New highs, almost no news – Money News
– TRADING DAY -Making sense of the forces driving world markets
By Alden Bentley, Editor in Charge, Americas Finance and Markets
Jamie is having fun with some well-deserved time off, however the Reuters markets workforce will nonetheless keep you up so far on why two benchmark stock indexes, and bitcoin, reached new information. I’d love to listen to from you so please be at liberty to succeed in out at
Today’s Key Market Moves
* The S&P 500 closed up 0.27% and the Nasdaq rose 0.09% * The greenback slipped fractionally towards the yen however roseagainst the euro * The 10-year Treasury yield fell 0.6 foundation factors * US crude oil futures fell about 2.2% to $66.88/barrel * Gold bullion rose about 0.4% to three,325.25
Today’s Key reads
Trump units 50% US tariffs on copper, Brazilian imports beginning in August
Bitcoin hits one other document high
US weekly jobless claims unexpectedly slip to 7-week low
Investors search for indicators European earnings can defy tariff turmoil
Wall Street shares close greater, Delta forecast boosts sentiment
New highs, almost no news
This week, the default reflex on Wall Street, with none financial knowledge or main market news to react to, and even with now-routine White House tariff edicts, was to buy. Thursday confirmed the sample with a new set of information in two of three essential indexes, with an all-time bitcoin high thrown as a bonus.
U.S. President Donald Trump’s newest commerce salvo was a 50% tariff on items from Brazil. That despatched its currency, the actual, tumbling more than 2%, enabling one other day of greenback steadiness above final week’s three-to-four-year lows.
Like Wednesday’s levies on copper imports, the Brazil headline did not stop the S&P 500 or Nasdaq from closing at all-time peaks, with the Dow rising close to its December document.
The week has been very gentle on scheduled occasions. It began with the give attention to Trump’s well-advertised July 9 tariff deadline. That got here and went and someplace within the blizzard of new tariff headlines, precise new tariffs and cajoling of commerce companions to barter is an August 1 cut-off date for markets to attend for.
Next week, JP Morgan and different main banks kick off the second quarter earnings season on Tuesday so traders can have headlines more of their consolation zone. Included in that class is the June Consumer Price Index report due on Tuesday.
Treasury yields ticked up on the back of weekly jobless claims knowledge that confirmed a shock drop in these in search of unemployment advantages.
Bitcoin’s price first moved above $100,000 in December and it has traded sideways since crossing $110,000 in May, till renewing its upthrust above $113,000 on Thursday. New Bitcoin exchange-traded funds have made it simple for giant and small traders to leap in, whereas Trump seeks to determine a strategic cryptocurrency reserve and has appointed a number of crypto-friendly people like Securities and Exchange Commissioner Paul Atkins and White House AI czar David Sacks.
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