Market outlet mid-week

Author: @aljif7
Platform: Hive-
Date: Thursday 24 July 2025
Category: Finance

Good Morning Word!

The rally in U.S. tech stocks lost steam on Tuesday while bond yields and the dollar fell, as investors trimmed positions ahead of the first 'Big Tech' earnings reports. On Trade, US announced a deal with Japan this morning while Bessent said he would meet with his Chinese counterpart to discuss delaying the August 12 trade talks deadline with China again.

Details below;

Wall Street major indexes ended mixed on Tuesday as investors assessed a spate of mixed earnings and signs that President Donald Trump's protracted trade war is hitting corporate profit margins, even as Trump's dealmaking deadline approached while US dollar was softer against most of the major currencies on Tue, alongside Treasury yields. The DOW rose 179.37 points (+0.40%) to close at 44,502.44. The S&P 500 ticked up 4.02 points (+0.06%) to end at 6,309.62. Tue marked the 11th closing record of 2025 for the benchmark index. Meanwhile, the Nasdaq Composite slipped 81.48 points (-0.39%) to close at 20,892.69, weighed by declines in tech stocks. It was the first negative day for the tech-heavy index in seven sessions.

Yields on US Treasuries continued to move lower on Tue ahead of the upcoming Federal Reserve’s decision due next week. Fed funds futures traders are pricing in more than 95% odds that the central bank will leave its current target rate range unchanged at 4.25%-4.50%. The benchmark 10-year Treasury yield was more than 2 bps lower at 4.34%. The 2-year yield dropped more than 1 bp to 3.83%. The 30-year yield also fell more than 2 bps to 4.91%

The US Dollar Index (DXY) closed lower by 0.47% (97.39) as the dollar ease further. EUR (1.1740) closed higher for the third straight session while GBP/USD gained 0.31% (1.3534). meanwhile the antipodean , AUD ( 0.6550) and NZD (0.6005) closed higher, as the AUD was largely supported after the minutes from the RBA noted why the board was divided on holding the cash rate steady in Jul, with most members arguing three cuts in four meetings would not have been "cautious and gradual". JPY (146.50) extended its sharp gain from Mon, notably, the Bank of Japan (BOJ) said officials Markets Overview Wednesday, 23 July 2025 2 see little need to change their policy of gradually raising rates following the upper house election while Trump announced a major deal with Japan this morning effectively cutting down the tariffs to 15%. CHF (0.7935) gained in line with the boarder weakness in the dollar as CNH (7.1680) appreciates alongside the Asian currencies , SGD (1.2788), IDR (16,305), TWD (29.355) and THB (32.18). Cryptocurrencies gained , Bitcoin (119,660) and ETH (3730). GOLD ( 3425) surpassed a five-week high, extending their gains on the softening dollar and weaker U.S. bond yields.

US Treasury Secretary Scott Bessent on Tue asserted that Fed Chair Jerome Powell does not need to resign though also he also repeated his desire for a review of the central bank’s operations. On Trade, He also said on Tuesday he would meet with his Chinese counterpart to discuss delaying the August 12 trade talks deadline with China again. Meanwhile the Prospects of a U.S.-European Union trade deal appeared to be fading as Washington's August 1 deadline loomed, prompting EU members to ramp up possible "anti-coercion" retaliatory measures. News on a trade deal with Japan are sending the whole JPY short-term interest rate curve into a selloff while JPY strengthen maginally. As far as economic docket is concerned, the US will receive existing home sales data for Jun, alongside the weekly MBA mortgage applications data on Wednesday evening.

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