As of Thu, May 23, Singapore Time zone UTC+8
Dollar Index +0.03%, 98.08
USDJPY, -0.29, $110.25
EURUSD, -0.07%, $1.1156
GBPUSD, -0.33%, $1.2665
USDCAD, +0.22%, $1.3431
AUDUSD, -0.10%, $0.6878
NZDUSD, -0.19%, $0.6495
The Minutes from the May FOMC meeting showed that policymakers are comfortable with the current fed funds rate range while “a number of participants” saw a moderation in risk and uncertainties surrounding their outlooks for the year. The market has a reasonable assurance to think policy rates are going to remain quite low on a real and nominal basis.
In Trade, reports that the U.S. is considering blacklisting several other Chinese firms put a damper on Apple (AAPL 182.78, -3.82, -2.1%) and many of the stocks within the Philadelphia Semiconductor Index (-2.1%). Qualcomm (QCOM 69.31, -8.44, -10.9%) was further pressured by a federal judge ruling against the company in an antitrust case.
The 2-yr yield declined two basis points to 2.22%, and the 10-yr yield declined three basis points to 2.39%. The U.S. Dollar Index finished little changed at 98.08.
European elections kicks off today and the rising power of a nationalist euro-skeptic movement has many investors worried that populist parties could make strong headway. Elections will be held in 28 countries across the European Union for seats in the 751-member European Parliament. This Parliament will make crucial decisions for the Union over the next 5 years that will include border control, national autonomy and Britain’s relationship with the EU.
S&P500, -0.28%, 2,856.27
Nasdaq, -0.41%, 7,420.66
Nikkei Futures, -0.34%, 21,178.0
The stock market wavered with modest losses on Wednesday, leaving the S&P 500 down 0.28%, amid persisting trade uncertainty. All of the S&P 500 cyclical sectors finished lower. The energy sector (-1.6%) led the decline amid lower oil prices ($61.40/bbl, -$1.67, -2.6%), which were pressured by the trade uncertainty and some bearish inventory data.
In earnings news, shares of retailers Lowe’s (LOW 97.94, -13.16, -11.9%), Nordstrom (JWN 34.35, -3.50, -9.3%), and Urban Outfitters (URBN 24.34, -2.66, -9.9%) dropped noticeably following their results and/or guidance. Target (TGT 77.56, +5.60), on the other hand, climbed 7.8% on its upbeat results and guidance.