The Wall Street stock market performed cautiously and repeatedly, and the trading volume was thin. The three major indexes developed individually in the early part, and then fell in the late market. The S&P 50 closed down nearly 1%. Oil prices fell sharply once more, with New York oil futures falling below $100, a three-month low; gold prices fell to their lowest level since the end of 9 last year. The dollar continued its strength, rising to near par once morest the euro at one point. Cryptos fell, with Bitcoin falling below the $20,000 level. Concerned regarding the risk of a U.S. recession, the two-year and 10-year U.S. Treasury bond yields continued to invert, the largest rate since 2007. Inversion of interest rates is a recession indicator.
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July 12 (Tuesday) Market Conditions
l Dow Jones It was down 192.51 points, or 0.62%, at 30,981.33.
l S&P 500 Index It was down 35.63 points, or 0.92%, at 3,818.80.
l Nasdaq Index It was down 107.87 points, or 0.95%, at 11,264.73.
l New York August Oil Futures It closed at $95.84 a barrel, down $8.25 or 7.92%.
l New York August futures It closed at $1,724.8 an ounce, down $6.9, or 0.4%.
l U.S. 10-year Treasury bond yield It closed at 2.958 percent, down 3.3 pips.
The United States will release the latest inflation data on Wednesday, and the market will continue to focus on its impact on interest rates and the possibility of a recession. Microsoft became the latest large technology company to announce layoffs, affecting less than 1% of its employees. At the same time, Morgan Stanley lowered its target price from $372 to $354, and its stock price fell 4.1%.AmazonShares fell 2.2% as Prime Day member discounts kicked off.
Other tech stocks performed differently,apple、MetaBe steady,AlphabetDown more than 1%, chip stocks were mixed.medical stocks such asPfizer、Eli LillyDownward, energy stocks fell once more following oil prices. Travel stocks have been absorbed, Carnival rose 7%,Las Vegas SandsandWynn Resortrose more than 3%.
U.S. stock market earnings season unfolds,PepsiBefore the opening of the market, the report showed that the revenue in the last quarter was better than market expectations. The company also raised its full-year forecast, and the stock price followed the market to soften.GapThe CEO resigned and pointed out that the profit margin in the second half of the year would continue to be squeezed due to rising costs, and the stock price fell by half.
Tamara Basic Vasiljev, a senior economist at Oxford Economics, said in a report on Monday that all financial easing in advanced economies around the world was cancelled due to soaring interest rates and falling financial markets. However, he pointed out that the recent decline in commodities suggests that inflation pressures may have peaked, which may ease future financial conditions.
“Now that commodity prices are falling once more, and inflation is poised to peak, this may be the worst time for financial conditions to tighten,” Vasiljev wrote. “If so, the situation is bad, but the current situation still favors an orderly slowdown rather than a recession.”
