LOOK AHEAD: Monday Data Calendar
Jun-21 18:27
- US Data/Speaker Calendar (prior, estimate)
- Jun-24 0300 Fed Gov Waller open remarks CB research conf, Italy (text, no Q&A)
- Jun-24 1030 Dallas Fed Mfg Activity (-19.4, -15.0)
- Jun-24 1130 US Tsy $70B 13W, $70B 26W bill auctions
- Jun-24 1400 SF Fed Daly moderated discussion on economy/policy (text, Q&A)
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US STOCKS: Late Equities Roundup: Extending Lows Post FOMC Minutes
May-22 18:25
- Stocks not liking the minutes from the May 1 FOMC minutes, extending lows as markets focus on the Fed's willingness to hike if necessary to combat inflation -- nothing really new. Currently, the DJIA is down 243.38 points (-0.61%) at 39629.81, S&P E-Minis down 29.25 points (-0.55%) at 5316.5, Nasdaq down 91.3 points (-0.5%) at 16741.12.
- Energy and Materials sectors continued to underperform in late trade, equipment and services shares weighing on the former: Schlumberger -3.48%, Haliburton -3.0%, Baker Hughes -2.79%. Metals and mining shares weighed on the Materials sector: Freeport McMoRan -5.72%, Newmont -3.68%, Steel Dynamics Inc -1.35%.
- Health Care and Industrials sectors outperformed late, pharmaceuticals and biotech shares buoyed the Health Care sector: Moderna +10.81%, Pfizer +2.28%, J&J +1.48%. Service providers supported the Industrials sector: Dayforce +2.80%, Equifax +1.92%, Broadridge Financial Services +1.85%.
- Of note, the IT sector pared back first half support but individual chip stocks remained strong: First Solar +16.2%, Analog Devices +9.09% as a strong outlook outweighed revenue decline, Enphase +8.36%. Reminder, Nvidia and Synopsys report earnings after the close.
FOREX: Delayed USD Lift Post FOMC Minutes, USDCAD Eyeing Resistance
May-22 18:22
- The BBDXY index has now pushed higher again now test its earlier high, currently +0.22% on the day, despite Tsys paring losses.
- USDCAD has cleared earlier highs, most recently touching 1.3688 to eye resistance at 1.3691 (May 10 high) after which lies 1.3785 (Apr 30 high).
Source: Bloomberg
FOREX: Marginal Uplift For USD Index On FOMC Minutes
May-22 18:11
- The BBDXY index has already retraced half of the minor gains seen on the back of the FOMC minutes on mention that “various” participants were open to tightening policy further in a conditional setting.
- It remained within the day’s range throughout the initial lift, and is currently +0.16% on the day.
- EURUSD is currently just 5 pips lower on the release, at 1.0834 holding above the earlier low of 1.0822 that marked another move closer to support at 1.0817 (former channel top drawn from the Dec 28 high) after which lies the key 1.0787 (50-day EMA).
Former channel top support holds above a key 50-day EMASource: Bloomberg
