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Wealth Daily 30 June 2022

The Dow Jones Industrial Average gained 82.32 pts or 0.27% to close at 31,029.31, while the other major US equity indexes finished slightly in the red. The S&P 500 index edged 0.07% lower. The tech-heavy Nasdaq Composite retreated 0.03%. The small cap Russell 2000 dropped 1.12%. 

Megacap tech stocks closed mixed on Wed. Gainers including Apple (AAPL US, +1.30%), Microsoft (MSFT US, +1.47%), Amazon (AMZN US, +1.42%) and Meta Platforms (META US, +2.03%), while Alphabet (GOOGL US, -0.27%) and Nvidia (NVDA US, -2.75%) fell. 

Fixed income traders traders have now priced in a half-point Fed cut at some point in 2023 in anticipation of a recession eventually reversing the tightening cycle. The yield on the 10-year Treasury note slipped 8.24 basis points (bps) to 3.0891%, while the yield on the 2-year Treasuries fell 7.11 bps to 3.0385%. 

The front-month Brent and WTI futures closed down $1.72 at US$116.26/bbl and $1.98 at US$109.78/bbl respectively. 

The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, rose 0.57% to 105.106. 

The most actively traded US gold futures (Aug) contracts close flat at US$1,817.50/oz. September silver, which is the most actively traded silver futures, fell 10.1 cents, or 0.5%, to end at US$20.738/oz. 

Bitcoin briefly fell below $20,000 on Wed. CNBC reports that embattled cryptocurrency exchange CoinFlex will probably not be able to let customers withdraw money again on Thur as it originally planned. 

European equity markets finished lower on Wed. The UK FTSE lost 0.15%, France's CAC 40 fell 0.9%, while the German DAX retreated 1.73%.