Reported about 1 year ago
A strong employment report on June 8, 2024, pressured the US Federal Reserve (Fed) to cut interest rates earlier than expected, leading to a small decline in US stocks on the 7th but remaining near historic highs with TSMC ADR even rising by 1.43%. The deepest hit was seen in US bonds, with the 10-year Treasury yield experiencing the largest single-day increase in two months, leading to a broad decline in metal prices. The upcoming Fed meeting and Consumer Price Index (CPI) in the next week will influence market trends as investors seek information on economic slowdown and rate-cut prospects. Despite an initial drop on the 7th, US stock indices gradually recovered before closing with the Dow down by 0.22%, the Nasdaq down by 0.23%, and the S&P 500 down by 0.11%. Bond yields surged, with the 10-year yield climbing by 16.3 basis points to 4.441%. Meanwhile, gold prices fell below $2,300, and silver futures plummeted over 6%. Investors will closely watch inflation data and the Fed meeting results in the upcoming week to gauge future rate decisions and signals from Fed Chairman Powell.
Source: YAHOO