S&P 500 Growth Continues while US Dollar Drops | IFCM India
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S&P 500 Growth Continues while US Dollar Drops

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    2023/02/27
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IFC मार्केट्स से नवीनतम अद्यतन प्राप्त करने के लिए हमारे आधिकारिक चैनल की सदस्यता लें

Last week, the dynamics of the US major assets did not change. S & P 500 continued to grow and again updated its historic high. It rose by 0.5% in a week. The US dollar continued weakening against other world currencies. Its index fell by 1.2%. Last week, there were few significant US statistics, but the ones published appeared to be positive and contributed to the growth of the stock market. On Wednesday positive data on the US Real estate market came out for June. On Thursday, positive information on labor market was published for the week. The new number of unemployed dropped to the lowest for 5 months. The main growth of the S & P 500 index occurred on Wednesday. It was contributed by positive corporate reports of the Vertex Pharmaceuticals company and Morgan Stanley bank. According to forecasts, the total profit of the companies from the S & P 500 list increased by 8.7% in Q2, and the revenue – by 4.6%. This is much higher than expected increase in US GDP by 2.3%. Such high level of growth in the corporate profits can carry the risk of stock market correction, if investors' expectations are not justified.

The US dollar index declined almost all week in a row. The main event of currency market was the ECB meeting on Thursday and subsequent press conference of its head, Mario Draghi. Investors came to the conclusion that the ECB plans to tighten monetary policy in the foreseeable future. According to the interest rate futures quotes, the probability of ECB rate increase by 10 points in 12 months is estimated at 70%. It is expected that this autumn the European regulator will start discussing the changes in the parameters of the monthly bond purchase program worth 60 bln euros. Let us recall that the ECB is now conducting nearly the same operations as the US Fed in the course of "quantitative easing". The plans to tighten the ECB policy contributed to the strong increase of EURO against US dollar. As a result, the US dollar index updated the annual minimum. The dollar dropped to the lowest level in 2 years against the euro.

The main economic event this week will be the next meeting of the US Fed, expected on Wednesday, July 26. Also, investors’ attention will be focused on further publication of quarterly reports of the US top companies: Amazon, Facebook and Alphabet (parent company of Google).

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