Market Review 27th June 2024
Simplify the craziness
DAILY REVIEW
N
2 min read
INDEX:
S&P, Nasdaq & VIX Market Summary
Current & Upcoming Fed News/Economic Data
US Bonds and Treasury Yields
Futures, Crude Oil, Gold, & Other Commodities
Crypto: Bitcoin, Ethereum, and Alt Coins
Notable Earnings
1. S&P, Nasdaq & VIX Market Summary
S&P 500: Edged up by 0.09% to 4,483.06.
Nasdaq Composite: Increased by 0.30% to 17,858.68.
Dow Jones Industrial Average: Rose by 0.09% to 39,164.33.
VIX (Volatility Index): Held steady, indicating investor complacency.
Despite modest gains, overall market breadth was negative, signaling caution among investors. Notable megacaps like Tesla (TSLA) and Amazon.com (AMZN) broke out, showing resilience amid market volatility.
2. Current & Upcoming Fed News/Economic Data
U.S. Initial Jobless Claims: Came in at 233,000, below expectations of 235,000.
Durable Goods Orders: Increased by 0.1% in May, surpassing expectations.
PCE Inflation Data: Expected to be flat month-over-month; core PCE to rise by 0.1%.
Market participants are keenly awaiting the U.S. PCE inflation report, a key indicator for Federal Reserve policy decisions. Recent data has bolstered expectations of potential rate cuts in 2024.
3. US Bonds and Treasury Yields
10-Year Treasury Yield: Rose to 4.33%.
2-Year Treasury Yield: Slipped slightly, indicating mixed economic sentiment.
Bond yields edged higher, reflecting ongoing uncertainty about future economic conditions and Federal Reserve policy actions.
4. Futures, Crude Oil, Gold, & Other Commodities
Crude Oil: Increased to just below $82 per barrel.
Gold: Rose by 1% amid economic uncertainty.
Futures: Mixed signals with slight increases in equity futures.
Commodity markets saw moderate gains, driven by geopolitical tensions and fluctuating demand forecasts.
5. Notable Earnings & Big Movers
Amazon (AMZN): Increased by 3.9% to $193.61 (+3.9%). Amazon reached a $2.01 trillion market cap for the first time, buoyed by optimistic retail operations outlook.
Nike (NKE): Dropped by 10% to $96.50 (-10%). Nike warned of a 10% sales decline, citing challenges in the Chinese market.
Chewy (CHWY): Plunged by 34% to $20.50 (-34%). Stock volatility spiked after a social media mention by an influential investor.
Infinera (INFN): Skyrocketed by 22% to $15.20 (+22%). Nokia's $2.3 billion acquisition boosted the stock.
Nokia (NOKIA): Rose by 1.5% to $4.20 (+1.5%). The purchase of Infinera signals aggressive expansion plans.
6. Crypto Bitcoin, Eth and other coins
Bitcoin (BTC): Trading at $60,958, down 2.24%.
Ethereum (ETH): Hovering around $3,375, down 1.14%.
Crypto markets remain volatile with large options expiries influencing price swings. Despite recent downturns, investor sentiment suggests potential long-term gains.
References & Backlinks
S&P 500 Index Performance
Nasdaq Composite Index Overview
U.S. Treasury Yields
Crude Oil Prices
Amazon Stock Analysis
Nike Earnings Report
Chewy Investor Relations
Infinera Corporate News
Nokia Market Moves
