Stocks mixed after Wall Street dip - 6.2.2024

The Dollar strengthening has halted currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended 0.5% higher on Monday as the Institute for Supply Management reported the US services sector’s growth picked up in January.

Both EUR/USD and GBP/USD slowed their sliding on Monday while Sentix report showed current assessment for Germany continued to deteriorate in February. Both Pound and euro are higher against the dollar currently. USD/JPY slowed its advancing and AUD/USD slowed its retreating yesterday with both the yen and Australian dollar higher against the Greenback currently.

Futures on three main US stock indexes are mixed currently with the yield on benchmark 10-year Treasury down at 4.125%. US markets closed lower on Monday with the three main stock benchmarks recording daily losses in the range from -0.7% to -0.2% as Federal Reserve’s Powell said more evidence on a sustainable downtrend in inflation was needed to warrant lower rates.

European stock indexes futures are up currently after closing marginally lower on Monday led by retail shares. Asian indexes futures are mostly lower today with Hong Kong’s Hang Seng index leading gains as Chinese sovereign fund Central Huijin Investment Ltd said it will continue to buy up more exchange-traded funds and support local stock markets.

Brent is extending gains currently. Prices rose yesterday after slumping 7% in the previous week. US West Texas Intermediate WTI rose 0.7% and is higher currently. Brent gained 0.9% to $77.99 a barrel on Monday.