Wealth Daily 13 May 2022



WEALTH DAILY 2022-05-13
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US equities ended Thur’s trading session mostly lower despite a late-day turnaround. The headline producer prices (PPI) rose 11% YoY in Apr and 0.5% mom, showing continued inflation pressures reinforced expectations for an aggressive series of rate hikes from the Fed. While c


The Dow Jones Industrial Average lost 103.81 pts or 0.33% lower to close at 31,730.30. The broader S&P 500 index fell 0.13%. The tech-heavy Nasdaq Composite advanced 0.06%. The small-cap Russell 2000 gained 1.24%. Meanwhile, the CBOE Volatility index fell 2.43% to 31.77.


Megacap tech stocks fell on Thur, including Apple (AAPL US, -2.69%), Microsoft (MSFT US, -2.00%), Alphabet (GOOGL US, -0.67%) and Nvidia (NVDA US, - 2.74%). Amazon (AMZN US, +1.48%) and Meta Platforms (FB US, +1.32%) were exceptions. 


The yield on the 10-year Treasury note slipped 7.28 basis points (bps) to 2.8479%, while the yield on the 2-year Treasuries fell 7.79 bps to 2.5592%.


 The front-month Brent and WTI futures closed down 6 cents at US$107.45/bbl and 42 cents at US$106.13/bbl respectively. 


The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, rose 0.97% to 104.851.


 The most actively traded US gold futures (Jun) contracts settled down $29.10, or 1.57%, at US$1,824.60/oz. July silver, which is the most actively traded silver futures, fell 80.2 cents, or 3.72%, to end at US$20.773/oz. 


Bitcoin (XBTUSD) rose 0.51% to US$28,546.25 on Thur. Crypto prices stabilized after Terraform Labs restarted its Terra blockchain, which it shut briefly to limit damage in the wake of the TerraUSD algorithmic stable coin (UST) and Luna crashes. 


European equity markets finished lower on Thur. The UK FTSE lost 1.56%, France's CAC 40 fell 1.01%, while the German DAX retreated 0.64%.