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Wealth Daily 09 May 2022


WEALTH DAILY 2022-05-09
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Shares on Wall Street fell last Fri. The S&P 500 Index posted its fifth straight weekly drop, the longest losing streak since Jun 2011. The 10-year US Treasury yield rose, after the US Labor Department’s Apr jobs report showed US hiring advanced at a robust pace, adding to concerns about surging inflation. 


The Dow Jones Industrial Average lost 98.60 pts, or 0.3%, to close at 32,899.37. The S&P 500 index fell 0.57%. The tech-heavy Nasdaq Composite retreated 1.4%. The small cap Russell 2000 dropped 1.69%.  Megacap tech stocks fell last Fri, including Microsoft (MSFT US, -0.94%) Amazon (AMZN US, -1.40%), Alphabet (GOOGL US, -0.65%), Nvidia (NVDA US, -0.90%), and Meta Platforms (FB US, -2.17%). Apple (AAPL US, +0.33%) was the exception. 


It looks as if today (Mon) is going to be another down day for US stocks. In early trade, futures tied to the Dow Jones Industrial Average are down about 0.7%. The S&P 500 futures have shed 0.8%, while Nasdaq 100 futures have lost 0.8% 


The yield on the 10-year Treasury note notched up 9.0 basis points (bps) to 3.1265%, while the yield on the 2-year Treasuries rose 2.74 bps to 2.7308%.  The front-month Brent and WTI futures closed up $1.49 at US$112.39/bbl and $1.51 at US$109.77/bbl respectively. US gasoline futures in New York settled at a record high on Fri. 


The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, fell 0.09% to 103.660. 


The most actively traded US gold futures (Jun) contracts settled up $7.10 or 0.4%, at US$1,882.80/oz. July silver, which is the most actively traded silver futures, fell 7.6 cents, or 0.3%, to end at US$22.367/oz. 


Bitcoin (XBTUSD) fell below US$35,000 on Sun for the first time since Jan. Bitcoin fell 8.4% on Thur when the Nasdaq Composite shed 4.11% after the Fed 50 bps rate hike. 


European equity markets finished lower last Fri. The UK FTSE lost 1.54%, France's CAC 40 fell 1.73%, while the German DAX retreated 1.64%.