The trade overview includes current reports, trends, indices, stock prices, bonds, foreign exchange, commodities, and analyst recommendations. On Wall Street, the Dow Jones index rose by about 0.2%, the S&P 500 index was stable, and the Nasdaq fell by about 0.1%. Meanwhile, trading in Europe saw falling rates with the Dax falling by 0.4%, the Kac weakening by 0.3%, and the Potsi falling by 0.2%.
Ronan Menachem, Chief Markets Economist at Bank Mizrahi Tefahot, commented on the employment data in the US, noting the strength of the labor market and its potential impact on price pressures in the economy. The next interest rate announcement is scheduled for the next Wednesday, with the consumer price index for May set to be published a few hours before that.
The European Central Bank recently lowered interest rates for the first time since 2019, and there are growing expectations of an interest rate cut in the US as well. GameStop reported sales declines, leading to a 6% drop in its stock price. The American labor market showed strong performance in May, with the unemployment rate at 4%.
In the commodity market, the price of gold rose due to expectations of an interest rate cut in the US and weak economic data. China’s decision not to purchase gold last month also contributed to the increase in gold prices. Trading in Asia and Europe opened with slight decreases, while the focus shifted to the upcoming employment report in the US.
Short trades on Nvidia surged to $34 billion, raising concerns about competition laws in the artificial intelligence market. President and CEO of Nvidia, Jensen Huang, sold $735 million worth of shares, and the company announced a stock split at a ratio of 10 to one. Oil prices remained stable, with American oil at $75.8 per barrel and Brent oil at $80.
Overall, the markets are closely monitoring various economic indicators and geopolitical events to assess the future trajectory of trade and investments.