investingLive Americas market news wrap: Megacap tech struggles, US dollar slides on PCe
- US May PCE inflation 4.1% vs 4.1% expected
- US GDP final Q1 2.1% versus 1.6% estimate
- US initial jobless claims 215K vs 225K estimate. Continuing claims 1.821M vs 1.800M est
- US May durable goods orders -4.5% vs -4.5% expected
- Fed's Goolsbee: Inflation is going the wrong way
- US treasury sells $44 billion of 7- year notes at a high yield of 4.26%
- Dallas Fed trimmed mean PCE price index +2.8% vs +2.4% prior
- Israel-Lebanon meeting hits dead end as Israel insists on occupation
Markets:
- Gold up $24 to $4025
- US 10-year yields down 2 bps to 4.40%
- WTI crude up $1.77 to $72.11
- CAD leads, JPY lags
- S&P 500 flat, Nasdaq -0.6%
It was something of a disappointing day for the Nasdaq bulls. Futures were 2% higher ahead of the open but the megacap names sold off, led by a 6.4% decline in Apple as there is an increasing divide between the hyperscalers spending all the AI capex and the suppliers reaping all the profits. That's an important and developing difference that could have implications for the trade down the road. Apple was hit particularly hard after it was forced to raise prices on consumer products to pay for memory chips.
In FX, the US dollar sagged lower after the PCE report was in-line with estimates. With oil prices falling, the market senses a peak in inflation and that led to some dollar selling and small bounces in some of the most beaten-up currencies. The Fed talk today didn't hint at any imminent push for rate hikes so we could see some of the year-end pricing fade and that could further hurt the dollar.
Commodities have been ravaged for two weeks but staged a modest bounce today. Oil was negative to start the day but climbed $3 from the lows in part due to an attack in Hormuz and continued deadlock in Lebanon negotiations.
This article was written by Adam Button at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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