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Wealth Daily 19 July 2022

WEALTH DAILY 2022-07-19
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 Shares on Wall Street pulled back from earlier gains on Mon after Bloomberg reported that Apple (AAPL US, -2.06%) plans to slow hiring. The Dow Jones Industrial Average lost 215.65 points (pts) or 0.69% to close at 31.072.61. The Dow had been up as much as 350 pts earlier in the day.

The broader S&P 500 index fell 0.84%. The tech-heavy Nasdaq Composite retreated 0.81%. The small-cap Russell 2000 dropped 0.34%.

Mega cap tech stocks closed mixed on Mon, Gainers include Amazon (AMZN US, +0.18%), NVidia (NVDA US, +2.15%), and Meta Platforms (META US, +1.54%). 

Bank earnings results continued. Goldman's (GS US, +2.51%) overall trading revenue was way above consensus, offsetting a miss in I-banking and sending shares up. Goldman took a US$667m provision for credit losses. 

Bank of America’s (BAC US, +0.03%) net interest income jumped, helped by Fed hikes, and it expects continued growth. Expenses for "certain regulatory matters" rose. 

The yield on the 10-year Treasury note notched up 7.03 basis points (bps) to 2.9855%, while the yield on the 2-year Treasuries rose 5.44 bps to 3.1744%. 

Crude oil futures posted strong gains on Mon, boosted by concerns over gas supply from Russia and a lower US dollar. The front-month Brent and WTI futures closed up $5.11 at US$106.27/bbl and $5.01 at US$102.60/bbl respectively.

The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, fell 0.64% to 107.366. 

The most actively traded US gold futures (Aug) contracts settled up $6.60, or 0.4%, at US$1,710.20/oz. September silver, which is the most actively traded silver futures, rose 24.6 cents, or 1.3%, to end at US$18.84/oz.  European equity markets finished higher on Mon.

The UK FTSE gained 0.90%, France's CAC 40 rose 0.93%, while the German DAX advanced 0.74%.

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