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Wealth Daily 01 July 2022

Shares on Wall Street fell on Thur. US Treasury yields declined after the release of data showing inflation running less hot than expected and data showing a drop in consumer-spending. 

The Dow Jones Industrial Average lost 253.88 pts, or 0.82%, to close at 30,775.43 The broader S&P 500 index fell 0.88%. The tech-heavy Nasdaq Composite retreated 1.33%. The small cap Russell 2000 dropped 0.66%. 

The yield on the 10-year Treasury note slipped 7.62 basis points (bps) to 3.0129%, while the yield on the 2-year Treasuries fell 8.52 bps to 2.9533%. 

Megacap tech stocks fell on Thur, including Apple (AAPL US, -1.80%), Microsoft (MSFT US, -1.32%) Amazon (AMZN US, -2.49%), Alphabet (GOOGL US, - 2.45%), Nvidia (NVDA US, -2.46%), and Meta Platforms (META US, -1.64%). 

The front-month Brent and WTI futures closed down $1.45 at US$114.81/bbl and $4.02 at US$105.76/bbl respectively. OPEC and non-OPEC partners agreed to stick with their plan to increase monthly overall production for the month of Aug to 648,000 barrels per day. 

The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, fell 0.40% to 104.685. 

The most actively traded US gold futures (Aug) contracts settled down $10.20, or 0.56%, at US$1,807.30/oz. September silver, which is the most actively traded silver futures, fell $0.386, or 1.86%, to end at US$20.352/oz. 

Bitcoin (XBTUSD) fell 7.26% to $18,731.30 on Thur. 

European equity markets finished lower on Thur. The UK FTSE lost 1.96%, France's CAC 40 fell 1.80%, while the German DAX retreated 1.69%.

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