- Wall Street indices end the day without a clear direction. The US500 index is up slightly by 0.10% to 5485 points while the US100 index gains 0.07% to 19930 points.
- Semiconductor companies are leading gains on Wall Street today. Dell (DELL.US) shares gain 8% and Nvidia trades up nearly 3.5% after Wells Fargo raised its price target to $155 per share, implying double-digit upside potential per share. compared to current levels. The company overtakes Apple, becoming the second largest U.S. stock company today.
- Comments from Fed officials are moderately optimistic. Bankers see improving macroeconomic data and reaffirm that the Fed’s monetary policy is sufficiently restrictive.
- Fed Barkin remains cautiously optimistic, pointing to recent encouraging inflation data and expecting more clarity in the coming months.
- John Williams, president of the Federal Reserve Bank of New York, expects inflation to continue falling this year and the Fed to return it to its 2.0% target. He also expects interest rates to return to low levels over the next few years.
- On the other hand, data from American industry was good. Industrial production in May rose more than analysts’ expectations, suggesting continued good industrial health with a weaker consumer. US industrial production in May: 0.9% m/m versus 0.3% forecast and 0% previously.
- Oil gained almost 0.5%, reaching monthly highs near $85 per barrel but Wall Street did not react to this, with the Nasdaq100 rising 0.15% and the Russell 2000 index 0.4%.
- US natural gas futures (Henry Hub) are rising today as extreme heat is expected to spread across US states, increasing demand for air conditioning and therefore d ‘electricity. NATGAS opened higher today after a rollover with futures up almost 2.5% from a fresh open.
- In the cryptocurrency market, weak sentiment continues to prevail. Bitcoin is trading down 2.80% at the $64,600 level and spot bitcoin ETFs have seen continued net outflows at the fastest pace since March. Altcoins lose even more. The total capitalization of the entire market excluding BTC and ETH loses more than 5.0%.
- Prices of smaller cryptocurrencies fell after Ethereum settled below an important support zone at $3,500. Filecoin trades with double-digit declines today despite recent announcements suggesting partnerships with more AI startups
Source: xStation5
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