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24 Hour Market News

US Closing Report

May 7, 2018

We saw gains on Wall Street evaporate in the latter stages of today’s session (DJIA +0.4%, S&P +0.3%, NASDAQ +0.8%). Energy stocks had led the broader market for most of the session but turned lower as oil prices did the same post-settlement after US President Trump confirmed he will be announcing his decision on the Iranian nuclear deal tomorrow. Elsewhere, US yields have turned higher, albeit slightly, as equities and oil declined. Comments from the FOMC provided no real surprises meanwhile with Richmond Fed President Barkin noting that he does not see outsized wage pressures while the US economy is on a good growth trajectory. Chicago’s Evans added that structural changes may create inflation headwinds. Switching to the ECB, Chief Economist Praet played down the drop in core inflation as a temporary due to a decrease in services inflation. Jan Smets meanwhile said the ECB are likely to move over the summer to gradually phase out its bond-buying program. On the data front, US consumer credit was lower-than-expected in March at $11.62 Bln (f/c. $16.20 Bln).

For a more detailed report please visit the ‘Market Research’ section.