US Markets
Stock futures are up slightly after a negative start to the week for U.S. equities.
- Futures indicate that all three indexes will likely open Tuesday up 0.1%.
- Despite the decline in stock price on Monday, there are positive indications that the market will get back on track. Approximately 66% of stocks were negative on Monday compared with 86% on Friday, which was an irregularly high amount.
- The current 10-year U.S. Treasury yield is set at 3.09310%
Market |
Price |
Move |
Dow Jones |
32,098.99 |
–0.57% |
S&P 500 |
4,030.61 |
-0.67% |
Nasdaq |
12,017.67 |
-1.02% |
Russell 2000 |
1,882.94 |
-0.89% |
Canadian Markets
TD Bank predicts that the average house price will fall 20-25% from Q1 2022 to Q1 2023.
- Last month, housing prices nationwide were down 5% on average.
- This prediction is the most negative of all the major financial institutions, with RBC predicting a 15-20% decline and Desjardin predicting a 15% decline. All other predictions are less than 15%.
- Home sales in Canada were also down 5.3% last month.
Market |
Price |
Move |
TSX |
19,836.12 |
-0.19% |
European Markets
European markets were down on Monday as the negative sentiment from Friday continues to impact stocks worldwide.
- Tech stocks led losses, falling 2% as the major indexes in Germany, France, and Italy all fell more than 1% on the day.
- Markets in the U.K. were closed for a national holiday.
- Uniper was the worst performing stock in the Stoxx 600 as the energy company fell 6% on the day.
Market |
Price |
Move |
Euro STOXX 50 |
3,570.51 |
-0.92% |
UK (FTSE 100) |
7,427.31 |
-0.70% |
Germany (DAX) |
12,892.99 |
-0.61% |
France (CAC 40) |
6,222.28 |
-0.83% |
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Asian Markets
Stocks in Asia are mixed on Tuesday morning after suffering significant losses on Monday.
- New data from Japan shows that the unemployment rate stayed steady at 2.6% in July.
- Honda and LG are up after announcing a joint venture to build a new battery factory.
- Australian stocks are up despite fears that high-interest rates could restrict economic growth.
Market |
Price |
Move |
S&P Asia 50 |
4,524.08 |
-2.44% |
Japan (Nikkei 225) |
28,175.31 |
1.06% |
South Korea (KOSPI) |
2,442.96 |
0.66% |
China (Hang Seng) |
19,858.90 |
-0.82% |
India (SENSEX) |
57,972.62 |
-1.46% |
Commodities
Oil prices saw a significant rise on Monday due to potential cuts in production by OPEC+.
- Saudi Arabia has been discussing the possibility of cutting production to keep costs high.
- OPEC will be meeting on Sept. 5 to set its policy.
- Brent crude gained 4.1% on Monday, while U.S. West Texas Intermediate gained 4.2%.
Market |
Price |
Move |
Oil (NYSEARCA:OIL) |
34.33 |
4.57% |
Gold (NYSEARCA:GLD) |
161.86 |
0.05% |
Silver (NYSEARCA:SLV) |
17.29 |
-0.40% |
Corn (NYSEARCA:CORN) |
27.26 |
1.83% |
Lumber (NASDAQ:WOOD) |
77.84 |
-0.33% |
Currency Exchange Rates
The U.S. dollar hit a new 20-year high on Monday as the hawkish tone from Fed Chairman Jerome Powell boosted the dollar.
- The dollar index hit 109.48 before falling later in the day to finish at 108.78.
- The Euro rose significantly on the day while the Pound Sterling continued to fall and is now at a 2.5-year low.
- The odds of a 0.75% rate hike increase to 70%.
Market |
Price |
Move |
UK(GBP) |
£0.85 |
0.40% |
Europe (EURO) |
€1.00 |
-0.27% |
Canada (Canadian Dollar) |
$1.30 |
-0.15% |
Japan (Yen) |
¥138.62 |
0.77% |
Cryptocurrency
Bitcoin traded below $20,000 for much of Monday before rising late in the day to regain the crucial price point.
- Bitcoin’s price has been volatile since falling 5% in the hours after Jerome Powell’s speech on Friday.
- Bitcoin’s price has decreased in three of the last four weeks.
- Bitcoin’s price continues to be heavily tied to stock prices as it has failed to differentiate itself and act as a hedge against inflation.
Market |
Price |
Move |
Bitcoin |
$20,163.10 |
0.56% |
Ethereum |
$1,531.70 |
7.35% |
Litecoin |
$54.67 |
2.32% |
Bitcoin Cash |
$118.11 |
2.47% |
Good trading,
Chris Svorcik
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