Daily Market Snapshot: Forex, Stocks, Indexes, Bonds, Key Commodities, ETF – 17 May 2024

Daily Market Update

US Stock markets ultimately finished lower on the day after initially driving higher to hit fresh record levels again with the Dow Jones notably topping the key 40,000 level. Investors reassessed the lower-than-expected CPI number over the course of the trading day as well data updates that included a much higher than expected import prices print and some cautionary comments from Fed members.

Treasury yields gained back some of Wednesday’s lost ground as did the dollar with the Jpy once again seeing the most volatility.

Asian markets will still open with a positive mindset after what has been a strong week, and investors will be focussing closely on a big data dump out of China midway through the session. Whilst there is little else due out on the macroeconomic event calendar for the rest of the day, traders will be keeping a keen eye on further updates from Fed members later in the New York session.

MarketDaily ChangeClose
Dow-0.10%39,869
S&P-0.21%5,297
Nasdaq-0.26%16,698
USD+0.27%104.47
US Treasury – 2 Year+6bps4.793%
US Treasury – 10 Year+2bps4.377%
Oil – Brent+0.6%$83.27
Oil – WTI+0.8%$79.23
Gold-0.3%$2,379

Today’s Events AEST:

Asian Session

  • 12.00 pm – Chinese Industrial Production
  • 12.00 pm – Chinese Retail Sales

European Session

  • 6.00 pm – MPC Member Mann Speaks

US Session

  • 12.15 am – FOMC Member Waller Speaks
  • 2.15 am – FOMC Member Daly Speaks
  • 7.45 am – FOMC Member Kugler Speaks
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