Middle East cease-fire, and the Nasdaq-100 hit a new record.
FedEx stock dropped premarket, after the delivery company said it expects a $170 million hit from a change in tariff rules that crushed demand for packages from China.
European stocks mostly fell, while Chinese indexes gained 1%.
SP 500 Chart
US Equity Futures Rise Ahead of Powell Testimony
US equity futures were higher pre-bell Wednesday, ahead of the second day of Federal Reserve Chair Jerome Powell’s semi-annual monetary policy testimony before the US Congress, as the fragile peace process for the Middle East remained in the backdrop.
Dow Jones Industrial Average futures were slightly higher, S&P 500 futures were up 0.2%, and Nasdaq futures added 0.4%.
Powell will return to Capitol Hill at 10 am ET for day 2 of his testimony, this time speaking before the Senate Banking, Housing and Urban Affairs Committee.
Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.7% at $66.65 per barrel and US West Texas Intermediate crude up 1% at $65.04 per barrel.
The May new home sales report, scheduled for release at 10 am ET, is expected to show the number of newly constructed home sales fell to a 694,000 annual rate in May from 743,000 previously, according to estimates compiled by Bloomberg.
In other world markets, Japan’s Nikkei closed 0.4% higher, Hong Kong’s Hang Seng ended 1.2% higher, and China’s Shanghai Composite finished 1% higher. Meanwhile, the UK’s FTSE 100 was down 0.2%, and Germany’s DAX index was down 0.5% in Europe’s early afternoon session.
In equities, QuantumScape QS stock was up 41% after the battery developer said late Tuesday it has integrated its Cobra separator technology in battery production.
Precision BioSciences DTIL shares were 16% higher after the company said its potential Duchenne muscular dystrophy treatment has secured the US Food and Drug Administration’s rare pediatric disease designation.
On the losing side, Torrid CURV shares were 32% lower after the company said late Tuesday it priced a secondary stock offering at $3.50 per share. Allot ALLT shares were down 14%, a day after the company priced an offering of 5 million shares at $8 apiece for gross proceeds of $40 million.
Dow Jones Index
SocGen’s Overnight Economic News Summary
— Risk tone positive, VIX below 18 after 12% drop yesterday, Nasdaq-100 closed at anew record. US dollar index skids below 98.0. FOMC pricing largely unchanged after Federal Reserve Chair Powell testimony, July steady at -5bps, September -25bps.
— Fed Chair Powell: expect to see meaningful tariff inflation effects in June, July, August. Williams (voter): maintaining modestly restrictive stance of monetary policy is entirely appropriate. Schmid (voter) backs wait-and-see approach.
— Australia’s consumer price index cools more than forecast to 2.1% year over year in May from 2.4% in April, core slow to 2.4% from 2.8%. Implied odds of July Reserve Bank of Australia cut climb to 93% from 84%.
— Day ahead: NATO summit. Fed Chair Powell repeats testimony to Senate, different question-and-answer session. United States new home sales, U.S. Treasury five-year auction. Bank of England’s Lombardelli. The Czech central bank (CNB) forecast to stay on hold.
— Nikkei +0.3%, EUR 10-year IRS -1bp at 2.545%, Brent crude +1.6% at $68.2/barrel, Gold +0.4% at $3,330/oz.
Nikkei Chart
NAS100 (NASDAQ)
‘It has been one-way up following the pause just above 21364 support on the u-turn to risk on.
21900-22000 remains the tough zone that needs to be cracked for a run at the elusive 22220 record high.
Watch the trendline as well as a break is needed to cool any lingering downside risk and shift the risk to the upside.
Look for support on any decent dip while above 21364.
NAS100 4 HOUR CHART
Middle East, Oil Outlooks Temper Wall Street Pre-Bell; Asia Mixed, Europe Up
Wall Street futures pointed modestly lower pre-bell Friday as traders returned from holiday and gauged global oil markets amid Middle East conflicts.
In the futures, the S&P 500 fell 0.2%, the Nasdaq declined 0.2% and the Dow Jones was off 0.2%.
Asian exchanges traded unevenly overnight, while European bourses tracked moderately north midday on the continent.
GMS GMS traded up 30% pre-bell after the building-products distributor received buyout bids from Home Depot HD and the private-investor outfit QXO.
On the economic calendar is the Philadelphia Fed Manufacturing Index for June at 8:30 am ET, followed by the May leading indicators report at 10 am.
