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Old 21-07-2023, 14:55
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Default Re: Daily Market Analysis by ForexMart

Intriguing trends in the US stock market: Dow Jones confidently grows by 0.47%, but what awaits other indices?

Shares of Johnson & Johnson became the real stars of the day, gaining 6.07%, closing at 168.38. Significant growth was also noted in the shares of Goldman Sachs Group Inc, rising by 3.03% and closing at 350.86, while Boeing Co showed a price increase of 2.40%, settling at 213.61.

Meanwhile, some sectors, such as technology, consumer goods, and consumer services, experienced negative dynamics. It's surprising, as the market is such that today some sectors may experience a decline, while tomorrow becoming the leaders of growth.

It is interesting to note that the markets evaluate ambiguous macro-statistics, and this affects the overall picture. The number of initial jobless claims in the US for the week surprised experts by decreasing by 9 thousand to 228 thousand, while the forecast suggested an increase to 242 thousand. However, the number of home sales transactions in the secondary market in the US decreased by 3.3% in June compared to May, reaching 4.16 million transactions, against the forecast of 4.2 million.

The New York Stock Exchange also didn't stay away from the market's diverse movements. The Dow Jones index demonstrated a slight increase of 0.47%, reaching a 52-week high. Meanwhile, the S&P 500 index slightly fell by 0.68%, and the NASDAQ Composite index decreased by 2.05%.

Days like these, full of volatility and opportunities, always keep investors on their toes. It's precisely during such moments that unique chances and advantageous opportunities arise for true adventurers in the financial markets.

At the top of the growth were the shares of Johnson & Johnson (NYSE: JNJ), showing unwavering strength, with a gain of 6.07%, equivalent to 9.64 points, and closing at 168.38. In second place were the quotes of Goldman Sachs Group Inc (NYSE: GS), which, like sprinters, rose by 3.03% or 10.31 points, finishing the session at 350.86. We cannot overlook Boeing Co (NYSE: BA), which added 2.40% or 5.01 points to the price of its shares, closing at 213.61.

While growth characterized the leaders, there were also those who faced challenges and dropped from the top. Among the declining stocks, Intel Corporation (NASDAQ: INTC) drew attention, losing 3.16% or 1.09 points, closing the session at 33.37. However, the shares of Salesforce Inc (NYSE: CRM) demonstrated strength and growth of 2.65% or 6.21 points, closing at 228.16. Microsoft Corporation (NASDAQ: MSFT) encountered some difficulties, losing 2.31% or 8.21 points but still holding at 346.87.

Impressive growth is also characteristic for some components of the S&P 500 index. For example, the shares of Zions Bancorporation (NASDAQ: ZION) rose by a significant 9.98%, reaching the mark of 37.90. And, of course, our growth leader of the day is Johnson & Johnson (NYSE: JNJ), showing remarkable growth of 6.07% and closing at 168.38. Finally, let's not overlook the shares of Allstate Corp (NYSE: ALL), which rose by 5.85% and closed at 111.98.

On the other hand, the leaders of decline were the shares of Discover Financial Services (NYSE: DFS), which decreased in price by 15.92%, closing at 102.45. Tesla's shares (TSLA.O) fell by 9.74%, marking the largest one-day percentage decline since April 20, after the electric vehicle manufacturer reported a drop in second-quarter gross profit to a four-year low, and CEO Elon Musk hinted at further price cuts. The quotes of Equifax Inc (NYSE: EFX) also dropped by 8.89% to 216.37.

Among the components of the NASDAQ Composite index, the growth leaders in today's trading were the shares of Guardforce AI Co Ltd (NASDAQ: GFAI), which increased by 57.46% to 6.44, Evelo Biosciences Inc (NASDAQ: EVLO), gaining 52.40% and closing at 9.86, and Sirius XM Holding Inc (NASDAQ: SIRI), rising by 42.26% and finishing the session at 7.81.

Despite the mixed trends, some stocks stand out with their extraordinary dynamics.

Shares of Discover Financial Services (NYSE: DFS) faced challenges this time around and fell a hefty 15.92% to close at 102.45.

Similarly, the shares of Tesla (TSLA.O) also attracted attention with a loss of 9.74%. This marked the largest one-day percentage decline since April 20. The drop was attributed to the announcement of a decline in gross profit in the second quarter to a four-year low, as well as hints from CEO Elon Musk about possible price reductions.

Meanwhile, the shares of Equifax Inc (NYSE: EFX) also experienced a decline, dropping by 8.89% to 216.37.

However, not only the decline is noteworthy in the market. Among the components of the NASDAQ Composite index, some stocks stand out as strong growth leaders. For example, the shares of Guardforce AI Co Ltd (NASDAQ: GFAI) astonished with a surge of 57.46%, reaching 6.44. They were followed by the shares of Evelo Biosciences Inc (NASDAQ: EVLO), which rose by 52.40% and closed at 9.86, and the shares of Sirius XM Holding Inc (NASDAQ: SIRI), showing growth of 42.26% and finishing the session at 7.81.

On the other hand, the shares of Vir Biotechnology Inc (NASDAQ: VIR) drew attention with a significant price drop of 44.90%, closing at 12.70. The shares of Netcapital Inc (NASDAQ: NCPL) also experienced a decline of 41.88%, ending the session at 0.68. Additionally, the quotes of Durect Corporation (NASDAQ: DRRX) also suffered a decrease of 33.13%, reaching 3.29.

It is interesting to note that Netflix (NFLX.O) shares faced a major challenge, falling 8.41%.

This marked the largest one-day percentage decline since December 15, and it happened after the company's quarterly revenue in the streaming video sector did not meet market expectations.

Despite the decline in the Nasdaq index, the Dow (.DJI) continues to delight investors with its steady performance. It registered its ninth consecutive session of growth, making it the longest winning streak since September 2017.

The situation on the New York Stock Exchange also left its mark. The number of declining stocks (1710) exceeded the number of those closing in the positive (1240), and 80 stocks remained virtually unchanged. The Nasdaq stock exchange also experienced fluctuations: shares of 2246 companies declined, 1286 rose, and 131 remained at the same level as the previous closing.

The stock market is showing an increase in volatility, reflecting the instability and fluctuations in the market. The CBOE Volatility Index, which is based on S&P 500 options trading, rose by 1.67% and reached a level of 13.99. This indicates that investors are expecting increased uncertainty and more unpredictable movements in the near future.

Currently, there are mixed trends in the commodity market. August gold futures lost 0.45% or $9.00, closing at $1,000 per troy ounce. Meanwhile, September WTI crude oil futures rose by 0.61% or $0.46, reaching $75.75 per barrel. September Brent crude oil futures also showed an increase of 0.29% or $0.23, reaching $79.69 per barrel.

In the currency market, the EUR/USD pair is experiencing a decline of 0.61%, leading to a drop to 1.11. At the same time, USD/JPY quotes rose by 0.29% and reached 140.07. USD index futures also demonstrated growth by 0.56%, settling at 100.54. This indicates a strong position of the US dollar in the market and investors' interest in this currency.

Thus, the current data in the market speaks of unpredictability and warns investors to be more attentive and cautious when making decisions. In such a situation, it is especially important to keep track of global events and economic news to make informed decisions in the market.
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