Inverse ETFs Surge Amid Market Decline; Yields Rise; Crypto Stable; Volatility Up

Stay Informed and Stay Ahead: Market Watch, May 29th, 2024.

Wall Street Mid-Week Market Recap Edition

Market Highlights & Analysis: Indices, Sectors, and More…

  • Economic Data: Home prices up, consumer confidence rose, retail flat.
  • Market Indices: Major indices declined: DJIA, S&P 500.
  • Sector Performance: All sectors fell; tech led; energy lagged most.
  • Factors: Mega Cap Growth slightly down; momentum stocks lead YTD.
  • Treasury Markets: Yields rose except short-term; 30-year bond highest.
  • Commodities: Commodities mostly fell; oil, gold, and gas declined.
  • ETFs: Inverse leveraged ETFs surged; ProShares Natural Gas up.
  • Cryptos: Cryptocurrencies stable; Bitcoin, Ethereum rose, Ripple declined.
  • Asia/ Europe: Global fell; Shanghai slightly up, Hang Seng down.

US Market Snapshot: Key Metrics:

Moving Averages: DOW, S&P 500, NASDAQ:

NASDAQ Global Market Summary:

Sectors:

  • All 11 sectors lower; Information Technology (-0.36%) leading, Energy (-1.76%) lagging. Top industries: Technology Hardware, Storage & Peripherals (+0.06%), Health Care REITs (+0.03%), and Industrial REITs (0.00%).

Factors:

  • Broad-based losses with Mega Cap Growth off only -0.1%. Momentum stocks up 21.2% year-to-date.

Treasury Markets:

    • Treasury yields rose, except short-term bills; 30-year bond yield highest at 4.739%, 10-year at 4.619%.

Currency and Volatility:

  • U.S. Dollar Index ^DXY: 105.14 (+0.52, +0.50%)
  • CBOE Volatility ^VIX: 14.28 (+1.36, +10.53%)
  • Fear & Greed Index: 47/TY 65/LY (Neutral/ Greed)

Commodity Markets:

  • Commodities mostly fell; crude oil, gold, and natural gas declined. Silver slightly up, Bloomberg Index down.

ETF’s:

  • Inverse leveraged ETFs surged; ProShares UltraShort Natural Gas up 12.21%, 2x Long VIX Futures up 7.41%.

Cryptos:

  • Cryptocurrencies were mostly stable; Bitcoin and Ethereum rose slightly. Ripple, Litecoin, and others saw minor declines.

US Economic Data:

  • Home prices rose 7.4% in March. May consumer confidence increased to 102. Fed Beige Book reports flat retail spending.

Notable Earnings Today:

  • BEAT: HP Inc (HPQ), Heico (HEI), National Bank of Canada (NTIOF), Okta (OKTA), Dick’s Sporting Goods (DKS), UiPath (PATH), Abercrombie&Fitch (ANF), Chewy (CHWY).
  • MISSED: Salesforce Inc (CRM), Bank of Montreal (BMO), Agilent Technologies (A), Pure Storage Inc (PSTG)

Global Markets Summary: Asian & European Markets:

  • Global markets mostly fell; Shanghai Composite up slightly, Hang Seng down 1.83%.

Central Banking and Monetary Policy, Noteworthy:

  • IMF Raises China Economic Growth Forecasts – Wall Street Journal
  • ‘Not Gonna Be Pretty:’ Covid-Era Homebuyers Face Huge Rate Jump – Bloomberg

Business:

  • ConocoPhillips to Acquire Marathon Oil in $17.1 Billion All-Stock Deal – Wall Street Journal
  • Abercrombie Soars as Return of ‘90s Fashion Boosts Outlook – Bloomberg

China:

  • China’s EV sector could offset looming EU tariffs with detours via ‘friendly’ tracks, but be prepared for countermeasures – South China Morning Post

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