Daily Digest: Thursday 16th May
USA
Despite early moves to the upside, US equity momentum experienced a mid session shift as the three main indexes moved lower into the close. The Dow made headlines as its broke the 40,000 level at its intraday peak marking new record highs for the index. The Nasdaq ($NDX) and S&P 500 ($SPX) experienced equally sharp declines as both indexes fell 0.21% respectively. The Nasdaq fell 38.68 points to 18,557.97, whilst the S&P fell 11.05 points to 5,297.10. Dow declines were somewhat limited as the index fell 38.62 points (0.1%) off of its opening price to 39,869.38, just 181.67 points off its new all-time highs.
Europe
Sentiment toward European equities mirrored that toward their US listed counterparts through Thursday’s session. The UK’s FTSE 100 (FTSE) ended a two day streak of gains as prices continued to trade down from Wednesday’s highs. The index lost 7.15 points (0.085%) in a move to 8,438.65 as traders experience continued resistance around the 8,450 area. In terms of Central European performance, the French CAC (€FCHI) fell 51.50 points (0.63%) to 8,188.49 while the German Dax (€GDAXI) fell 130.55 points (0.69%) to 18,738.81.
The Pan-European STOXX 600 (€SXXP) also traded lower as prices fell 1.09 points (0.21%) to 523.62.
Rest of the World
Following Wednesday’s lower than expected US CPI data print for April, alongside a session of stronger US equity performances the Nikkei 225 (¥N225) moved 534.53 points (1.39%) higher to 38,920.26. The move marks the largest rise in the Japanese indexes pricing since the 7th of May as investors continue to face currency troubles and wavering equity demand. Both Chinese and Indian equities also saw prices move to the upside, ending a streak of declines for the SSE, while the Nifty 50 was able to further extend gains. The Shanghai Stock Exchange Composite Index (¥SSE) rose 2.5 points (0.08%) to 3,122.40, whilst the Nifty 50 (₹NSEI) rose 203.3 points (0.92%) to 22,403.85.
Commodities
WTI prices continued to move to the upside through Thursday, rising a further 0.1% to $79.2 per barrel as of 21:00 GMT.
Gold prices took a somewhat unexpected turn to the downside, erasing a significant percentage of Wednesday’s gains falling 0.73% to $2,382.20 per ounce.
What to Watch Tomorrow
Eurozone CPI YoY
Eurozone Core CPI YoY
Sources:
https://uk.finance.yahoo.com/world-indices/
https://uk.finance.yahoo.com/commodities
https://www.londonstockexchange.com/indices/ftse-100
https://www.binance.com/en-GB/price/bitcoin
https://www.binance.com/en-GB/price/ethereum
https://qontigo.com/index/sxxp/
Stock Market Activity Today & Latest Stock Market Trends | Nasdaq
https://coinmarketcap.com/charts/#market-cap
https://www.forexfactory.com
Definitions:
YoY - Year on Year, or, Year over Year
MoM - Month on Month, or, Month over Month
QoQ - Quarter on Quarter, or, Quarter over Quarter
ECB - European Central Bank
BOJ - Bank of Japan
Fed - Federal Reserve
BOE - Bank of England
SNB - Swiss National Bank
DOJ - Department of Justice