US stocks rallied strongly in the holiday-shortened week ended
Last Monday, the major averages showed a lack of direction amid the release of mixed economic data before closing mixed. Positive manufacturing activity data from several countries helped the markets advance notably on Tuesday.
The overbought markets showed a muted reaction to strong private payrolls numbers on Wednesday before closing mixed. Riding on strong job growth and a decline in the jobless rate to a nearly 6-year low, the major averages advanced moderately on Thursday, throwing caution over valuation to the winds. The Dow and the S&P 500 set record closing highs, while the Nasdaq reached its best levels since 2000.
For the week ended
Among the sector indexes, the NYSE Arca Biotechnology Index and the Philadelphia Semiconductor Index rose over 3% each for the week. Additionally, the NYSE Arca Broker/Dealer Index added 2.09%, while the Dow Jones Utility Average slipped 3.05%.
Commodity, Currency Markets
Crude oil futures are receding
Last Monday, oil extended its slide, declining modestly amid the release of mixed economic data. Notwithstanding strong global manufacturing data, oil eased modestly again on Tuesday.
The commodity saw further downside on Wednesday, moving down moderately in the session before regaining some ground on Thursday. Nevertheless, oil ended the week lower.
Gold futures, which edged up
The dollar advanced solidly in the week ended
The US dollar is currently trading at
The major Asian markets moved about in a lackluster manner following their recent gains. The indecisive mood was also due to the lack of a lead from
The Japanese market retreated due to profit taking, as the
After opening higher and remaining above the unchanged line until early afternoon trading,
On the economic front, preliminary estimates released by
European stocks opened lower and have been showing weakness since then, as traders adopt a wait-and-see attitude before the emergence of the next meaningful catalysts.
In corporate news, miner
On the economic front, German industrial production continued to decline in May, according to data released by the German Federal Statistical Office. Industrial output fell 1.8% month-over-month, declining for the third straight month and belying expectations for a 0.2% increase.
US Economic Reports
After a strong jobs report released last week underlined the strength of the US economy, we move into a week that is fairly light both in terms of the number and importance of data.
Nevertheless, traders are likely to focus on a slew of Federal Reserve speeches scheduled for the week and the minutes of the June FOMC meeting. These are likely to provide additional insight into the Fed's thinking on how the economy is evolving and the appropriate monetary policy stance.
The weekly jobless claims report, the
Stocks in Focus
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