ADDX GO Market Morning Wrap - 27th June
Stock Market
On Thursday Eastern Time, U.S. major indexes closed higher: Nasdaq rose 0.97%, Dow gained 0.94%, and S&P 500 climbed 0.8%. Both the S&P 500 and Nasdaq are nearing all-time highs.
Most large-cap tech stocks rose, with Netflix, Amazon, and Meta up over 2%, Microsoft, Google, and Intel up over 1%, and NVIDIA slightly higher, with Netflix, Microsoft, and NVIDIA hitting new highs; Apple and Tesla dipped slightly.
Unmanned Aircraft Systems (UAS) developer AeroVironment Inc. (AVAV) surged about 16%, reaching a record closing high. $AVAV
Crypto exchange Coinbase rose over 5.5%, hitting its highest close since 2021. Stablecoin leader Circle gained over 7%. Core Scientific Inc. (CORZ), a crypto mining facility operator, soared 33%, marking its best single-day performance in a year. $CORZ
Autonomous driving tech firm Cyngn skyrocketed 171% after an NVIDIA blog highlighted it as a pioneer in autonomous mobile robots, integrating its DriveMod tech into NVIDIA’s “Isaac Sim” for large-scale, high-fidelity virtual testing of advanced autonomous operations. $CYN
Bank of America’s senior investment director Bill Northey said, “Clearly, rising rate-cut expectations are a key driver of the market’s continued rally, with expectations now pointing to three cuts this year.”
CME’s FedWatch tool shows markets pricing in a 21% chance of a 25-basis-point rate cut in July and over 75% odds for a September cut.
White House Press Secretary Levitt downplayed tariff threats, stating, “Reciprocal tariff deadlines aren’t critical; they could be extended, but that’s up to the President.”
Harris Financial Group managing partner Jamie Cox commented, “Markets are looking ahead to falling rates, reduced banking regulation, Europe shifting from tightening to stimulus, and a less severe inflation and tariff environment. This is definitely not the stagflation story we’ve been told to brace for.”
Global Hotspots
Iran Foreign Minister: No Plans to Restart Nuclear Talks
On June 26, Iran’s Foreign Minister Araghchi said Iran has no plans to resume nuclear negotiations, dismissing speculation about restarting talks.
Goolsbee: Only One Fed Chair, Trump’s Early Successor Pick Won’t Impact Policy
On Thursday, Chicago Fed President Goolsbee said President Trump’s early “shadow Fed chair” announcement won’t affect monetary policy, which will follow standard procedures.
EU Summit Fails to Agree on New Russia Sanctions
On June 26, EU leaders issued a statement on the Russia-Ukraine conflict, emphasizing increased pressure and potential new sanctions, including curbing Russia’s energy revenue, but no new sanctions were announced as expected.
Harvard’s Contingency Plan: International Students Unable to Return Can Study at University of Toronto
On June 26, Harvard and the University of Toronto announced a contingency plan allowing Harvard graduate students unable to return to the U.S. due to visa restrictions to continue studies in Canada.
Company News
Apple Modifies App Store Fee System to Avoid EU Fines
On Thursday, Apple revised its European App Store policies to avoid a potential €500 million fine from EU regulators.$AAPL
Musk’s Close Aide Afshar Reportedly Leaves Tesla
Reports on Thursday revealed Omead Afshar, a close ally of Elon Musk and Tesla’s head of Europe and Americas operations since last year, has left the company, marking Tesla’s second executive shakeup this month. $TSLA
Meta Poaches Key OpenAI Researcher for AI Division
Sources say Meta hired influential OpenAI researcher Trapit Bansal for its new AI Superintelligence division to work on AI reasoning models, potentially boosting Meta’s AI lab. $META
Forex & Commodities
International crude futures settled slightly higher.
WTI crude August contract rose 0.49% to $65.24/barrel. Brent crude August contract gained 0.07% to $67.73/barrel.
COMEX gold futures were flat at $3,343.5/ounce. COMEX silver futures rose 1.23% to $36.555/ounce.
At the New York close, the dollar index fell 0.41% to 97.30, with most non-U.S. currencies rising.
Key Events
Dollar Index Falls Below 97, Hits Lowest Since February 2022, Treasury Prices Rise!
Recently, 10-year U.S. Treasury yields fell below 4.3%, and 30-year yields dropped to around 4.8%. This reflects market repricing of Fed policy, with rate-cut expectations driving global capital flows. The dollar index fell below 97, down 0.72% intraday, hitting a low not seen since February 2022.
Cryptocurrency
Major digital assets fell Thursday, with Bitcoin (BTC-USD) hovering above $107,000.
Bitcoin fell 0.2% to $107,570, with 24-hour trading volume down 16% to $43.6 billion.
Ethereum (ETH-USD), the second-largest digital asset, edged up 0.3% to $2,440.
XRP (XRP-USD) lost 3%, BNB (BNB-USD) fell 0.3%, Solana (SOL-USD) declined 1.3%, Dogecoin (DOGE-USD) slumped 3.1%, and Cardano (ADA-USD) dropped 2.5%.
The crypto market cap fell 0.3% in the past 24 hours to $3.29 trillion, with trading volume down 7.8% to $100.6 billion.
Key Events
BIS: Stablecoins Fall Short of Monetary System Pillar Requirements
Amid a global stablecoin surge, the Bank for International Settlements issued a risk warning. Its report notes that stablecoins show promise for tokenization but fail key tests of singularity, elasticity, and integrity, falling short of monetary system pillar status.
Market Events and Most Anticipated Earnings Releases
