Wealth Daily 25 July 2022



WEALTH DAILY 2022-07-25
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 Shares on Wall Street fell on Fri. Disappointing results from Snap (SNAP US, - 39.1%) sent social media shares into a tailspin. Meta Platforms (META US, - 7.59%) and Pinterest (PIN US, -13.51%) fell on worries that they too will face slowing online advertising sales. 


On Fri, the Dow Jones Industrial Average gained 137.61 pts or 0.43% to close at 31,899.29. The broader S&P 500 index fell 0.93%. The tech-heavy Nasdaq Composite retreated 1.87%. The small-cap Russell 2000 dropped 1.62%. 


Mega cap tech stocks fell, including Apple (AAPL US, -0.81%), Microsoft (MSFT US, -1.69%), Amazon (AMZN US, -1.77%), Alphabet (GOOGL US, -5.63%), and (NVDA US, -4.05%). 


Despite Fri’s decline, US equities gained ground last week. For the week, the Dow closed nearly 2% higher. The S&P 500 advanced about 2.6%, and the Nasdaq capped the week up 3.3%. 


The yield on the 10-year Treasury note slipped 12.43 basis points (bps) to 2.7504%, while the yield on the 2-year Treasuries fell 11.51 bps to 2.97%. 


The yield on 2-year German notes fell 22.4 bps to 0.453% on Fri. Investors trimmed bets on European Central Bank rate hikes after weaker-than-expected Eurozone purchasing managers' data increased recession expectations. 


The front-month Brent and WTI futures closed down 66 cents at US$103.20/bbl and $1.65 at US$94.70/bbl respectively. 


The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, fell 0.17% to 106.730. 


The most actively traded US gold futures (Aug) contracts settled up $14.00, or 0.8%, at US$1,727.40/oz. September silver, which is the most actively traded silver futures, fell 10.2 cents, or 0.5%, to end at US$18.617/oz. 


Cryptocurrency-exposed stocks such as Coinbase (COIN US, -4.27%) fell on Fri as Bitcoin (XBTUSD, -2.24%) fell for the third consecutive day to US$22,605.38.  European equity markets finished higher on Fri.


The UK FTSE gained 0.08%, France's CAC 40 rose 0.25%, while the German DAX advanced 0.05%.