Market Observations - July 21, '23
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Econ Brief:?This morning, initial jobless claims unexpectedly dropped 9k from 237k to 228k in the week ending July 15, the lowest since May. According to the forecast, jobless claims were expected to rise to 240k. Continuing claims, or the total number of Americans claiming ongoing unemployment, rose from 1.721M to 1.754M in the week ending July 8. Also this morning, the Philly Fed Business Outlook Index ticked up from -13.7 to a reading of -13.5 in July, less than the expected increase to -10.0 and the eleventh consecutive month of a negative print.
This week is void of any Fed commentary as the Committee is in its blackout period ahead of next week’s FOMC meeting.
U.S. Thursday Market Wrap:?The Dow rises for the 9th consecutive day, its best winning streak since 2017. The Dow gained 160 points or 0.47%. Unfortunately, the S&P dipped 0.7%, and the Nasdaq tumbled 2%. Seven of the eleven S&P sectors closed green. Utilities +1.83% led, and consumer discretionary -3.42% lagged.
Of the S&P 500 companies that have reported earnings thus far, 74% have exceeded expectations, FactSet data shows. The strength in corporate earnings has created optimism for a soft landing for the economy.?
Internationally, Turkey’s central bank raised interest rates by 250 basis points as inflation sits around 40%. Meanwhile, South Africa kept rates unchanged at 8.25% after ten consecutive hikes. Like other central banks, it left the door open for more hikes if inflation’s cool-down doesn’t persist.
A hiccup in TSMC’s Arizona factory plans.?Apple supplier Taiwan Semiconductor Manufacturing Co. is delaying production at its new Arizona-based chip plant until 2025 due to a shortage of skilled labor. Executives say they’re working to send trained technicians from Taiwan to train local workers and help accelerate equipment installation. The issue highlights a significant challenge the U.S. and other countries will have as they onshore industry and diversify away from Asia-based supply chains.?
U.S. to hold first offshore wind rights sale in the Gulf of Mexico. The United States will auction offshore wind power next month as the administration’s efforts to boost clean energy continue. It’s a milestone because the Gulf is a central hub for oil and gas production, so it will test whether clean energy and fossil fuels coexist in the same region. Some major bidders already have oil and gas operations in the Gulf, including Equinor, Shell, RWE, and TotalEnergies.
Futures inch higher as mega caps recover after yesterday’s sharp decline.
Overnight markets edged lower, following a mixed Wall Street.
The U.S. dollar is headed for its most significant one-day rise against the Yen in a month after reports that the BoJ will continue maintaining its yield control policy at next week’s policy meeting.
U.S. Treasury yields are flat in early trade, the U.S. 10y yielding 3.84% and the 2y hanging around 4.846%.
European shares are flat, eyeing a slight weekly gain. Gains in energy companies offset declines in tech and healthcare.
Gold hits a 2-month high, spot gold advancing to $1981.
WTI crude edges higher+0.94c to $76.59, buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China.
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Crypto Market Rundown:
As of 9:00AM ET, Bitcoin is trading around $29,850 - Ethereum is trading around $18,90.
The global crypto market cap is $1.20T, down 0.03% in the day.
With CCIP going to Mainnet announcement, $LINK saw a major spike in both price, and volume. 24H volumes are up 306% in the past day, and $LINK is up over 19% in the day.
Top 5 Gainers on Uphold Ascent in the past WEEK:
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Please note that Uphold and its affiliates do not provide investment, tax, or legal advice. This message is for informational purposes only and takes no account of particular personal or market circumstances, and should not be relied upon as investment, tax, or legal advice. For investment, tax, or legal advice and before taking any action you should consult your own advisors. Note that digital assets such as cryptocurrencies present unique risks for investors. Please see our disclaimer regarding risks specific to holding digital assets before investing.