As of Thu, Jun 27th, Singapore Time zone UTC+8
Dollar Index +0.02%, 96.17
USDJPY, +0.52%, $107.75
EURUSD, -0.04%, $1.1370
GBPUSD, -0.37%, $1.2690
USDCAD, +0.01%, $1.3120
AUDUSD, +0.16%, $0.6985
NZDUSD, +0.07%, $0.6680
U.S. Treasuries finished on a lower note, driving yields higher across the curve. The 2-yr yield increased four basis points to 1.78%, and the 10-yr yield increased six basis points to 2.05%. The U.S. Dollar Index increased 0.02% to 96.17.
U.S. market’s best levels of the day came shortly after the opening bell, as many headlines called attention to Treasury Secretary Steven Mnuchin’s optimistic tone in a morning interview with CNBC. It should be noted, though, that Mnuchin simply reiterated that the U.S. was 90% close to a deal, which he said in April, and that there remains a path to a deal. It wasn’t too surprising to see the market react positively to old trade news in front of the highly-anticipated G-20 summit this weekend. That summit could bring potential market-moving news but given the uncertainty of the outcome, and the market re-calculating the Fed’s rate decision next month, the mood felt less enthusiastic towards the U.S. closing bell.
S&P500, -0.95%, 2,917.38
Nasdaq, -1.70%, 7,591.54
Nikkei Futures, -0.94%, 21,030.0
S&P 500 declined 0.1% on Wednesday in a mixed session. Cyclical sectors provided the market some support, but weakness in the defensive-oriented sectors dragged on the broader market. The broader market finished little changed, but there were some big moves in the S&P 500 sectors. The defensive-oriented utilities (-2.2%), real estate (-2.0%), consumer staples (-1.4%), and health care (-1.3%) sectors declined noticeably. The cyclical energy (+1.5%), information technology (+1.1%), consumer discretionary (+0.4%), and industrials (+0.2%) sectors were the lone sectors to finish higher on Wednesday.
Higher oil prices ($59.37/bbl, +$1.53, +2.6%) fueled broad-based buying in the energy space after the EIA released some bullish inventory data. The tech sector derived its strength from shares of Apple (AAPL 199.80, +4.23, +2.2%) and many of the semiconductor stocks, which outperformed after Micron (MU 37.04, +4.36, +13.3%) pleased investors with solid quarterly results and better-than-feared guidance. The Philadelphia Semiconductor Index advanced 3.2%.
In other earnings news, investors were able to overlook downside earnings guidance from FedEx (FDX 159.92, +3.94, +2.5%), suggesting that much of the bad news may have already been priced-in to the stock’s recent underperformance. FedEx also beat earnings estimates. General Mills (GIS 51.31, -2.39, -4.5%), on the other hand, disappointed investors with a revenue miss.