The weekly Baker Hughes oil-and-gas rig count posts at 1 pm.
In premarket action, Bitcoin traded at $106,074, West Texas Intermediate crude oil traded higher at $74.08, and 10-year US Treasuries offered 4.42%. Spot gold traded for $3,356 an ounce.
Gold technical
Gold, Global Stocks Fall Amid Israel, Iran Escalation Fears. Oil Prices Are Rising.
Global stocks were retreating on Thursday as the risk of an escalation in the Middle East grew.
With U.S. markets closed for the Juneteenth holiday, investors around the world are weighing up the likelihood of the U.S. getting directly involved in the conflict between Israel and Iran. President Donald Trump has approved a plan to attack Iran, but is holding off executing it to see if Iran will agree to abandon its nuclear program, The Wall Street Journal reported, citing unidentified people familiar with the matter.
Stock indexes overseas fell, with perhaps the only surprise being how small the moves were. Japan’s Nikkei finished 1% lower, while the Hang Seng in Hong Kong fell 2%. In midday trading, the STOXX Europe 600 was down 0.3%. Germany’s DAX retreated 0.4%, while the FTSE 100 in the U.K. lost 0.2%.
Oil Moves
Because Iran is a major exporter of oil and the attacks may threaten production, crude prices were rising. Wael Sawan, the chief executive officer of oil major Shell, warned Thursday that there could be a huge impact on prices if the Strait of Hormuz should become blocked, according to a Bloomberg report.
West Texas Intermediate futures, the U.S. standard, were up 1% to $75.86 a barrel. They have gained 25% over the past month. Brent crude futures, the international benchmark, advanced 0.6% to $77.17 a barrel.
It’s typical for geopolitical events like the Israel-Iran conflict to push up energy prices and weigh on stocks. The fear is that the global economy won’t be able to function smoothly as oil and gas supplies become constrained.
Fed Decision
The Federal Reserve decision to keep interest rates on hold on Wednesday didn’t do much to move the needle for stocks. Officials revised up estimates for inflation this year but the central projection for two quarter-point rate cuts by the end of the year remained intact. Chair Jerome Powell emphasized the high level of uncertainty about the economic outlook, adding that “no one holds these rate paths with a great deal of conviction.”
Overnight, central banks in Sweden and Switzerland lowered interest rates. The Swiss National Bank even returned its key rate to 0%, the lowest since the end of 2022. The Bank of England kept interest rates unchanged when it made its latest decision early Thursday.
U.S. Futures
Futures tied to U.S. indexes were roughly in line with global stock trading. Contracts tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq were all down about 0.4%. The yield on the 10-year U.S. Treasury bond finished at 4.396% Wednesday, roughly where it was at the end of last week.
Gold
Gold, usually considered a safe haven asset in times of turmoil and a hedge against inflation if energy costs start driving up consumer prices, was actually falling on Thursday. Futures were down 0.4% to $3,393 an ounce. They’re still up 29% this year and remain close to a record high.
Crude Oil Chart
*Holiday Alert*
Here are the U.S. markets closed for Juneteenth (June 19, 2025) in bullet form:
Financial Markets
NYSE (New York Stock Exchange) – Closed
Nasdaq – Closed
U.S. bond markets – Closed
Options and futures trading (e.g., CME for U.S. products) – Closed
Banking
Federal Reserve – Closed
Major banks – Closed
Fed Policy-Setting Meeting Begins as US Equity Futures Decline Pre-Bell
US equity futures were down before Tuesday’s opening bell as the Federal Reserve begins its meeting to discuss monetary policy while the ongoing Israel-Iran conflict continued to dampen investor sentiment.
Dow Jones Industrial Average futures, S&P 500 futures, and Nasdaq futures were all down nearly 0.5%.
Investors continued to monitor the ongoing Israel-Iran conflict, which has already entered its fifth day as the two countries continued to exchange attacks.
The policy-setting Federal Open Market Committee kicks off its two-day meeting Tuesday.
Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.6% at $74.37 per barrel and US West Texas Intermediate crude 1.5% higher at $71.28 per barrel.
The May retail sales report, released at 8:30 am ET, showed a 0.9% month-over-month decrease in retail sales following a 0.1% decline in April, compared with estimates compiled by Bloomberg for a 0.6% decrease. Import prices were flat in May versus estimates for a 0.2% decline, while export prices decreased 0.9% against estimates for a 0.2% decline.
The May industrial production report, due at 9:15 am ET, is expected to show a flat reading for the month to match the April report.
