Wealth Daily 20 July 2022




WEALTH DAILY 2022-07-20
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US equities closed sharply higher on Tue, as the latest round of earnings reports indicate that businesses were able to cope with a slowing economy during 2Q. The Dow Jones Industrial Average gained 754.44 pts, or 2.43%, to close at 31,827.05. The S&P 500 index rose 2.76%. The tech-heavy Nasdaq Composite advanced 3.11%. The small-cap Russell 2000 gained 3.50%. 


Mega cap tech stocks rose, including Apple (AAPL US, +2.67%), Microsoft (MSFT US, +2.08%), Amazon (AMZN US, +3.91%), Alphabet (GOOGL US, +4.38%), NVidia (NVDA US, +5.53%), and Meta Platforms (META US, +5.11%. 


Boeing (BA US, +5.7%) rose after announcing several deals for plane orders.  Shares of Netflix (NFLX US, +5.61%) popped during regular trading and then surged more than 7% in after-hours trading after saying it lost only 970,000 subscribers in 2Q, less than the 2m it had previously projected. 


The yield on the 10-year Treasury note notched up 3.54 basis points (bps) to 3.0209%, while the yield on the 2-year Treasuries rose 6.3 bps to 3.2374%.  The front-month Brent and WTI futures closed up $1.08 at US$107.35/bbl and $1.62 at US$104.22/bbl respectively. 


The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, fell 0.64% to 106.682.  The most actively traded US gold futures (Aug) contracts settled up 50 cents, or 0.03%, at US$1,710.70 /oz. September silver, which is the most actively traded silver futures, fell 12.7 cents, or 0.7%, to end at US$18.713/oz. 


Bitcoin (XBTUSD, +8.45%) is trading around US$23,300 this morning (Wed), Bitcoin is up more than 33% from the year's low of $17,592.78 on Jun 18. 


European equity markets finished higher on Tue. The UK FTSE gained 1.01%, France's CAC 40 rose 1.79%, while the German DAX advanced 2.69%.