WAN CHAI, Hong Kong -
July 26, 2021 -
PRLog -- Although a separate report on consumer spending shows improvement outside expectations, the thoughts of consumers projects otherwise, pointing out that consumers are worried about the effects of inflation.
All of the benchmark equities ended below the line even after gains were made on the first half of the session.
Despite this, Fed Chair Jerome Powell sticks to his previous outlook wherein the inflation being short term and that the central bank must have their own reason. More areas of improvement are observed, hence they're saying it's too early to make a move to rein in inflation, as options for economic recovery are more apparent with the current set up.
S&P 500 dropped by more than 0.70% which was brought by energy, materials and financials sectors. Both the Dow and NASDAQ also dipped, continuing to a 3 day losing streak after a couple of winning weeks.
Friday's market summary can be summarized as:
- NASDAQ Composite Index lost by 0.80% or 115.90 points and wrapped at 14,427.24.
- The S&P 500 Index went down by 0.76% or 32.95 points closing at 4,327.08.
- The Dow Jones Industrial Average moved lower with 0.86% or 300.09 points gain, to end at 34,686.93.
- U.S. 5 Year Treasury yield unchanged at 0.7780.
- U.S. 10 Year Treasury yield decreased by 0.0070 basis points closing 1.2940.
- U.S. 30 Year Treasury yield gained 0.10 basis point at 1.9240.
Precious Metals prices has dropped while crude ended up mixed. Currencies quite follow suit most gained but some fell.
- Gold moved up by $17.275 or 0.94% and is now at $1,812.255 per ounce.
- Silver increased by $0.67100 or 2.55% to $25.6740 an ounce.
- Western Texas Intermediate Crude is currently at $71.81 a barrel gaining 0.22%.
- Brent Crude closed at $73.30 per barrel after decreasing by 0.23%.
- Euro / USD = -0.00068 (0.06%) = 1.18050
- USD / Yen = +0.257 (0.23%) = 110.066
- AUD / USD = -0.00223 (0.30%) = 0.74010
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