The housing market index, slated for 10 am ET, is expected to come in at 36 for June versus a 34 level in May. Meanwhile, no change is expected for business inventories for April.
In other world markets, Japan’s Nikkei closed 0.6% higher, Hong Kong’s Hang Seng ended 0.3% lower, and China’s Shanghai Composite finished 0.04% lower. Meanwhile, the UK’s FTSE 100 was down 0.2%, and Germany’s DAX index was 0.9% lower in Europe’s early afternoon session.
In equities, Verve Therapeutics VERV shares were 76% higher pre-bell after the company agreed to be acquired by Eli Lilly LLY for up to $1.30 billion. BGSF BGSF stock was up 33% after the company said late Monday it has agreed to sell its Professional Division to Inspyr Solutions for $99 million.
On the losing side, shares of Enphase Energy ENPH, SolarEdge Technologies SEDG, and Sunrun RUN were down 20%, 31%, 36%, respectively, after the US Senate Finance Committee proposed a phase-out of solar and wind energy tax credits by 2028 as part of changes made to President Donald Trump’s tax-cut and spending bill.
Nikkei 225 chart
DJI: Dow Jones Washes Out Nearly 800 Points as Iran Strikes Back at Israel, Roiling Global Markets
Key points:
· Dow Jones goes down 1.8%
· Iran shoots missiles at Tel Aviv
· Global markets rattled — for how long?
30-stock American index washed out 1.8% Friday, followed by the Nasdaq and the S&P 500, which were also staring at big losses.
📉 Dow Jones Takes a Hit
· The Dow Jones Industrial AverageDJI lost a hefty chunk of its valuation Friday when the surprise warfare between Israel and Iran entered a new phase. Tehran retaliated against Israel’s overnight attack, firing dozens of projectiles that hit Tel Aviv.
· The response came after Israel fired barrages of missiles at Iran’s nuclear site and the nation’s top military brass. The assault claimed one victim — the commander of the Islamic Revolutionary Guard Corps.
· If there’s anything markets don’t like more than uncertainty, it’s uncertainty paired with warware and geopolitical stresses. And on Friday, we got a lot of that and then some. And markets crashed.
📢 Stocks Retreat amid Global Fears
· The 30-stock Dow Jones erased 770 points, or 1.8%, to settle at 42,197.79. Traders couldn’t lift the index one bit throughout the session as things started spiraling even before the bell with futures contracts diving more than 700 points.
· The S&P 500 and the Nasdaq Composite also slipped deep under the flatline for the day with the broad-based benchmark finishing lower by 1.1%. The tech-heavy stock gauge signed off with a 1.3% loss with all but one of the Magnificent Seven members in the red. Tesla TSLA was up 2%.
· The US dollar, in the meantime, got a rush of adrenaline as stock bros converted to forex bros who were seeking a safe place to park their cash. The buck wrapped up the session modestly higher against the euro.
👀 Looking Ahead: Scary Weekend
· What happens now? It’s a weekend full of uncertainty as both sides have vowed to keep fighting and carry on with the war even if that means more destruction, casualties, and risk to global peace and market stability.
· “The Iranian nation won’t permit the blood of its valued martyrs to go unavenged, nor will it ignore the violation of its airspace,” Iran’s supreme leader Ayatollah Ali Khamenei said on X. “Our Armed Forces are ready, and the country’s officials and all the people are behind the Armed Forces,” he added.
· Trading instruments to watch: Gold XAUUSD is certainly an asset worth keeping your eye on. The precious metal rose 1.4% Friday to close at $3,432.83 per ounce. Oil was the biggest beneficiary, up about $5, or 7%, as markets reacted to an expected supply risk from the oil-rich Middle East areas.
Crude Oil Chart
US Equity Indexes Fall This Week as Israeli Strikes on Iran Wipe Out Gains Linked to Fed Rate-Cut Expectations
US equity indexes fell as Israel’s strike against Iran mainly drove the decline this week, outweighing the gains from earlier in the week when soft inflation prints lifted bets in favor of interest-rate cuts.
* The S&P 500 closed at 5,976.97 on Friday versus 6,000.36 a week ago. The Nasdaq Composite stood at 19,406.83 compared with 19,529.95, and the Dow Jones Industrial Average was at 42,197.79 versus 42,762.87.
