North American News
US stocks close higher with the S&P index leading the way
- S&P up 1.21%. Down S&P rise
The major US stock indices are closing the day with solid gains. The gains are led by the S&P today with a rise of 1.21%. The Dow and NASDAQ index rose by around 1.0%.
Back-to-back gains for the major indices
The final numbers are showing:
- Dow industrial average +332.04 points or 1.03% at 32529.62
- S&P index up 45.80 points or 1.21% at 4072.42
- NASDAQ index up 130.18 points or 1.08% at 12162.60
- Russell 2024.68 points or 1.34% at 1873.02
US sells 7-year notes at 2.730% % vs 2.735% WI
- Results of the $38 billion sale of 7-year notes
- Prior was 3.280%
- Bid-to-cover ratio: 2.60 vs 2.48 prior
Commodities
Gold is the post-Fed winner so far as gain extends to $20
- Gold builds on yesterday’s gain
It’s been a tough start to the second half of the year for gold but a fall in Treasury yields and hints that the Fed might not tighten as much as feared have lent a bid. It’s up $21 to $1754 after a similar gain yesterday after the FOMC.
So far it’s tough to call this anything other than a dead-cat bounce after the plunge from $2050 in March. It would need to get above $1786 to get any momentum. That said, it bottomed where it needed to, holding the Q1 2021 lows so there’s now a well-defined range between $2050 and $1680.
WTI crude oil futures settle at $96.42
- Down $0.84 or -0.86%
The price of WTI crude oil futures are settling at $96.42. That’s down $0.84 or -0.86%. The high price reached $99.83. The low price extended to $96.06.
Weekly US natural gas inventories +15bcf vs +22bcf expected
- Natural gas inventories have grown tight on power draw
- Prior was +32bcf
Natural gas at Henry Hub rose to $8.68 from $8.60 on the headline.
EU News
European equity close: Some blips but a strong finish
Closing changes for the main European equity bourses:
- Stoxx 600+1.0%
- UK FTSE 100 flat
- German DAX +0.9%
- French CAC +1.2%
- Italy MIB +1.7%
- Spain IBEX -0.4%
Other News
OPEC sources: Aug 3 meeting is set to keep output flat or raise slightly
- Reuters report citing 8 sources
OPEC+ will keep output steady or weight a small hike, according to eight sources cited by Reuters. Two sources said there would likely be a small boost in production while 5 said it would be held steady.
“There are various talks ranging form a small increase to a freeze on current levels,” said one of the sources.
The CHIPs Act has passed in the House of Representatives
- On to the Presidents desk
The CHIPS Act has passed in the House of Representatives after getting through the Senate on Tuesday. The next stop is the president’s desk where he will sign the bill with much pomp and circumstance.
Cryptocurrency News
XRP: A case of sneaky divergence?
- XRP price prints a sneaky bearish divergence pattern on the daily chart.
- Ripple price retraces the historical trend with an uptick in transactions on the Volume Profile Indicator.
- Invalidation of the macro bearish outlook remains a breach above $0.48
Ripple price prints a sneaky bearish divergence pattern that should not be taken lightly.