NDW Morning Pulse
Below are highlights from the NDW Morning Update Video for the morning of 07/08. Access the the video on the NDW Morning Update Video page.
- Futures are again lower this morning with the Nasdaq leading the way to the downside – down around 1.1%. Gold and silver are also lower.
- Oil futures are up about 5% after Iran attacked ships in the strait of Hormuz and the US launched a new wave attacks.
- US equities were down yesterday as the S&P 500 fell 0.45%.
- Tech led the market lower with the Nasdaq-100 (NDX) down 1.75%. Meanwhile, the iShares Semiconductors ETF (SOXX) was down more than 5%.
- NDX now sits against notable support at 29,000 on its default chart.
- International equities were also lower on Tuesday as the iShares MSCI EAFE ETF (EFA) fell 1.25% and the iShares MSCI Emerging Markets ETF (EEM) dropped 2.75%.
- Bonds were also lower on Tuesday with the iShares US Core Bond ETF (AGG) down about 45 bps as long-term US Treasury yields rose.
- Minutes from the last Fed meeting will be released this afternoon and could impact expectations for interest rates. At this point, the market is still pricing in about an 85% chance that the Fed will raise rates this year and about a 45% chance of two 25 bps hikes.
- SpaceX (SPCX) was added to the Nasdaq-100 yesterday with a weight of around 1.3%. The passive demand didn’t help the stock in the short-term as SPCX finished the day down more than 6.5%.
