Market Review 28th June 2024
Simplify the craziness
DAILY REVIEW
N
3 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: The S&P 500 slid 0.41% to close at 5,460.48.
Nasdaq Composite: The Nasdaq Composite declined 0.71%, ending at 17,732.60.
Dow Jones Industrial Average: The Dow Jones Industrial Average dropped 45.20 points, or 0.12%, to settle at 39,118.86.
Market Performance: All three major indices hit new all-time intraday highs before pulling back. This marked the end of a strong first half of 2024.
2. Current & Upcoming Fed News/Economic Data
Consumer Sentiment: The University of Michigan’s consumer sentiment index rose to 68.2 in June, higher than the preliminary reading of 65.6 and above expectations.
Inflation Data: The core personal consumption expenditures (PCE) price index rose 0.1% in May and 2.6% year-over-year, aligning with expectations. Headline PCE was flat month-over-month and up 2.6% annually.
Fed Rate Cut Expectations: Traders are pricing in a 64.1% chance of a rate cut at the September Fed meeting.
3. US Bonds and Treasury Yields
10-Year Treasury Yield: The yield on the 10-year U.S. Treasury rose to about 4.39%.
Inflation Impact on Yields: The inflation data has influenced bond markets, with expectations for rate cuts affecting yields.
4. Futures, Crude Oil, Gold, & Other Commodities
Crude Oil: WTI crude oil prices fell, influenced by global economic concerns.
Gold: Gold prices also declined, reflecting a stronger dollar and shifting market sentiment.
Other Commodities: Prices of metals and agricultural commodities showed mixed performance, with some experiencing volatility due to supply chain disruptions and geopolitical factors.
5. Notable Earnings & Big Movers
Nike (NKE): Shares slipped nearly 20% after cutting full-year guidance.
Chewy (CHWY): The pet supply retailer’s stock rose 5% following better-than-expected earnings.
Infinera (INFN): Shares surged 12% after reporting strong quarterly results.
Nokia (NOK): The stock dropped 3% amid concerns over future growth.
Amazon (AMZN): Shares were up 1.5% as the company continues to benefit from strong e-commerce and cloud computing performance.
Big Movers:
Tesla (TSLA): Increased 4% after announcing new production milestones.
Apple (AAPL): Rose 2% following positive analyst coverage.
Micron Technology (MU): Gained 6% due to strong demand in the semiconductor sector.
Meta Platforms (META): Up 3% amid optimism over new AI initiatives.
6. Crypto Bitcoin, Eth and other coins
Bitcoin (BTC): Bitcoin traded at $30,500, up 2% in the past 24 hours.
Ethereum (ETH): Ethereum rose 1.8% to $1,900, reflecting broader market gains in the crypto sector.
Other Cryptocurrencies: Altcoins like Solana (SOL) and Cardano (ADA) saw gains of 3% and 2.5%, respectively, driven by positive sentiment and developments in blockchain technology.
7. Biden-Trump Debate
Debate Highlights: The latest presidential debate saw heated exchanges between President Joe Biden and former President Donald Trump on key issues such as the economy, healthcare, and foreign policy.
Market Impact: Political analysts suggest that the debate’s outcome could influence market sentiment, particularly regarding economic policies and regulatory changes.
Key Takeaways: Both candidates outlined their visions for the future, with Biden emphasizing infrastructure and social programs, while Trump focused on tax cuts and deregulation.
References
S&P 500, Nasdaq, and Dow Jones Performance Data:
Consumer Sentiment and Inflation Data:
Bond Yields and Economic Expectations:
CME Group FedWatch Tool
Commodity Prices and Market Analysis:
Notable Earnings and Stock Movers:
Cryptocurrency Market Updates:
Presidential Debate Coverage:
