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Last Change Dow Futures Drop More Than 100 Points After

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Last Change Dow Futures Drop More Than 100 Points After DAILY MARKET REPORT 19.07.2021 Index Last Change DJIA 34,687.85 299.17 S&P 500 4,327.16 32.87 NASDAQ 14427.24 115.89 NIKKEI 27,613.88 389.20 HANG SENG 27,548.51 456.17 DJ EURSTOXX 50 4,035.77 20.62 FTSE 100 7,008.09 3.93 CAC 40 6,460.08 33.28 DAXX 15,540.31 89.35 US Dow futures drop more than 100 points after major averages post first negative week in four U.S. stock index futures were lower during overnight trading on Sunday, after the major averages posted their first negative week in four. Futures contracts tied to the Dow Jones Industrial Average slid 169 points. S&P 500 futures and Nasdaq 100 futures both also traded in negative territory. The Dow and S&P fell 0.52% and 0.97% last week, respectively. The Nasdaq Composite, meanwhile, was the relative underperformer, dropping 1.87%, to post its worst week since May. Inflation fears weighed on stocks, with a U.S. consumer sentiment index from the University of Michigan released on Friday showing that consumers believe prices will jump 4.8% over the next year. This is the steepest climb since August 2008. Earlier in the week, the June Consumer Price Index showed that inflation jumped 5.4% year-over- year, spooking investors. On the flip side, retail sales numbers released Friday came in better-than-expected, rising 0.6% in June compared to expectations of a 0.4% decline. “Inflation is still being driven by a relatively narrow range of goods and services impacted by the pandemic,” UBS said in a recent note. “We do not see inflation yet as a barrier to further gains in equity markets,” the firm added. UBS recently hiked its June 2022 price target for the S&P 500 to 4,650. A busy week of earnings is on deck, with nine Dow components set to report and 76 S&P companies will provide quarterly updates. United Airlines and American Airlines will report, as will social media companies Snap and Twitter. CSX, Johnson & Johnson, Coca- Cola, Honeywell, IBM, Intel and Netflix are also on the docket. The largest banks kicked off earnings season last week, and analysts at BMO noted that ahead of the start to earnings season 66 companies in the S&P 500 issued positive earnings guidance for the quarter, which is the largest since at least 2006. “Q2 earnings season is here and another stellar reporting period is expected for US stocks with the S&P 500 y/y EPS growth rate currently sitting at 65.5%, which would mark the strongest clip since Q4 ’09,” the firm said in a recent note to clients. On the economic data front, the National Association of Home Builders will release its latest survey results on Monday, giving consumers a glimpse into sentiment across the housing market. Economists polled by Dow Jones expect the reading to be unchanged from the prior month at 81. Anything above 50 is considered positive sentiment. For the month of July, the Nasdaq Composite is down 0.5%. The S&P 500 and Dow are in the green, however, rising 0.7% and 0.5%, respectively. The Russell 2000 is down more than 6% amid weakness in small caps. “The composition of recent data suggests that inflation will largely prove transitory as the Fed has stated,” said LPL Financial Chief Market Strategist Ryan Detrick. “Just how long ‘transitory’ will prove to be is the big question. We are in the middle of the season when we expected to see some hot prints, so this week has not necessarily been a surprise.” EUROPE & UK European markets set to open sharply lower as investors digest OPEC deal European stocks are expected to open sharply lower on Monday as markets digest the latest OPEC + announcement regarding oil production and continue to brood on inflation. Britain’s FTSE is seen opening 50 points lower at 6,953, Germany’s DAX 85 points lower at 15,440, France’s CAC 40 down 36 points at 6,416 and Italy’s FTSE MIB down 208 points at 24,472, according to IG. European stocks are expected to open sharply lower on Monday as markets digest the latest OPEC + announcement regarding oil production and continue to brood on inflation. Britain’s FTSE is seen opening 50 points lower at 6,953, Germany’s DAX 85 points lower at 15,440, France’s CAC 40 down 36 points at 6,416 and Italy’s FTSE MIB down 208 points at 24,472, according to IG. European markets look set to follow their counterparts in Asia Pacific lower on Monday as investors digest the news that OPEC and its allies (a group known as OPEC+) reached a deal on Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022. Coordinated increases in oil supply from the group will start in August, OPEC said in a statement. The development comes after Brent has surged more than 40% so far in 2021, with demand for crude rising as the global economy recovers from the pandemic. On Monday morning, international benchmark Brent crude futures slipped 0.87% to $72.95 per barrel. U.S. crude futures also declined 0.93% to $71.81 per barrel. U.S. stock index futures were lower during overnight trading on Sunday, after the major averages posted their first negative week in four. Inflation fears are weighing on stocks after the Consumer Price Index in the U.S. last week showed that inflation jumped 5.4% in June year-over-year, spooking investors. Separately. a U.S. consumer sentiment index from the University of Michigan released on Friday showing that consumers believe prices will jump 4.8% over the next year. This is the steepest climb since August 2008. Meanwhile, in Europe, the devastation caused by massive flooding around Germany and Belgium could weigh on sentiment in the region this week, as well as ongoing coronavirus concerns. A surge in Covid-19 cases across the continent caused by the highly transmissible delta variant continues to weigh, with several major European countries forced to reimplement social restrictions, while the U.K. is set to lift most remaining restrictions on Monday despite reporting a high number of daily cases. There are no major earnings Monday; data releases include U.K. house price data from Rightmove and euro zone construction output. ASIA Major Asia markets fall more than 1%; oil prices slip after OPEC and allies reach deal Shares in Asia-Pacific fell in Monday trade. Investors watched for movements in oil after OPEC and its allies reached a deal on Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022. In the afternoon of Asia trading hours on Monday, international benchmark Brent crude futures slipped 1.06% to $72.81 per barrel. U.S. crude futures also declined 1.09% to $71.03 per barrel. SINGAPORE — Shares in Asia-Pacific slipped in Monday trade, as oil prices fell after OPEC and its allies reached a deal. The Nikkei 225 in Japan dropped 1.46% in afternoon trade while the Topix index shed 1.39%. South Korea’s Kospi fell 0.91%. In Hong Kong, the Hang Seng index slipped 1.59% by the afternoon. Mainland Chinese stocks also declined, with the Shanghai composite down about 0.3% while the Shenzhen component dipped fractionally. Australian stocks also declined as the S&P/ASX 200 dropped 0.85%. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.19%. Oil prices fall after OPEC+ deal In the afternoon of Asia trading hours on Monday, international benchmark Brent crude futures slipped 1.06% to $72.81 per barrel. U.S. crude futures also declined 1.09% to $71.03 per barrel. Shares of oil firms in Asia-Pacific also declined in Monday trade, with Santos in Australia falling 2.56%. Japan’s Inpex dropped 2.1%, while Japan Petroleum Exploration plunged 2.56%. CNOOC shares in Hong Kong slipped 1.35%. OPEC and its allies reached a deal on Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022. Coordinated increases in oil supply from the group — collectively known as OPEC+ — will start in August, OPEC said in a statement. The development came as Brent surged more than 40% so far in 2021, with demand for crude rising as the global economy recovers from the pandemic. Currencies The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.726 following a recent climb from below 92.4. The Japanese yen traded at 109.94 per dollar, stronger than levels above 110.4 seen against the greenback last week. The Australian dollar changed hands at $0.7387, lower than levels above $0.748 last week. Economic Release Europe and UK Event Survey Prior EUR : CONSTRUCTION OUTPUT - -2.17% US and Canada Event Survey Prior US: 6 MONTH BILL AUCTION - 0.050% DOMESTIC MARKET Stocks Last Close Change Volume SOLIDERE A 25.34 24.78 0.56 46742 SOLIDERE B 25.26 24.83 0.43 17656 HOLCIM 17.73 17.73 0.00 0 BLOM GDR #N/A N/A #N/A N/A #N/A N/A 0 BLOM BANK 3.33 3.33 0.00 0 AUDI 2.1 2.1 0.00 0 BYBLOS BK 0.96 0.93 0.01 6800 FOREIGN EXCHANGE Currencies BID ASK EUR/USD 1.18 1.185 GBP/USD 1.375 1.379 USD/JPY 109.9 110 USD/CAD 1.264 1.2675 USD/LBP 1510 1520 USD/CHF 0.92 0.9225 Commodities Spot Closing GOLD 1811.86 1812.05 SILVER 25.4845 25.6641 CRUDE OIL 71.12 71.81 Market Summary Commodities Gold prices rise due to lower U.S.
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