MARKETS USA / Daily earnings at the end of a super quarter | 30.06.20

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NEW YORK (Dow Jones) – A quarter of superlatives ended on Wall Street on Tuesday. It was the strongest quarter since 1998 with premiums of 17 percent in the Dow Jones index and as much as 30 percent in the Nasdaq composite. The rally followed the crash caused by the corona pandemic. This topic will continue to dominate the markets. Fear of a further spread of the pandemic and hope for a rapid recovery – supported by stimuli – send investors into an alternating pool.

On Tuesday, buyers came in again after a slow start. The Dow underperformed the other indices as significant falls dampened Boeing’s index heavyweight. Order cancellations are difficult for the aircraft manufacturer.

The Dow Jones index gained 0.9 percent to 25,813 points. The S & P-500 rose 1.5 percent, while the Nasdaq composite rose 1.9 percent. There were a total of 1,961 (Monday: 2,175) course winners and 1,040 (832) losers. 52 (46) titles closed unchanged.

The massive stimulus measures by the Fed and the state would have fueled the recovery at an unprecedented pace, said chief investment strategist Liz Ann Sonders of Charles Schwab & Co. “But there is a noticeable discrepancy between market events and the economic recovery. The second half is likely to be quite volatile fail, “suspects Sonders.

After all, there was surprisingly good economic data from Asia. In China, for example, industrial activity rose more than expected to a three-month high. In addition, the purchasing managers’ index for the manufacturing sector continued to expand and the situation in the service sector also improved.

Meanwhile, the economic signals from the United States remained ambiguous. The Chicago Purchasing Managers Index for June came as a disappointment. At 36.6, it was well below the expected 45. By contrast, consumer confidence data – also for June – came in above forecasts. Consumers play a particularly important role in the US economy, as much of the gross domestic product depends on private consumption.

Boeing charged by order cancellation

Boeing gave up 5.8 percent. The share was burdened by cancellations by Norwegian Air. The airline canceled 92 aircraft of the problem aircraft 737 Max. The announcement came against the backdrop of a first test flight for a Boeing 737 Max recertification, 15 months after a global flight ban came into effect due to two crashes.

Micron advanced 4.8 percent. Thanks to increasing demand, the semiconductor group exceeded analysts’ expectations in terms of both sales and profits in the third quarter. The chip manufacturer also gave a surprisingly positive outlook for the final quarter of the 2019/20 financial year.

Lululemon Athletica’s papers were 6 percent more expensive. The sporting goods retailer has announced the acquisition of Mirror, an operator of an interactive platform for sporting activities at home. The transaction costs Lululemon $ 500 million.

The US travel agent Uber apparently plans to expand its business to deliver food with a billion dollar purchase. According to informed people, Uber could take over Postmates, the food delivery service, for around $ 2.6 billion. Uber improved by 4.9 percent.

Oil prices easier – gold grows

The dollar was trending sideways in the currency market. In late business, the euro was little changed at $ 1.1235.

Oil prices eased somewhat with supply over concerns. The US grade WTI lost 0.9 percent to $ 39.36 a barrel, Brent fell 1.4 percent to $ 41.14.

The gold price picked up speed in the afternoon. The supporting themes are the old ones: uncertainty, ultra-low interest rates and the flooding of the markets with cheap money make the precious metal shine. The price of the troy ounce rose 0.6 percent to $ 1,781. The settlement of the gold futures even exceeded $ 1,800 for the first time since 2011. Gold made up around 13 percent in the past quarter.

The other safe haven bond was not in demand. The yield on ten-year US bonds rose 2.9 basis points to 0.65 percent when prices fell.

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INDEX last +/-% absolute +/-% YTD

DJIA 25,812.54 0.85 216.74 -9.55

S&P 500 3,100.26 1.54 47.02 -4.04

Nasdaq Comp. 10,058.77 1.87 184.61 12.11

Nasdaq-100 10,156.85 1.96 195.69 16.30

US bonds

Maturity Yield Bp to VT Yield VT +/- Bp YTD

2 years 0.14 -1.2 0.16 -105.8

5 years 0.29 1.6 0.27 -163.6

7 years 0.48 2.3 0.46 -176.4

10 years 0.65 2.9 0.62 -179.2

30 years 1.41 3.4 1.38 -165.5

CURRENCIES last +/-% Tue, 8:00 Mon, 5:35 p.m.% YTD

EUR / USD 1.1235 -0.06% 1.1231 1.1242 + 0.2%

EUR / JPY 121.29 + 0.31% 120.99 121.10 -0.5%

EUR / CHF 1.0643 -0.47% 1.0691 1.0684 -2.0%

EUR / GBP 0.9067 -0.79% 0.9140 0.9163 + 7.1%

USD / JPY 107.98 + 0.39% 107.73 107.70 -0.7%

GBP / USD 1.2391 + 0.73% 1.2288 1.2268 -6.5%

USD / CNH (offshore) 7.0705 -0.11% 7.0676 7.0789 + 1.5%

Bitcoin

BTC / USD 9,132.76 -0.82% 9,120.26 9,073.51 + 26.7%

ROHOEL last VT-Settl. +/-% +/- USD% YTD

WTI / Nymex 39.36 39.70 -0.9% -0.34 -32.5%

Brent / ICE 41.14 41.71 -1.4% -0.57 -34.7%

METALLE last day before +/-% +/- USD% YTD

Gold (spot) 1,781.42 1,770.40 + 0.6% +11.02 + 17.4%

Silver (spot) 18.23 17.80 + 2.4% +0.43 + 2.1%

Platinum (spot) 829.60 815.00 + 1.8% + 14.60 -14.0%

Copper future 2.71 2.68 + 1.1% +0.03 -3.8%

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Contact the author: [email protected]

DJG / raz

(END) Dow Jones Newswires

June 30, 2020 16:08 ET (20:08 GMT)



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