Daily summary: Wall Street retreats after rising yields, dollar puts pressure on commodities

Daily summary: Wall Street retreats after rising yields, dollar puts pressure on commodities
Daily summary: Wall Street retreats after rising yields, dollar puts pressure on commodities
  • Wall Street indices are falling today: the S&P 500 is down 0.6%, the Dow Jones is down 1%, the Nasdaq is down 0.4% and the Russell 2000 is down around 1.5%. This fall in US indices is triggered by a rise in US yields, itself caused by restrictive comments from Kashkari yesterday, as well as weak demand during Treasury auctions.
  • The US dollar is the best performing major currency, putting pressure on precious metals and other commodities. Gold is down about 0.8% at press time. Energy commodities are also showing declines, with oil falling about 1% and U.S. natural gas prices plunging almost 6%.
  • Cocoa is climbing more than 7% due to the lack of sufficient rain in West Africa and continued declines in merchant stocks. Cryptocurrencies are down due to a stronger dollar: Bitcoin is losing 1.3%, while Ethereum is down 2.1%.
  • American Airlines is falling about 15% today after the company lowered its second-quarter guidance. Other US airlines are also under pressure.
  • Abercrombie & Fitch climbs more than 20% after the company reported better-than-expected results for the fiscal first quarter of 2025 and upbeat guidance for the fiscal second quarter and full year.
  • European stock indices also fell today, with leading indices in Germany, France, Italy and Spain falling more than 1%. The Polish WIG20 was among the biggest losers, falling almost 1.7%.
  • German CPI inflation rose from 2.2% to 2.4% year-on-year in May, in line with expectations. However, the month-on-month increase of 0.1% was lower than the expected 0.2%.
  • The Richmond Fed Index fell from -7 to 0 in May (predicted at -2).
  • Spanish retail sales rose 0.3% year-on-year in April, compared to 0.9% year-on-year in March.

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