Monday's Market Update (June 10, 2024)

11 Jun 2024 by rate3

On Monday, stocks rose, with the S&P and Nasdaq hitting new record highs despite investors awaiting the Fed's rate decision later this week. Energy and utility stocks led the gains, while financials and consumer staples fell. Internationally, EU stocks plunged after far-right parties won the EU Parliament elections. BTC and ETH dipped more than 2%, signifying a correction prior to the Fed meeting, with the rest of the crypto market following.

Details

Consumer inflation expectations dipped to 3.2% in May. Some sectors like medical care saw price increase expectations rise, while others like education saw them decline. Unemployment expectations also rose to 38.6%. 1Y trend: "Down" NYFed

Crypto

South Korea's Financial Services Commission (FSC) has issued guidelines to regulate NFTs as virtual assets. Mass-produced, divisible, and payment-focused NFTs will be treated similarly to cryptocurrencies. The FSC will review each NFT collection on a case-by-case basis to determine if it can be used as payment. NFTs with little value, such as those used in ticketing or digital certificates, will be treated differently. (source)

World Markets

The European stock market declined. The elections showed gains for the far-right, prompting President Macron to call a snap legislative vote. Most sectors were down, with construction being the hardest hit, and French companies such as Societe Generale and BNP Paribas leading the drop. 1Y trend: "Up"
Turkey's industrial production dipped 0.7% in April 2024, reversing gains from the previous month. This is the first decline since April 2023, with manufacturing and utilities experiencing slowdowns. 1Y trend: "Side" (Tuik)

Commodities

Gold prices stabilized on 2305 after its largest plunge since November 2020 on a strong jobs report which lowered expectations of a Fed rate cut this year. Investors are hesitant as China stopped buying gold, and European political uncertainty is rising after the far-right gained the EU Parliament and Macron called for a snap election. 1Y trend: "Up"
Oil prices rose over to 76.5 due to hopes for summer fuel demand and upcoming economic data. This follows a week of decline due to worries about slowing growth and OPEC+ raising production. 1Y trend: "Side"