July 11th Morning Report

Thursday 11th July 2024

US markets closed higher on Wednesday, fueled by gains in Nvidia and other Wall Street heavyweights ahead of inflation data and quarterly earnings reports due this week. It was Nasdaq's seventh straight record-high close and the S&P 500's sixth straight. The S&P 500 crossed 5,600 for the first time after Federal Reserve Chair Jerome Powell stoked expectations for an interest-rate cut in September.

The Dow Jones Industrial Average closed up 1.09%, while the S&P 500 and Nasdaq Composite were up 1.02% and 1.18% respectively.

Other key markets ended mixed. European stocks closed as follows: the FTSE100 (+0.66%), the Dax 30 (+0.94%), CAC 40 (+0.86%) and the STOXX (+1.13%). In Asia, the Hang Seng and Shanghai indices closed higher. The key Asian indices ended yesterday as follows: Nikkei 225(+0.61%), HSI (-0.29%) and the Shanghai Composite (-0.68%).

The yield on the US 10 - year note was at 4.281%, while the 2 - year note was at 4.622%. Oil was up to $82.44 per barrel, up 1.27%. The gold price was at US$2378.00 per ounce, up 0.43%.