- US indices oscillated in and out of positive territory today, ultimately closing essentially flat across the board.
- The Nasdaq 100 may stand to benefit from a possible thaw in US-China trade talks.
- Communication Services (XLC) was the strongest sector on the day; Utility stocks (XLU) were the weakest group.
- US PPI came in at +0.1% m/m (+1.8% y/y), a tick below expectations. Tomorrow’s US CPI report will be a key release in setting expectations for whether the Fed may cut interest rates either next week or at its July meeting.
- Beyond Meat (BYND) was downgraded by JP Morgan, taking the high-flying stock down 25%. At $126, it’s still up 400% from last month’s IPO price of $25.
*There are no high-impact corporate announcements expected during tomorrow’s Asian session.*
*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.