Wednesday's Markets Update (July 17, 2024)

19 Jul 2024 by rate3

On Wednesday, stocks tumbled as the tech sector tanked. Chipmakers like Nvidia and AMD plummeted after Trump's comments on China and Taiwan. However, the Dow, less reliant on tech, rose to a new high, buoyed by healthcare stocks. Internationally, EU inflation fell. BTC and ETH fluctuated around 65K and 3.5K.

Details

Manufacturing Production increased 1.10 percent in June of 2024 over the same month in the previous year. Manufacturing Production in the United States averaged 3.57 percent from 1920 until 2024, reaching an all time high of 67.90 percent in July of 1933 and a record low of -39.40 percent in February of 1946. (Fed)
Building permits rose 3.4% in June to a seasonally adjusted annual rate of 1.446 million, exceeding expectations. The number of permits for buildings with five or more units jumped 19.2% to 460,000. Meanwhile, single-family home permits decreased 2.3% to 934,000. Gains were seen in the Midwest (15.6%) and South (2.8%), while other regions saw declines. (Census)

World Markets

Eurozone inflation fell to 2.5% in June (down from 2.6% in May). This is still below the long-term average (2.23%) but higher than recent lows. 1Y trend: "Down" (source)