Wall Street mixed on economic concerns, gold surges, oil tumbles
Macro Scenes:
Stock markets mixed: Wall Street finished mixed as consumer stocks fell and tech shares remained strong. In the S&P 500, consumer sectors slumped after Walmart expressed cautionary outlooks. The US unemployment claims climbed, while the Philly Fed manufacturing index stayed in contractionary territory for the third straight month in November. Haven assets surged: Precious metal prices, including gold and silver, surged as haven demands increased. The haven currency, the Japanese Yen, also strengthened, with USD/JPY falling 0.4%. Treasury yields fell: The US Treasury yields slumped following tepid economic data as markets continued to price a sooner end of the Fed’s hiking cycle. Safe haven flows also lifted bond prices. Commodity currencies slumped: The AUD, NZD, and CAD weakened due to risk-off sentiment amid falling industrial metal and energy prices. Crude oil tumbled: Crude oil markets deepened losses to the lowest since July on worries of a record high US oil production and slowing down the global economy. Especially, China reported that home prices fell the most in eight years. Asian markets to open lower: Chinese markets slumped after Alibaba scrapped its plan to spin off the cloud business, dragging on other big tech stocks. The Hang Seng Index futures were down 1.5%. The ASX 200 futures fell 0.04%.Chart of the Day:
Microsoft (NDX: MFST), daily
Source: CMC Markets as of 17 November 2023