* Israel’s military warned “all of Israel is under fire” after Tehran launched retaliatory strikes on Friday, CNN reported. Iran confirmed firing “hundreds of various ballistic missiles” at Israel, calling it the “beginning” of its “crushing response.” WTI crude oil futures surged 8% intraday.
* In economic news, the producer price index rebounded less than expected in May, following a surprise sequential deceleration in the headline consumer price inflation last month.
* The CME’s FedWatch tool showed a 23% probability that the Federal Reserve will cut the target range for its federal funds rate by 25 basis points, ending its policy pause. That likelihood stood at 16% a week ago. In September, the chances of the cut stood at 57%, versus 52% a week earlier. The probability of a 50 basis-point slash in September climbed to 14% from 9% a week ago.
* Trump reportedly turned the heat on Federal Reserve Chair Jerome Powell. Trump claimed that lowering rates by two percentage points would save the US $600 billion per year, “but we can’t get this guy to do it.”
* US and Chinese negotiators said they’ve agreed on a framework to implement an agreement reached at talks in Geneva, Switzerland. Trump said he plans to impose import tariffs on countries that failed to agree to new trade deals.
* Tesla TSLA stands to benefit from a reconciliation between CEO Elon Musk and President Donald Trump as the electric vehicle maker prepares to launch its Robotaxi service later this month, Wedbush Securities said in a client note Wednesday. Shares were up about 11% this week.
Tesla chart
Bitcoin clings to $105K as opinions diverge on oil price outlook
Key points:
· Bitcoin recovers from a trip below $103,000 with markets on edge over the Israel-Iran conflict.
· Oil steals the show on the day, but analysis is far from unanimous on the outlook.
· BTC price predictions see the rebound persisting, shaking off the likelihood of further losses.
Bitcoin BTCUSD bounced past $105,000 around the June 13 Wall Street open as markets awaited cues from the Israel-Iran conflict.
Oil may yet see “final flush” after day of gains
Geopolitical tensions had sparked snap losses across crypto and stocks overnight, while oil soared and gold hit two-month highs.
Both the S&P 500 and Nasdaq Composite Index were down around 1% on the day at the time of writing.
Reacting, crypto commentators had mixed opinions over how a resurgent oil price might impact Bitcoin and altcoins going forward.
“Oil up. Gold up. Bitcoin down”
“Bitcoin ended up outperforming the other two over the first 48 hours in that situation. Will be interesting to see what happens here”
“Oil might have significant move down after this. So far it looks clear that they aren’t and won’t be targeting Iran’s oil facilities”
“Bitcoin is stored energy in digital form. Therefore, if energy prices rise, Bitcoin will be worth more in terms of fiat currency”
NAS100 (NASDAQ)
If you look at my posts you will see me repeat the phrase “levels matter.” It may be that I am spoiled by my Amazing Trader charts.
As I posted at this time yesterday, Now dependent on 21690 and the trendline holding to keep a bid.
On the upside, target is the record high at 22220
NAS100 (NASDAQ) 4 HOUR CHART
Trade Views Marginally Lift Wall Street Pre-Bell; Asia Choppy, Europe Off
Wall Street futures pointed marginally higher pre-bell Tuesday as investors awaited developments in China-US trade talks underway in London, amid a general lack of fresh market catalysts.
In the futures, the S&P 500 rose 0.1%, the Nasdaq inclined 0.1% and the Dow Jones was flat.
Asian exchanges traded unevenly higher overnight, while European bourses inched lower midday on the continent.
Casey’s General Stores (CASY) rose 10.6% pre-bell after the US midwest- and southern states-based convenience store chain posted solid fiscal Q4 results and issued upbeat guidance late Monday.
On the economic calendar, the National Federation of Independent Business (NFIB) Small Business Optimism Index rose to 98.8 in May from 95.8 in April, but still struck below the 100-mark that separates optimism from pessimism.
In premarket action, Bitcoin traded at $109,418, West Texas Intermediate crude oil traded higher at $65.62, and 10-year US Treasuries offered 4.45%. Spot gold traded for $3,334 an ounce.
Gold
US Equity Indexes Rise in Week on Labor Market Resilience, Tech Gains, China Trade Talks
US equity indexes rose this week after a broad Friday rally on data signalling labor market resilience, along with gains by tech giants and easing US-China trade jitters.
* The S&P 500 rose to 6,000.36 on Friday from 5,911.69 a week earlier. The Nasdaq Composite climbed to 19,529.95 from 19,113.77, and the Dow Jones Industrial Average advanced to 42,762.87 from 42,270.07.
