Market Recap: The S&P 500 (IVV ETF) was up 0.46%. The Nasdaq 100 (QQQ) was the top performer, up 1% on the day. Transports (IYT) declined -0.46%.

Market Recap


Yield Curve: Over the last several sessions, the U.S. 10-Year note minus 3-month T-bill yield curve has steepened. It was up again yesterday, gaining 6 basis points. The curve is still inverted.

Yield Curve


Oil: Oil had a big day yesterday, rising over 4.50%. West Texas Intermediate Crude oil closed above 60. It also closed above its 200-day moving average.



Banks: Banks remain one of the weaker sectors of the market. Relative to the S&P 500, banks are close to making new lows and remain in a negative trend.



Growth: Growth was the strongest factor yesterday and is one of the strongest factors over the last year. It hit all-time highs and remains in a strong positive trend.



Kraft-Heinz: Kraft-Heinz has been extremely weak over the last couple of years. It remains in a negative trend, but it appears to be attempting to find a bottom. It was the top performer in the S&P 100 yesterday.



Futures Summary: 

Futures Summary


News from Bloomberg:

Jerome Powell is in the spotlight as he testifies before the Senate Banking Committee today. Yields in the U.S., Japan and core Europe are still heading down after the Fed chief gave a green light for a rate cut yesterday. The European Central Bank is expected to echo his tone in its minutes today. And a former Bank of Japan official said there's a good chance it will this month extend the pledge to keep extremely low rates.

The ECB publishes the account of its June policy meeting today and investors will be looking to see how strong the push was for more easing and what the chances are of a shift in forward guidance this month or a rate cut in September. Bloomberg Economics expects both. Mario Draghi already virtually gave the game away, saying last month that, absent an improvement, more stimulus may be needed.

The DOJ is investigating Deutsche Bank to see if it aided corruption or money-laundering in work it did for 1MDB, a person familiar said. An ex-Goldman Sachs exec who later joined Deutsche Bank is helping with the inquiries. The U.S. hasn't accused the lender or the person of wrongdoing. The DOJ is ready to hash out a criminal settlement with Goldman over its own role in the affair, the WSJ reported. Take a look at how the scandal shook the financial world.

Another opioid settlement. Reckitt Benckiser agreed to pay as much as $1.4 billion to end U.S. probes into the marketing of an opioid-addiction treatment by Indivior, a former unit. Prosecutors said it helped fuel the epidemic by masking Suboxone Film's risks. Indivior's shares jumped in London after lifting its 2019 outlook, saying the drug, now weakened by generics, fared better than expected in the first half. Here's a QuickTake on how the opioid crisis evolved.

Global stocks and bonds rose. U.S. equity-index futures signaled investors will take another crack at pushing the S&P 500 above the 3,000 level. Oil's advance past $60 spurred a rally for energy producers. The dollar fell. Gold climbed, while industrial metals were mixed.

WealthShield is a division of Emerald Investment Partners, an SEC Registered Investment Advisor. Advisory services are only offered to clients or prospective clients where WealthShield and it’s representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by WealthShield unless a client service agreement is in place. Before investing, consider your investment objectives and WealthShield’s charges and expenses.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex Analysis

Editors’ Picks

EUR/USD chops around amid end-of-month flows, ahead of Trump

EUR/USD is battling 1.11, close to the two-month highs amid choppy trading. Hopes for a fiscal boost in Europe and mixed satisfactory data have supported the currency pair. , Sino-American tensions are rising and investors await President Trump's China announcement.


GBP/USD advances amid US dollar weakness, shrugging off concerns

GBP/USD is trading above 1.23, edging higher amid US dollar weakness and Britain's gradual reopening. Intensifying Sino-American tensions and the Brexit impasse are ignored. 


Cryptocurrencies: $348M in matured derivatives boost the market

Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.

Read more

Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected. 

Read more

WTI drops 4% and eyes $32 mark amid risk-off, weakening demand

The selling pressure around WTI (July futures on Nymex) accelerates following the break below the 33 level, as bears now target the 32 support zone heading into the key US macro data and US President Donald Trump’s response to the Hong Kong issue.

Oil News

Forex Majors