Tradeo ceased offering trading services last year in May. Trading and ancillary will not recommence, and the brand/platform will be permanently discontinued.
For the clients with remaining balances, kindly send a withdrawal request through your login or via chat or email. If there are any queries or concerns relating to your account or any other matter, please email us at [email protected]
The S&P 500 closed lower, while the Nasdaq notched a record high Wednesday as a surge in Tesla offset struggles in megacap tech amid an uptick in U.S. bond yields.
The Nasdaq Composite closed up 0.13% at a closing high of 14,271.7, the S&P 500 fell 0.11%, and the Dow Jones Industrial Average slipped 0.21%, or 71 points.
Tesla (NASDAQ:TSLA) jumped 5% to offset weakness in the Fab 5 tech stocks.
Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), Google-parent Alphabet (NASDAQ:GOOGL) and Amazon.com (NASDAQ:AMZN) ended lower, while Facebook (NASDAQ:FB) was higher.
Atlanta Fed President Raphael Bostic confirmed he was one of the seven Federal Open Market Committee members who projected a rate hike in late 2022 reflecting the June summary of economic projections released last week.
The Nasdaq climbed to a record-high close on Wednesday, fueled by a rally in Tesla (NASDAQ:TSLA) Inc, while the S&P 500 dipped, even as investors cheered data that showed a record peak for U.S. factory activity in June.
Gains in Nvidia (NASDAQ:NVDA) Corp and Facebook Inc (NASDAQ:FB) extended a recent rebound in top-shelf growth stocks that fell out of favor in recent months as investors focused on companies expected to do well as the economy recovers from the pandemic.
Data firm IHS Markit said its flash U.S. manufacturing Purchasing Managers’ Index rose to a reading of 62.6 this month, beating estimates of 61.5, but manufacturers are still struggling to secure raw materials and qualified workers, substantially raising prices.
The “high level of today’s surveys will provide some confirmation for the Fed that the time to begin taking its foot off the accelerator is not far away,” said Jai Malhi, global market strategist at J.P. Morgan Asset Management.
On Tuesday, Fed Chair Jerome Powell reaffirmed the central bank’s intent not to raise interest rates too quickly, based only on the fear of coming inflation.
Powell’s comments follow the Fed’s projection a week ago of an increase in interest rates as soon as 2023, sooner than anticipated. Since then, growth stocks, including major tech names like Tesla and Nvidia, have mostly rallied and outperformed value stocks, like banks and materials companies.
Oil was up Thursday morning in Asia, with continuously shrinking U.S. crude and fuel supplies contributing to the brightening fuel demand outlook.
Brent oil futures inched up 0.05% to $75.23 by 1:17 AM ET (5:17 AM GMT) and WTI futures were steady at $73.08.
U.S. crude oil supply data from the U.S Energy Information Administration said stockpiles fell for a fifth week, the longest run since January 2021.
The data showed a draw of 7.641 million barrels for the week ended Jun. 18. The draw was bigger than the 3.942-million-barrel draw in forecasts prepared by Investing.com as well as the 7.355-million-barrel draw recorded during the previous week.
Gasoline inventories also recorded a bigger-than-expected draw of 2.93 million barrels
Crude oil supply from the American Petroleum Institute released the day before showed a draw of 7.199 million barrels for the week ending Jun. 18.
The continuous draws are indicative of a market that is tightening as the U.S., China and parts of Europe continue their economic recovery from COVID-19.
Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. UR Trade Fix Ltd accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Past performance does not constitute a reliable indicator of future results and future forecasts do not constitute a reliable indicator of future performance.
It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organizational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests when providing our services