Market Overview
On Friday, U.S. June non-farm payrolls showed a significant decline, with previous figures being sharply revised down and the unemployment rate unexpectedly rising, highlighting a cooling labor market. This increased the market's expectations for a rate cut in September and December to over 70%. $S&P 500 Index(.SPX.US$ and $Nasdaq Composite Index(.IXIC.US$ hit new highs, with small-cap stocks underperforming and down 1% for the week, while other indices posted weekly gains. The Nasdaq and semiconductor indices led the pack with weekly gains of over 3.4%. $Meta Platforms(META.US$ , $Netflix(NFLX.US$ , $Alphabet-A(GOOGL.US$ , $Amazon(AMZN.US$ , $Apple(AAPL.US$ , $Microsoft(MSFT.US$ , and $Arm Holdings(ARM.US$ all reached new highs. $Tesla(TSLA.US$ surged nearly 38% over eight days, while $NVIDIA(NVDA.US$ dropped nearly 2% but still posted a weekly gain.
Non-farm payroll data boosted rate cut expectations, with the two-year U.S. Treasury yield falling 10 basis points to a three-month low. Benchmark Treasury yields dropped over 10 basis points for the week. The dollar fell below 105, ending a four-week winning streak, while the yen rose above 161. Bitcoin fell about 10% for the week, marking its steepest decline in a year.
Strong demand prospects saw oil prices rise for the fourth consecutive week, peaking on Friday but hovering near two-month highs for several days. Gold futures approached $2,400, silver gained over 7% for the week, and copper futures rose 3.6%, reaching $10,000 during trading.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment