The Thursday Market Recap: What You Need to Know
Welcome to Extreme Investor Network, where we bring you the latest insights and analysis on the stock market, trading, and all things Wall Street. Let’s dive into the highlights from Thursday’s trading session:
US initial jobless claims rose from 229k to 242k in the week ending June 8, reflecting some volatility in the labor market.
Despite this, the Dow fell by 0.17% on Thursday, while the Nasdaq Composite Index and S&P 500 both saw gains of 0.34% and 0.23%, respectively.
Market Movers: Auto Stocks and Banks Take a Hit
The automotive sector took a hit, with Porsche sliding by 5.83%, Volkswagen declining by 3.47%, BMW down 2.22%, and Mercedes Benz Group dropping by 1.80%. Concerns over China retaliations against EU tariffs on electric vehicles impacted buyer demand for auto stocks.
Bank stocks also continued their downward trend from Wednesday, with Commerzbank and Deutsche Bank both declining by 2.24% and 2.90%, respectively.
Tech stocks were not immune to the risk-off mood, with Siemens Energy AG, SAP, and Infineon Technologies all seeing losses.
Looking Ahead: Eurozone Trade Data and ECB Updates
On Friday, trade data for the Eurozone will be in focus. Economists predict a narrowing trade surplus in April, which could indicate trends in import and export demand.
Additionally, ECB chatter, French politics, and updates on EU Commission decisions regarding China EV tariffs will also be important factors to watch.
US Consumer Sentiment Impact on DAX-Listed Stocks
Later on Friday, Michigan Consumer Sentiment figures will be released, potentially influencing buyer demand for DAX-listed stocks. A rise in consumer confidence could signal increased consumer spending and demand-driven inflation.
Near-Term Outlook for the DAX
Near-term trends for the DAX will be influenced by French election news, updates on China tariffs, and central bank commentary. On the futures markets, the DAX and Nasdaq mini were both up, indicating a positive sentiment.
DAX Technical Indicators
Technical indicators for the DAX show a possible return to 18,650 if it breaks above the 50-day EMA. However, a drop below the 18,250 handle could signal further downside.
Stay tuned to Extreme Investor Network for more updates and analysis on the stock market and trading trends. Stay informed and stay ahead of the game with us!