Stocks mixed ahead of Fed’s Powell testimony - 9.7.2024

The Dollar is steady currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended 0. 2% higher on Monday.

Both EUR/USD and GBP/USD ended lower on Monday while the Sentix Investor Confidence index for the euro zone fell for July. Both Pound and euro are lower against the dollar currently. USD/JPY reversed its sliding yesterday while AUD/USD accelerated its advancing with the yen lower against the Greenback currently and Australian dollar higher.

Futures on three main US stock indexes are up currently with the yield on benchmark 10-year Treasury up at 4.284% ahead of Fed chair Powell’s Senate testimony at 18:00 CET today. US markets ended mixed on Monday as the three main stock benchmarks recorded daily returns in a range from -0.1% to 0.3% while data showed the total value of outstanding consumer credit rose more than expected in May.

European stock indexes futures are mixed currently after indexes closed mixed on Monday following the results of the second round of France’s snap parliamentary election where the left-wing New Popular Front won the largest number of seats but failed to secure an absolute majority. Asian indexes futures are mixed today with Japan’s Nikkei index leading gains buoyed by technology shares.

Brent is extending losses currently. Oil prices ended lower yesterday as Hurricane Beryl shut US refineries and ports along the Gulf of Mexico and over 2.7 million homes and businesses lost power. US West Texas Intermediate WTI ended 1% lower and is down currently. Brent lost 0.9% to $85.75 a barrel on Monday.