{"id":108557,"date":"2017-07-06T07:49:26","date_gmt":"2017-07-06T11:49:26","guid":{"rendered":"http:\/\/countingpips.com\/?p=108557"},"modified":"2017-07-06T06:52:05","modified_gmt":"2017-07-06T10:52:05","slug":"us-market-advances-as-technology-stocks-rally","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/07\/us-market-advances-as-technology-stocks-rally\/","title":{"rendered":"US market advances as technology stocks rally"},"content":{"rendered":"
July 6, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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S&P 500 and Nasdaq advance while Dow slips<\/h2>\n<\/div>\n<\/div>\n

US markets\u00a0<\/b>ended higher on Wednesday as Federal Reserve policy meeting minutes indicated central bank may start reducing its balance sheet soon and technology stocks rallied. The dollar weakened marginally: the\u00a0live dollar index<\/a>\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, closed down 0.05% at 96.20. The\u00a0S&P 500<\/a>\u00a0added 0.2% settling at 2432.54 lifted by gains in technology, health care and financial stocks. The\u00a0Dow Jones\u00a0<\/em>industrial average slipped less than 0.1% to 21478.17, as losses in Nike, Chevron and Exxon Mobil shares offset gains in Boeing, Intel and Microsfot.\u00a0Nasdaq\u00a0<\/em>rose 0.7% to 6150.86.<\/p>\n

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Treasury yields inched lower after minutes from the Federal Reserve\u2019s June meeting reaffirmed the central bank\u2019s measured approach to lifting rates and shrinking its $4.5 trillion balance sheet. Minutes showed several members were in favor of starting a reduction of the central bank\u2019s crisis-era balance sheet while they were divided on inflation and unemployment. Policy makers justified monetary tightening by citing falling and low unemployment which would push up wages and cause higher inflation if not acted timely. But critics of the central bank\u2019s shift to tightening stance point to recent lower inflation readings, calling on Fed to wait until sustained inflation above 2% target level is achieved. Fed chair Janet Yellen suggested recent weakness in inflation data is transitory. Against this background investors will be focused on private-sector ADP Inc. employment change data today and Friday\u2019s labor-market report.<\/p>\n

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European stocks rebound<\/h2>\n<\/div>\n<\/div>\n

European stock indices\u00a0<\/b>ended mostly higher on Wednesday despite a slump in energy stocks. Both the\u00a0euro\u00a0<\/em>and\u00a0British Pound\u00a0<\/em>gained against the dollar. The Stoxx Europe 600 index rose 0.2%. Germany\u2019s\u00a0DAX 30\u00a0<\/em>added 0.1% to 12453.68. France\u2019s\u00a0CAC 40\u00a0<\/a>ended 0.1% higher and UK\u2019s\u00a0FTSE 100\u00a0<\/em>index gained 0.1% to 7367.60..<\/p>\n

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4.9% jump in Adidas shares helped the regional stock index after a ratings upgrade to buy from hold by HSBC. In economic news, euro-zone economic activity expanded in June: euro-zone final composite PMI for June came in at 56.3 compared with 55.7 in May.<\/p>\n<\/div>\n<\/div>\n

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Asian stocks lower amid uncertainty<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are mostly lower today as investors adopted a wait-and-see approach ahead of the G20 nations meeting in Germany amid high geopolitical tensions after North Korean missile launch.\u00a0Nikkei\u00a0<\/em>ended 0.4% lower at three-week low 19994.06 as the dollar resumed the growth against the yen. Chinese stocks are mixed:\u00a0Shanghai Composite Index\u00a0<\/em>is 0.2% higher while Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is down 0.2%. Australia\u2019s All Ordinaries Index is 0.1% lower with the Australian dollar little changed against the US dollar.<\/p>\n

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Oil higher on expected US inventory draw<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are edging higher today after the American Petroleum Institute reported late Wednesday a much larger-than-expected drop of 5.8 million barrels in US crude supplies. Prices fell sharply the previous day after a report that Russia opposes any further restrictions on oil supply other than the cuts already agreed. The Organization of the Petroleum Exporting Countries and major producers including Russia in May extended a deal to cut production into the first quarter of 2018. September Brent crude fell 3.7% to $47.79 a barrel on Wednesday on London\u2019s ICE Futures exchange. The US Energy Information Administration will release US crude inventories at 17:00 CET today.<\/p>\n

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Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets S&P 500 and Nasdaq advance while Dow slips US markets\u00a0ended higher on Wednesday as Federal Reserve policy meeting minutes indicated central bank may start reducing its balance sheet soon and technology stocks rallied. The dollar weakened marginally: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-108557","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/108557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=108557"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/108557\/revisions"}],"predecessor-version":[{"id":108568,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/108557\/revisions\/108568"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=108557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=108557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=108557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}