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US Market Outlook 22 Jun 2018

Posted by Tim Sholl on 22-Jun-2018 23:20:45

Trade concerns have dominated this week with weakness seen in US stocks that deal heavily with China and in Europe the auto manufacturers have been hit hard on the threat of lower earnings because of tariffs.

Some talk that the US will try some more negotiation with China so we may see a bounce in risk assets today .So far we see the Dow opening at 24604 up 140 , the S&P500 at 2763 up 14 , and the Nasdaq at 7244 up 27.

Bond yields have remained well bid with US10 at 2.90%.

US dollar remains in uptrend but has lost ground today with EUR at 1.1655 up 53 , the GBP at 1.3292 up 50 and the JPY at 110.07 up 10. Crude oil is higher at present as market awaits news from the OPEC meeting with a production increase expected.

US PMI is due out later in session with expectation for a weaker number at 54.0 down from 56.1 last month.

Daily Chart - WTI Crude Oil futures - (CLc1) - OPEC announces 1mn BBL production increase.

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Topics: Trading, Market News, US Market Outlook