The U.S. indices show a break in the rotation of capital from large to small companies. The S&P500 is up 0.3%, the Dow Jones remains at levels close to the previous day's closing price, with the Nasdaq 100 leading the gains, gaining almost 0.5%, while the Russell 2000 is trading at a nearly 1.2% discount.
Despite a positive start to the session in Europe, indexes from the Old Continent mostly lost in intraday terms. The Dax lost 0.5% today, while France's CAC40 lost 0.98%.
Leading U.S. technology companies are rising ahead of this week's results. Microsoft and Amazon gain 0.8%, Apple is up 0.5%, and Meta is up 1%. The leader of the “Magnificent Seven” today is Tesla, which is up more than 5%, closing half of the price gap created after 2Q24 results.
McDonald's reported its 2Q24 results today. Despite worse revenues and profits than analysts' consensus, the fast-food giant's earnings declines came in lower than the market expected, and keeping its full-year forecast unchanged allowed the company to keep investors positive. McDonald's stock price is up more than 4% today.
The Biden administration announced Monday that it had purchased 4.65 million barrels of oil for the country's emergency stockpile, continuing to replenish the depleted reserve. Oil is losing 1.5% today.
Industrial metals are also recording declines. Copper is losing 0.8%, zinc more than 1%, and aluminium is the worst performer with more than 1.6% discount. As a result, metal quotations have reached their lowest value since mid-March this year.
Among the G10 currencies, the strongest currency today is the US dollar, gaining more than 0.3% against the euro. In contrast, the strongest declines can be seen in the Swiss franc, which is losing almost 0.3% against the world's reserve currency today.
Bitcoin opened the new trading week on a positive note. Donald Trump's euphoric comments in the context of the most popular cryptocurrency pushed it to the $70,000 area today, the highest zones tested since June. As trading began on Wall Street, however, the gains began to fall, and Bitcoin has now completely erased them and is losing nearly 0.05% on an intraday basis. Similar sentiment prevailed on Ethereum and other cryptocurrencies.
The driving force behind the declines may have been news that the U.S. Government transferred $2.02 billion worth of Bitcoins linked to Silk Road. Investors are concerned that these funds may end up on exchanges for resale, thus creating a lot of downward pressure.