- Markets pull back after last week's rally with the S&P 500 falling 0.6% and Nasdaq 100 dropping 1.1%, ending a four-day advance as investors brace for major earnings reports and economic data amid ongoing trade tensions.
- Massive power outage hits Spain and Portugal disrupting transportation, grounding flights, and forcing hospitals to suspend routine operations, with the cause not immediately established though officials initially couldn't rule out cyber attack.
- Mega-cap tech earnings in focus with Microsoft, Apple, Amazon, and Meta reporting this week, representing companies with combined market value of approximately $20 trillion that could provide crucial insights into corporate resilience during trade uncertainties.
- Conflicting signals on U.S.-China trade negotiations as Treasury Secretary Scott Bessent stated that "all aspects" of U.S. government are in contact with China but `suggested Beijing must take first step in de-escalation, contradicting earlier remarks from President Trump about ongoing discussions.
- Foreign investors pulling back from U.S. markets according to Deutsche Bank research, which shows marked cessation of inflows into U.S. bond and equity markets over the past two months following tariff announcements, potentially challenging dollar strength.
- Market strategists predict range-bound trading with Morgan Stanley's Michael Wilson expecting S&P 500 to remain between 5,000-5,500 and JPMorgan strategists forecasting a 5,200-5,800 range amid recession concerns and trade uncertainties.
- Trump administration issues E15 gasoline waiver allowing higher-ethanol blend sales this summer nationwide to expand fuel supply during peak driving season, potentially benefiting biofuel producers and corn farmers.
- Oil prices decline with Brent crude falling 2.43% to $64.34 and WTI down 2.42% to $61.87 amid concerns about demand impact from U.S.-China trade tensions.
- NATGAS is up over 6% thanks to increased demand in the US
- Treasury yields steady with 10-year yield little changed at 4.24%, while the dollar weakened with the Bloomberg Dollar Spot Index down 0.2%.
- Gold continues upward trend rising 0.9% to $3,330.29 per ounce as investors seek safe haven assets amid economic uncertainty.
- Bitcoin falls slightly down 0.5% to $93,842.98, while Ether drops 2.2% to $1,762.95 as cryptocurrency markets show mixed performance.
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