* Communication services and technology led sectors this week, while consumer staples posted the biggest drop. Meta Platforms META, Nvidia NVDA, and Amazon.com AMZN were among the top 10 gainers in a group of companies with a market capitalization of more than $200 billion.
* Nonfarm payrolls rose by 139,000 in May, the Bureau of Labor Statistics reported. The consensus was for a 126,000 increase, according to a Bloomberg survey. Gains for April were revised down by 30,000 to 147,000 and slashed by 65,000 for March.
* “Nonfarm payrolls remained resilient last month despite heightened trade policy uncertainty,” TD Economics senior economist Thomas Feltmate said in a note, referring to negotiations globally after Trump announced wide-ranging punitive import duties. While the downward revisions took “some of the shine off the headline payrolls print, it’s fair to say that the labor market is holding up better than expected,” he said.
* Investors awaited the Trump-Xi call amid concern trade talks had stalled. “I just concluded a very good phone call with President Xi, of China, discussing some of the intricacies of our recently made, and agreed to, Trade Deal,” Trump said Thursday. “The call lasted approximately one and a half hours, and resulted in a very positive conclusion for both Countries.”
* Top officials from the US will meet with a Chinese delegation in London on Monday to continue trade negotiations, Trump reportedly said Friday.
SP500 Chart
Global Markets Mixed – U.S. Futures Slightly Higher Ahead of Jobs Data
U.S. stock futures were modestly higher early in European trading, with the focus on monthly jobs data for May later.
Stocks on Wall Street fell Thursday, with Tesla a major drag amid the intensifying war of words between President Trump and Elon Musk. That took the gloss off what Trump described as a “very positive conclusion” to a phone call with China’s Xi Jinping.
Stocks in Asia and Europe were mixed Friday, while the dollar rose a touch and Treasury yields edged lower.
· U.S. futures for the S&P 500 were up 0.4% and futures for the Dow Jones Industrial Average climbed 0.4%. Nasdaq stock futures rose 0.4%.
· Asian indexes closed mixed, with profit-taking setting in for some markets that have gained in recent sessions. Japan’s Nikkei 225 index gained 0.5%, whereas Hong Kong’s Hang Seng declined 0.4%. China’s benchmark Shanghai Composite was flat. South Korea’s Kospi was closed for a public holiday. India’s Sensex rose after the country’s central bank surprised the market with a jumbo 50 basis points rate cut.
· In Europe, the Stoxx Europe 600 was flat in morning trading. France’s CAC 40 declined 0.1% and Germany’s DAX fell 0.2% after closing at a new record high Thursday. The U.K.’s FTSE 100 added 0.2% after closing at its second-highest-ever level in the previous session.
· The two-year Treasury yield was last down one basis point to 3.913%, while the 10-year Treasury yield fell about 0.5 basis point to 4.388%, according to LSEG. “We expect the 10-year Treasury yield to hover around 4.50%, and the two-year yield to decline towards 3.50%,” said SEB Research chief strategist Jussi Hiljanen in a note, resulting in a widening gap between short- and long-dated Treasury yields.
· The dollar recovered modestly after dropping to a six-week low against a basket of currencies and the euro on Thursday. That followed weak U.S. data and the European Central Bank signaling that it is nearing the end of interest-rate cuts. The DXY dollar index was up 0.1% to 98.827 against a basket of major currencies after hitting a six-week low of 98.351 on Thursday.
· Eurozone government-bond yields stabilized after a selloff during European Central Bank President Christine Lagarde’s press conference Thursday when she signaled that Thursday’s widely-anticipated 25-basis-point interest-rate cut took its policy stance close to the end of the easing cycle. The 10-year German Bund yield was recently down 1 basis point to 2.580%, according to Tradeweb
· Gold futures were up 0.25% at $3,383.50 a troy ounce and on track to finish the week higher on safe-haven buying and a weaker U.S. dollar. Meanwhile, oil prices dipped but were on track for a weekly gain of more than 3%, boosted by the positive noises from Trump and Xi Jinping over trade talks. Brent crude was last down 0.6% to $64.95 a barrel.
Hangseng Index
NAS100 (NASDAQ)
:Similar to others: Outside day. Failed breakout and retreat.
Momentum: Still up but obstacles to further gains.
On the upside, 21800-22 000 remains a formidable obstacle and high at 21897 confirms it.
Supports 21363 and trendline need to hold to keep the bid.
NAS100 (NASDAQ) 4 HOUR CHART
