S&P 500 Index ($ SPX) (SPY) turned off on Friday -0.22%, Dow Jones Industries Index ($ Dowi) (Dia) +0.08%shut down, and NASDAQ 100 Index ($ IUXX) (QQQ) -0.43%shut down. The September E -Mini S&P Futures (ESU25) are below -0.21%, and September e -Minn Nasdaq Futures (NQU25) -0.40%below.
On Friday, the stock index left an early advance after a report by the Wall Street Journal and was mostly finished on weakness in chip manufacturers, stating that a top American official told top global semiconductor manufacturers that the US could cancel the discounts for colleagues with semiconductor plants in China.
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After the Financial Times negative trade news also pressured the stock that Japan had canceled a top level trade meeting with the US, set up for 1 July, which was to increase its defense spending after a request by the Trump administration for Japan. Investors are working last Wednesday for more negative tariff news within the next week that they intend to send letters to dozens of American business partners within one to two weeks, which install unilateral tariffs unilateral tariffs with a 90-day break.
Stocks initially moved up higher on Friday, said in a Reuters report that the Iranian government said it was ready to discuss the boundaries on its uranium enrichment.
The stock was supported by speculation on Friday that after the announcement of the White House on Thursday, the US had given talks before the US decided to enter the Israel-Iran war that President Trump would decide on any US participation in the struggle within two weeks, and there is still a “adequate chance”.
Stock was also supported in stock from Fed Governor Waller on Friday, who said, “I think we have space to bring down interest rates in early July, and then we can see what happens with inflation.”
Friday’s US economic news was negative for stocks. June Philadelphia was unchanged on Fed Business Outlook Survey -4.0, which was weak with expectations of growth of -1.5. In addition, May Index of leading economic indicators (Lei) -0.1% m/m, correct on expectations, and the sixth consecutive month of Lei has declined.
Enmity between Israel and Iran entered the eighth day on Friday, with no signs of spontaneity. Israel hit Iran’s atomic and missile production sites on Friday and warned that it could bring down Iran’s leadership. Meanwhile, Iran said that it would not interact with the US while Israel’s attack continues. Iranian President Peseshkian said that the only way to end the imposed war is to “close” the enemy’s aggression. Iran did not show any signs of support and reiterated the intention of responding to the force if the US had to join the Israeli attacks directly.
So far, Iran has not tried to shut down the important straight of Hormuz that handles about 20% of the world’s daily raw shipments. However, a French Navy Contact Group stated that the navigational signals of about 1000 ships in a day through the Strait are being interrupted by monkey Abbas’s Iranian port due to the “extreme jam” of signals, causing two tankers to collide on Tuesday near Hermuz’s Strait.
Markets are giving exemption to 17% possibility for cutting -25 BP rate cuts at 29-30 FOMC meeting.
Foreign stock markets became mixed on Friday. Euro Stoxx closed up to 50 +0.70%. China’s Shanghai Composite -0.07%shut down. Japan’s Nikkei Stock closed down 225 -0.22%.
Interest rates
September 10-Year T-Nots (Znu25) closed +6 tick on Friday. The yield of 10 -year T -Note fell -1.6 BP to 4.375%. T-notes recovered from the initial deficit on Friday and went high on the weak-to-adaptable Fed Business Outlook survey. In addition, Fed Governor Waller’s dovish comments pushed the T-Note prices more, “said,” I think we have space to bring down interest rates in early July. ” T-notes are still supported by safe-heroans demand that the US may bomb Iran’s Fordo nuclear campus. The prices of T-Note also saw the support of weakness in shares.
On Friday, T-notes initially decreased on the demand for less safe-heaven demand after being vowed to search for a diplomatic solution on Iran’s nuclear program in the next two weeks. In addition, the rate of expectations of US 10-year inflation increased by 2.34%at a high level of 2-week on Friday after the recession for T-Nots for rising inflation.
The yield of European government bonds was mixed on Friday. 10 -year -old German Bund yield -0.4 BP fell to 2.517%. The 10 -year -old UK gilt yield +0.7 bp increased to 4.537%.
Eurozone June Consumer Confidence Index unexpectedly fell from -0.1 to -15.3, weakened by hopes of growth of -14.9.
German May PPI -1.2% y/y fell, correct on expectations and the biggest decline in 8 months.
UK May Retail Sales Pre -Auto fuel -2.8% m/m fell, -0.7% weakening the expectations of m/m and the biggest decline in about 1–1/2 years.
In the July 24 policy meeting, the ECB is giving a discount of 7% for 7% probability of 7% for cutting -25 BP rate cuts.
US Stock Movers
The chip manufacturers decreased on Friday and weighed into a broad market. Lam Research (LRCX) and Kla CORP (KLAC) -2%closed. In addition, Applied Materials (AMAT), Intel (INTC), Qualcomm, NXP Semikers NV (NXPI), Broadcom (AVGO), and Marvell Technology (MRVL) -closed more than -1%.
On Friday, weakness in brilliant seven shares was a negative factor for the overall market. The alphabet (Googl) -3%closed. In addition, the meta platform (meta), NVDA (NVDA), and Amazon.com (AMZN) closed more than -1%. In addition, Microsoft (MSFT) -0.59%closed. However, Apple (AAPL) promoted the trend and closed more than +2%. Tesla (TSLA) +0.03%closed.
Accession (ACN) closed more than -6% to lead losing in S&P 500, after reducing the forecast of its entire year operating margin by 15.6% -15.7% by 15.6%.
Smith & Veson Brands (SWBI) closed more than -19% after reporting the UPS adjusted EPS unanimously, unanimously weakened.
William Blair closed more than -3% after downgrating the stock for market performance from outperform.
Johnson Controls International (JCI) shut down more than -1%, when Openhememer downed the stock to perform from outperform.
Croger (KR) closed more than +9% to lead the beneficiaries in the S&P500, which is better than $ 1.45 unanimous after reporting $ 1.49 Q1 adjusted EPS.
Carmax (KMX) closed more than +6% after reporting a net sale of $ 7.55 billion, which was stronger than expectations of $ 7.52 billion.
After reporting about the Wall Street Journal, GMS Inc. (GMS) +more than 24% shut down that the Home Depot made a proposal for the company, possibly established a bid war with QXO Inc., which proposed $ 5 billion for the company earlier this week.
Circle Internet Group (CRCL) +exceeded 20%, by adding an +34% increase on Wednesday, the US Senate passed the Stabecrim law, establishing a regulatory rules for cryptocurrency, which reached the dollar.
Wales Fargo Securities after upgradeing the stock over the neutral over the neutral with a price target of $ 78, turned out to be more than +2% to lead Mondak International (MDLZ) to lead the beneficiaries in NASDAQ 100.
Fair Isaac cum (FICO) closed more than 2% +2% after the company’s outstanding mango stocks approved the stock reprovation program to acquire $ 1 billion.
Dardon Restaurant (DRI) After reporting it shut down more than 1%that Q4 equal equal-store sales increased 4.60%, which is stronger than a consensus of 3.46%.
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Commercial Metals CO (CMC), FactSet Research Systems Inc., KB Home (KBH).
On the date of publication, Rich Escpland did not have the positions mentioned in any securities mentioned in this article (either direct or indirectly). All information and data in this article is only for informative purposes. For more information, please see the Barkart Disclosure Policy here.
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