S&P 500 Index opens in the negative territory, technology stocks underperform

Wall Street's main indexes opened in the red on Thursday.
CBOE Volatility Index is up nearly 7% on the day.
Defensive sectors trade in the positive territory after the opening bell.

Eren Sengezer FXStreet

Major equity indexes in the US opened lower following the mixed macroeconomic data releases from the US. As of writing, the S&P 500 was down 0.4% on the day at 4,356, the Dow Jones Industrial Average was losing 0.33% at 34,818 and the Nasdaq Composite was falling 0.6% at 14,812.

Reflecting the risk-averse market environment, the CBOE Volatility Index (VIX), Wall Street's fear gauge, is up nearly 7%.

The US Department of Labor reported on Thursday that Initial Jobless Claims declined to 360K in the week ending July 10. Other data from the US revealed that the NY Empire State Manufacturing Index rose sharply to 43 in July from 17.4 in June and the Philly Fed Manufacturing Index dropped to 21.9 from 30.7.

Among the 11 major S&P 500 sectors, the risk-sensitive Technology Index is down 0.7% on the day. On the other hand, the defensive Utilities and the Real Estate indexes edge higher after the opening bell.

S&P 500 chart (daily)

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.