Asia And Europe Markets Advance, Dollar Retreats After Powell's Dovish Stance - Global Markets Today While US Slept

Author: Akanksha Bakshi | July 11, 2024 06:25am

On Wednesday, July 10, U.S. stock markets closed higher, fueled by gains in Nvidia and other major stocks ahead of upcoming inflation data and earnings reports.

The Nasdaq and the S&P 500 set consecutive record highs, with the S&P surpassing 5,600 for the first time, driven by Fed Chair Powell’s remarks on a potential September rate cut.

In economic data, U.S. wholesale inventories rose by 0.6% in May, up from a 0.2% increase the previous month.

All 11 S&P 500 sector indexes rose, with information technology leading the gains, followed by materials.

The Dow Jones Industrial Average was down 1.09% and closed at 39,721.36. The S&P 500 gained 1.02%, ending the day at 5,633.91, and the Nasdaq Composite rose 1.18%, finishing the session at 18,645.97.

Asian Markets Today

On Thursday, Japan’s Nikkei 225 gained 1.00%, ending the session at 42,278.00, led by gains in the Insurance, Precision Instruments, and Food sectors.
Australia’s S&P/ASX 200 closed higher at 0.93%, ending the day at 7,889.60, driven by gains in the ASX All Ordinaries Gold, S&P/ASX 200 REIT, and S&P/ASX 200 Information Technology sectors.
India’s Nifty 50 closed higher by 0.05% at 24,337.15, and Nifty 500 rose 0.18% to 23,018.90.
China’s Shanghai Composite was up 1.06%, ending the session at 2,970.39, and the Shenzhen CSI rose 1.14%, closing at 3,468.17.
Hong Kong’s Hang Seng ended the session with a 2.06% increase to 17,832.33.
Asian stocks rose as technology stocks rallied after strong revenue from TSMC fueled AI optimism. Japanese stocks hit record highs, and gains were seen across regional markets, buoyed by U.S. interest rate cut bets.

Eurozone at 06:00 AM ET

The European STOXX 50 index gained 0.45%.
Germany’s DAX rose 0.16%.
France’s CAC was up 0.55%.
U.K.’s FTSE 100 traded higher by 0.34%.

Commodities at 06:00 AM ET

Crude Oil WTI was trading higher by 0.18% at $82.25/bbl, and Brent was up 0.27% at $85.31 bbl.
Natural Gas gained 0.17% to $2.333.
Gold was trading higher by 0.38% at $2,388.65, Silver gained 0.97% to $31.317, and Copper slid 0.29% to $4.5950.

US Futures at 06:00 AM ET

Dow futures were down 0.10%, S&P 500 futures fell 0.09%, and Nasdaq 100 Futures declined 0.08%.

Forex at 06:00 AM ET

The U.S. Dollar Index declined 0.17% to 104.87, USD/JPY was down 0.08% at 161.53, and USD/AUD slid 0.14% to 1.4798.

The U.S. dollar fell ahead of a key inflation report, influenced by strong growth data boosting sterling and Federal Reserve Chair Jerome Powell’s dovish comments on inflation and interest rates.

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