US Markets
Stock futures were flat overnight in the United States after a negative trading day for the major indexes.
- The S&P 500 is flat so far this month after rising 9% in July.
- Federal Reserve Chairman Jerome Powell is scheduled to give a speech on Friday in which he is expected to comment on future monetary policy.
- The current 10 Year U.S. Treasury yield is set at 3.04520%
Market |
Price |
Move |
Dow Jones |
32,909.59 |
-0.47% |
S&P 500 |
4,128.73 |
-0.22% |
Nasdaq |
12,381.30 |
0.00% |
Russell 2000 |
1,919.14 |
0.18% |
Canadian Markets
The Canadian government has signed deals to provide Mercedes-Benz and Volkswagen with raw materials for electric car batteries.
- The deals could have been influenced by the approval of fiscal benefits that seek to ensure that carmakers source battery materials from the U.S.
- German Chancellor Olaf Scholz attended the signing ceremony in Toronto.
- The deals are part of Canada’s efforts to invest in its automotive industry, with a focus on electric vehicles.
Market |
Price |
Move |
TSX |
19,985.35 |
0.05% |
European Markets
European stock markets were lower on Tuesday as investors reacted to new economic data.
- The Stoxx 600 was down 0.5% on the day. Healthcare and media stocks were the worst performing, losing 1.6%. Oil and gas stocks were up 3.1%.
- Purchasing Manager’s Index data showed that business activity in the Eurozone decreased in August for the second straight month.
- Maersk stock lost 2.7% after Citi cut its target price.
Market |
Price |
Move |
Euro STOXX 50 |
3,652.52 |
-0.16% |
UK (FTSE 100) |
7,488.11 |
-0.61% |
Germany (DAX) |
13,194.23 |
-0.27% |
France (CAC 40) |
6,362.02 |
-0.26% |
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Asian Markets
Stocks in Asia were mixed on Wednesday morning after a third straight negative day in the United States dampened investor sentiment.
- Chinese stocks were down across the board.
- The Shenzhen Component and Shanghai Composite were down in the early morning trading.
- Xpeng was down 12% after reporting a larger than expected loss last quarter.
- Tech stocks continued to struggle with the Hang Senf Tech Index down 1.8% in early morning trading.
Market |
Price |
Move |
S&P Asia 50 |
4,455.30 |
-1.73% |
Japan (Nikkei 225) |
28,359.10 |
-0.33% |
South Korea (KOSPI) |
2,434.14 |
-0.05% |
China (Hang Seng) |
19,232.70 |
-1.39% |
India (SENSEX) |
59,031.30 |
0.44% |
Commodities
Oil prices were up on Tuesday after Saudi Arabia said that OPEC+ may cut oil output to put upward pressure on prices.
- Brent crude rose 3.88% and U.S. West Texas Intermediate crude was up 3.7% on Tuesday.
- Analysts expect a decline of 1.5 million barrels in U.S. crude oil stocks last week.
- Oil prices have decreased significantly since hitting a high of $147 per barrel in March, after Russia invaded Ukraine.
Market |
Price |
Move |
Oil (NYSEARCA:OIL) |
33.41 |
3.73% |
Gold (NYSEARCA:GLD) |
162.77 |
0.71% |
Silver (NYSEARCA:SLV) |
17.62 |
0.69% |
Corn (NYSEARCA:CORN) |
26.39 |
3.82% |
Lumber (NASDAQ:WOOD) |
79.19 |
0.65% |
Currency Exchange Rates
The U.S. Dollar was down slightly on Tuesday after reports show that private sector activity in the U.S. has fallen for two straight months.
- There are concerns about the impact of the quick rise in interest rates from 0.25% in March to 2.50% at present.
- The Chinese Yuan is currently at a two-year low as higher interest rates in the U.S. continue to impact the Chinese currency.
- The Euro is down 12% this year and 3% in August.
Market |
Price |
Move |
UK(GBP) |
£0.84 |
-0.32% |
Europe (EURO) |
€1.01 |
0.86% |
Canada (Canadian Dollar) |
$1.30 |
-0.20% |
Japan (Yen) |
¥136.85 |
-0.14% |
Cryptocurrency
Bitcoin continues to struggle as investors await guidance regarding future monetary policy from Fed Chairman Jerome Powell later this week.
- The Reserve Bank of India claims that its warnings about the risks of cryptocurrency have caused people to avoid investing in the industry.
- Andreessen Horowitz believes that cryptocurrency businesses will cause power to move away from big Internet companies to the general public.
- EOS token is up 28% after switching to Antelope.
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Market |
Price |
Move |
Bitcoin |
$21,243.80 |
-1.24% |
Ethereum |
$1,611.01 |
-0.85% |
Litecoin |
$55.99 |
-2.15% |
Bitcoin Cash |
$132.24 |
11.00% |
Good trading,
Chris Svorcik
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