BullnBearTrading wrote a post · Jun 26, 2024 10:06

Market Overview

Tech stocks supported $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ , halting their three-day losing streak, while $Dow Jones Industrial Average (.DJI.US)$ ended its five-day rally. $NVIDIA (NVDA.US)$ rebounded sharply by 6.8%, erasing Monday's losses and pushing its market value back above $3 trillion. $Alphabet-C (GOOG.US)$ and $Microsoft (MSFT.US)$ both reached record closing highs. Optimistic earnings outlooks helped $FedEx (FDX.US)$ shares surge as much as 17% after hours. $Rivian Automotive (RIVN.US)$ shares soared over 50% post-market following an investment from $VOLKSWAGEN A G (VWAGY.US)$ Volkswagen. European stocks retreated, but $Novo-Nordisk A/S (NVO.US)$ rose 4% to a record high, while $AIRBUS SE (EADSY.US)$ Airbus fell over 10% intraday after issuing a profit warning.

Canada's CPI unexpectedly heated up, causing the yield on 2-year Canadian bonds to rise by 10 basis points intraday. U.S. Treasury yields also quickly turned higher during the session. The dollar index rebounded, and the yen fell, marking its eighth decline in nine days and dipping to 159.80, approaching the 160 intervention level again. Bitcoin rebounded nearly $3,000 intraday, climbing back above the $62,000 level.

Crude oil retreated, ending an eight-week high streak. Gold also fell, with futures hitting a one-week low. Tin on the London Metal Exchange fell to a one-week low, while copper fell for the third consecutive day, reaching a two-month low. Aluminum rebounded by more than 1%. New York cocoa futures fell another 10%.