Key Market Insights August 26

8 min read

US Markets

Stocks were up on Wednesday after a rough start to the week that included the worst trading day in three months on Monday.

  • Wednesday ended a three-day losing streak that started last Friday.
  • Energy, real estate, and financial stocks were the best performing.
  • Technology, healthcare, and consumer stocks dragged down markets.
  • The current 10 Year U.S. Treasury yield is set at 3.10850%
Market Price Move
Dow Jones 32,969.23 0.18%
S&P 500 4,140.77 0.29%
Nasdaq 12,431.53 0.41%
Russell 2000 1,935.29 0.84%

 

Canadian Markets

Economic reports show that Prairie provinces will likely be the fastest-growing areas of Canada.

  • The Conference Board of Canada forecasts that the Saskatchewan economy will grow 7.6% in 2022.
  • Alberta, whose economy is largely dependent on oil, is expected to expand by 4.9%.
  • Quebec is expected to have some of the worst growth as an aging population continues to negatively impact the local economy.
  • Ontario and British Columbia are forecast to grow as their manufacturing and tourism industries recover.
Market Price Move
TSX 20,021.38 0.18%

 

European Markets

European stocks are mostly positive on Wednesday as market sentiment turned positive following a negative start to the week.

  • The Stoxx 600 rose 0.2% as household goods companies led markets with a 1.2% gain, while mining stocks dragged down markets, losing 1.8%.
  • Aveva, a British IT company, was up 27% after France’s Schneider said it was considering its acquisition.
  • Securitas, the Swedish security business, was the worst-performing stock in the Stoxx 600, losing 6% after posting poor financial results.
Market Price Move
Euro STOXX 50 3,667.46 0.41%
UK (FTSE 100) 7,471.51 -0.22%
Germany (DAX) 13,220.06 0.20%
France (CAC 40) 6,386.76 0.39%

 

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Asian Markets

Stocks in Asia were mixed on Wednesday and did not benefit from the generally positive sentiment seen later in the day.

  • In mainland China, markets were down significantly as the Shenzhen Component lost 2.88% and the Shanghai Composite fell 1.86%. The Hang Seng was also down in Hong Kong, falling 1.2% on the day, including a 1.07% drop in the final hour of trading.
  • Tech stocks were down, with Xpeng losing 12% as the Hang Seng Tech Index fell 2.72%
  • Thailand’s Constitutional Court ordered the Prime Minister needed to vacate his office while the court reviews a case claiming that he has served more than his legally mandated eight-year term limit. The court has to decide whether the PM’s time as head of a military junta before a formal government was put in place should count toward the time limit. Stocks in Taiwan were up on the news.
Market Price Move
S&P Asia 50 4,460.62 -0.73%
Japan (Nikkei 225) 28,313.47 -0.49%
South Korea (KOSPI) 2,447.45 0.50%
China (Hang Seng) 19,268.74 -1.20%
India (SENSEX) 59,085.43 0.09%

 

Commodities

Oil prices were up on Wednesday as investors became pessimistic regarding a potential Iran nuclear deal.

  • Brent crude was up 1%, while U.S. West Texas intermediate gained 1.3%.
  • Oil prices were lower earlier in the day as data showed that demand for gas in the U.S. was down 7% over the past four weeks, versus the same period last year.
  • OPEC+’s output is 2.9 million barrels below its daily target, which is putting upward pressure on prices.
Market Price Move
Oil (NYSEARCA:OIL) 33.75 1.02%
Gold (NYSEARCA:GLD) 163.25 0.29%
Silver (NYSEARCA:SLV) 17.63 0.06%
Corn (NYSEARCA:CORN) 26.41 0.08%
Lumber (NASDAQ:WOOD) 79.13 -0.08%

 

Currency Exchange Rates

The U.S. Dollar was up during U.S. trading hours on Wednesday against the top six fiat currencies.

  • The U.S. Dollar Index gained 0.13% to finish the day at 108.67.
  • Traders are estimating a 61% chance of a 75-basis point rate hike and a 39% chance of a 50-basis point hike.
  • The Fed seemed to indicate it would continue to be aggressive in fighting price increases after the annual inflation rate hit 8.5% in July, significantly above the 2% target.
Market Price Move
UK(GBP) £0.85 -0.22%
Europe (EURO) €1.00 -0.29%
Canada (Canadian Dollar) $1.30 -0.59%
Japan (Yen) ¥137.09 -0.34%

 

Cryptocurrency

Bitcoin was up slightly on Wednesday, benefiting from a move toward higher-risk investments caused by the market rebound.

  • Ethereum Foundation said the Ethereum Merge will start when the Bellatrix upgrade is activated on Sept. 6, with the actual Merge taking place between Sept. 10 and Sept. 20.
  • Tether will not ban Tornado Cash wallet addresses despite an investigation into Tornado Cash by U.S. authorities.
  • A U.S. judge ruled that Voyager can pay retention bonuses to its employees.
Market Price Move
Bitcoin $21,502.10 0.49%
Ethereum $1,663.73 0.12%
Litecoin $56.64 -0.72%
Bitcoin Cash $132.10 7.68%

 

Good trading,
Chris Svorcik

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