U.S. Equity Markets ended the week on a high note, completely reversing Thursday’s aggressive sell-off, as both the S&P and NASDAQ 100 closed at another new all-time high. The Dow led Friday’s rally, ending the session with a gain of 1.30%. Rising Bond Yields helped markets, indicating that investors were reversing Thursday’s rotation into safety and turning back to stocks. The Federal Reserve’s Semi-Annual Economic Report also got some attention on Friday. The report did not tell us anything new, It showed the economy is bouncing back but faces challenges from unemployment and supply-chain constraints. Now, the next catalyst for markets is earnings season, which starts this week with reports from big banks. Once again, it looks like Wall Street is setting a low bar – and an easy hurdle – for the quarter. European Markets closed higher. French Finance Minister Bruno Le Maire said that the country would repeal its digital tax on technology companies as soon as a global minimum tax rate is implemented. French European Affairs Commissioner Clement Beaune warned the country’s citizens against travel to either Spain or Portugal due to the increase in COVID-19 infections. Italy’s Industrial Production data for May was weaker than expected, falling versus April, highlighting the uneven regional recovery. In Asia, China’s Consumer Price Index (“CPI”) data for June was weaker than expected, falling versus May, indicating cost pressures may be starting to ease. The Bank of Japan said a continued state of emergency in Tokyo, related to COVID-19, will weigh on economic activity, implying additional economic support may be needed. South Korea’s government said it’s raising social-distancing restrictions to the highest level in Seoul, stoking concerns around the growth outlook. Elsewhere, Oil closed 2.29% higher, following positive inventory data from the Energy Information Administration, while Gold rose 0.59% on Dollar weakness.
To mark my 2350th issue of TraderNoble Daily Commentary I am offering a special 2 year rate of Euro 2750 for my Platinum Service which includes 1 to 4 updated emails throughout the trading day To demonstrate this value, a monthly subscription over the same period would cost 4440 euro in total This offer represents a 38% discount and is open to both new and existing members. If anyone is interested in this offer can you please email me on email@example.com for details
For anyone following my Platinum Service it was flat on Friday and is still ahead by 720 points for July after making 1366 points in June, 1439 points in May, 1244 points in April, having ended March with an impressive gain of 3769 points, 3286 points in February, 2077 points in January, 2273 points in December, 2025 points in November, 2779 points in October, 3042 points in September and 2383 points in August. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points
I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification