Trading Activity Likely To Be Subdued Ahead Of Holiday

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Monday, 03 July 2023 09:24:48 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a roughly flat open on Monday, with stocks likely to show a lack of direction following the rally seen last week. Traders may be reluctant to make significant moves amid uncertainty about the near-term outlook for the markets after last week?s strong gains lifted the S&P 500 and the Nasdaq to their best closing levels in over a year. A number of traders are also likely to remain away from their desks amid an abbreviated trading session and the 4th of July holiday on Tuesday. When trading resumes, the focus will shift to the minutes of the latest Federal Reserve meeting along with the Labor Department?s closely watched monthly jobs report. Recent data has pointed to a resilient U.S. economy, while slowing inflation has added to optimism about the outlook for interest rates. While the Fed is still widely expected to raise interest rates by a quarter point next month, traders are hopeful that will be end of the rate-hiking cycle. Stocks moved sharply higher during trading on Friday, adding to the gains posted in Thursday's session. The major averages all moved to the upside on the day, with the tech-heavy Nasdaq leading the advance. The major averages pulled back off their best levels going into the close but held on to strong gains. The Nasdaq surged 196.59 points or 1.5 percent to 13,787.92, the S&P 500 jumped 53.94 points or 1.2 percent to 4,450.38 and the Dow climbed 285.18 points or 0.8 percent to 34,407.60. For the week, the S&P 500 spiked by 2.4 percent, while the Nasdaq shot up by 2.2 percent and the Dow leapt by 2.0 percent. The Nasdaq and the S&P 500 also posted substantial gains for the first half of 2023. The rally on Wall Street came following the release of a Commerce Department report showing an unexpected slowdown in the annual rate of consumer price growth in the month of May. The report said the annual rate of consumer price growth slowed to 3.8 percent in May from 4.3 percent in April. The slowdown surprised economists, who had expected growth to accelerate to 4.6 percent. The annual rate of growth by core consumer prices, which exclude food and energy prices, also slowed to 4.6 percent in May from 4.7 percent in April. Economists had expected the pace of growth to be unchanged. The readings on consumer price inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending. While economists generally still expect the Fed to raise interest rates by another quarter point next month, the data added to optimism the central bank will not follow through with additional rate hikes. "US stocks are rallying after the Fed's favorite inflation gauge showed the disinflation process remains intact and the consumer is showing signs of weakness," said Edward Moya, senior market analyst at OANDA. He added, "If we saw a hot inflation report, Fed swaps might have been convinced that a second-rate hike by year end was likely." Airline stocks showed a substantial move to the upside on the day, driving the NYSE Arca Airline Index up by 2.0 percent to its best closing level in over a year. Significant strength was also visible among gold stocks, as reflected by the 1.8 percent gain posted by the NYSE Arca Gold Bugs Index. The strength in the gold sector came amid an increase by the price of the precious metal, with gold for August delivery climbing $11.50 to $1,929.40 an ounce. Semiconductor, retail and oil service stocks also saw considerable strength on the day, moving higher along with most of the other major sectors. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The Institute for Supply Management is scheduled to release its report on activity in the manufacturing sector in the month of June at 10 am ET. The ISM?s manufacturing PMI is expected to inch up to 47.2 in June from 46.9 in May, although a reading below 50 would still indicate contraction. Also at 10 am ET, the Commerce Department is due to release its report on construction spending in the month of May. Construction spending is expected to climb by 0.5 percent in May after jumping by 1.2 percent in April. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? Warren Buffett ? has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. [Click here for full details and to join for free.]( --------------------------------------------------------------- Europe European stocks traded higher on Monday as weak Chinese data raised hopes of additional stimulus. A private survey showed China's factory activity slowed in June, raising calls for more stimulus to boost growth. Closer to home, the final Eurozone PMI Manufacturing reading for June has been finalized at 43.4 versus 43.6 preliminary, as demand for goods fell sharply at the end of the second quarter. Elsewhere, the S&P Global U.K. Manufacturing PMI dropped to 46.5 in June from 47.1 in May. The French CAC 40 Index is up by 0.1 percent and the U.K.?s FTSE 100 Index is up by 0.3 percent, although the German DAX Index has bucked the uptrend and edged down by 0.1 percent, Increases in metal prices have lifted mining stocks, with Anglo American, Antofagasta and Glencore moving sharply higher. Supermarket chain Tesco has also advanced after it appointed a new chairman to replace its former chair, John Allan, who stepped down last month following allegations of misconduct. Finnish company Nokia Corp. has also shown a strong move to the upside after signing a new long-term patent cross-license agreement with Apple Inc. Italy's Assicurazioni Generali has also soared after Delfin was authorized to hold an over 10 percent stake in the company. Technip Energies NV has also risen. The French engineering and technology firm for the energy transition said that it has acquired Processium, a process developer focused on sustainable chemical industry, for an undisclosed amount. Meanwhile, AstraZeneca has moved sharply lower after results from a high-level study of a new cancer medicine lagged expectations. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks rallied on Monday, as signs of a resilient U.S. economy and hopes that the Federal Reserve will taper its hawkish stance outweighed investor disappointment over sluggish PMI data from the region. Chinese shares posted strong gains even as a private survey showed activity in China's manufacturing sector slowed in June. The Caixin/S&P Global manufacturing purchasing managers' index dropped to 50.5 from 50.9 in May. The benchmark Shanghai Composite Index jumped 1.3 percent to 3,243.98 on hopes that policymakers will deliver a strong economic stimulus package to boost growth. Hong Kong's Hang Seng Index surged 2.1 percent to 19,306.59, with electric vehicle makers spiking after Tesla announced it had delivered a record number of cars worldwide in the second quarter. Japanese shares posted strong gains, with machinery makers rallying after the Bank of Japan's quarterly "tankan" survey showed Japanese business sentiment improved in the second quarter. Investors shrugged off separate data revealing that Japanese factory activity slipped back into contraction in June after expanding for the first time in seven months in May. The Nikkei 225 Index shot up 1.7 percent to 33,753.33, marking a fresh 33-year high. The broader Topix Index settled 1.4 percent higher at 2,320.81. Air-conditioner maker Daikin soared 6.8 percent and construction maker Komatsu added 2 percent. Tech stocks such as Screen Holdings, Tokyo Electron and Advantest climbed 3-6 percent. Seoul stocks climbed as signs of easing U.S. inflation boosted technology stocks. The Kospi gained 1.5 percent to close at 2,602.47. Samsung Electronics advanced 1.1 percent and SK Hynix added 2.1 percent. Top battery maker LG Energy Solution rallied 3.6 percent and smaller rival Samsung SDI spiked 7.2 percent after Tesla beat second-quarter delivery estimates. A survey showed earlier in the day that South Korean factory activity shrank at a steeper pace in June and extended its downturn to a record 12th consecutive month. Australian markets rose notably, with mining stocks pacing the gainers ahead of the central bank's monetary policy meeting due Tuesday. The benchmark S&P/ASX 200 Index rose 0.6 percent to 7,246.10, while the broader All Ordinaries Index ended 0.6 percent higher at 7,442.80. United Malt Group jumped 8.6 percent after it received a binding offer from Malteries Soufflet, a branch of French agribusiness InVivo. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are advancing $0.75 to $71.39 a barrel after climbing $0.78 to $70.64 a barrel last Friday. Meanwhile, after rising $11.50 to $1,929.40 an ounce in the previous session, gold futures are slipping $7.60 to $1,921.80 an ounce. On the currency front, the U.S. dollar is trading at 144.73 yen versus the 144.31 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.0901 compared to last Friday?s $1.0909. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. 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