28.05.202410:22 Forex Analysis & Reviews: USA and Europe: market trends during the holidays

At the close of the trading day on Monday, the US stock market showed positive dynamics, spurred by strong growth in the technology sector, utilities and commodities segment.

The Dow Jones Industrial Average rose slightly, adding 0.01%. Meanwhile, the broader S&P 500 rose 0.70%, while the tech-heavy NASDAQ Composite posted a 1.10% gain, according to the New York Stock Exchange.

Among the top gainers on the Dow Jones is Intel Corporation, whose shares jumped 0.64 points or 2.13% to close at 30.72. It is also worth noting the success of JPMorgan Chase & Co, whose shares added 3.79 points or 1.92%, reaching 200.71. Apple Inc wasn't far behind, rising 3.10 points or 1.66% to end the day at 189.98.

On the other hand, not all companies showed growth. Shares of Salesforce Inc fell 6.28 points, or 2.25%, to close the day at 272.29. Johnson & Johnson shares, on the other hand, rose 2.73 points or 1.82%, ending trading at 146.97. Meanwhile, Unitedhealth Group shares fell 8.66 points, or 1.68%, to end the session at 508.17.

At the close of trading on Monday, Deckers Outdoor Corporation stood out among the fastest-growing stocks in the S&P 500 index, rising 14.18% to hit 1.00. First Solar Inc shares also gained significantly in price, increasing by 10.78% to close at 276.74. Shares of Ross Stores Inc also posted notable gains, rising 7.79% to finish the day at 142.13.

Among the decliners, Intuit Inc. was the biggest decliner, losing 8.35% to close at 606.99. Dayforce Inc shares fell 7.60% to finish at 56.18. Elevance Health Inc also fell, losing 4.18% to end the session at 521.22.

In the context of the NASDAQ Composite Index, shares of Innovative Eyewear Inc stood out, jumping 428.49% to close at 0.98. Akanda Corp shares also showed noticeable growth, increasing by 71.97% and closing at 4.11. Onemednet Corp shares also posted gains, rising 56.46% to end the day at 2.30.

Verastem Inc shares were the biggest loser, losing 66.17% to end the session at 4.12. Shares of Sensei Biotherapeutics Inc also showed a significant decline, falling by 45.89% to 0.79. Shares of Genelux Corp fell 43.04% to close the day at 2.62.

On the New York Stock Exchange, the number of stocks that closed lower exceeded the number of stocks that closed higher. A similar trend was observed in the NASDAQ stock market, where the number of declining stocks exceeded the number of advancing stocks.

Deckers Outdoor Corporation shares hit an all-time high, rising 14.18% or 128.25 points to finish at 1.00. First Solar Inc also hit a new high, rising 10.78% or 26.93 points to finish the day at 276.74. Dayforce Inc shares hit a 52-week low, losing 7.60% or 4.62 points to end the session at 56.18.

Verastem Inc shares fell to a 52-week low, down 66.17% or 8.06 points to close at 4.12. Shares of Genelux Corp set an all-time low, losing 43.04% or 1.98 points to end the day at 2.62.

The CBOE Volatility Index, which measures fluctuations in the S&P 500 options market, increased 3.60% to 12.36.

In the commodities segment, gold futures for June delivery rose 0.77%, or $18, to settle at $2.00 a troy ounce. WTI crude oil futures for July delivery rose 1.07%, or $0.83, to $78.55 a barrel. And Brent crude futures for August delivery rose 1.20%, or $0.98, to $82.82 a barrel.

On the Forex currency market, the EUR/USD pair remained virtually unchanged, showing an increase of 0.13% to the level of 1.09. While USD/JPY fell marginally by 0.07% to close at 156.88.

Dollar index futures fell 0.12% to 104.51.

European equity markets ended the day moderately higher on Monday, with government bond yields falling amid signals of a possible interest rate cut by the European Central Bank (ECB), despite trading being muted due to the closure of some of the world's leading markets.

The pan-European STOXX 600 index ended 0.3% higher, nearing a record high set earlier this month.

Senior ECB officials expressed the view that the bank has room to cut rates in light of slowing inflation, but stressed the need for a cautious approach to easing monetary policy despite the apparent direction of the policy.

"There is uncertainty about future economic data, but current conditions suggest that inflationary tensions are easing in both the eurozone and the US," Rainer Singer of the Erste Group said in his analysis.

"The European Central Bank is likely to cut interest rates as early as June, unlike the Federal Reserve, which is not yet ready to do so."

Government bond yields in the region showed a decline, with rates on the 10-year benchmark bond at 2.547%.

This week the focus will be on new eurozone consumer price data for May, due out on Friday. Also expected this week is the publication of inflation data from Germany, Spain and France.

According to information from LSEG, the European Central Bank is likely to begin the process of cutting interest rates at its upcoming meeting next week, with a probability of more than 90%.

US inflation data expected on Friday will provide traders with a window into the timing and scope of potential Federal Reserve rate cuts for the year.

Activity in the markets was subdued due to the lack of participants from the US and UK, where markets were closed due to holidays.

Most key sectors in the STOXX 600 ended the day higher, with utilities rising 1.1% and autos up about 1%.

The data shows that the German business sentiment index remained unchanged in May, missing expectations for improvement. Germany's main stock index .GDAXI closed 0.4% higher.

In the individual portfolio, Alstom (ALSO.PA) shares rose 5.6% after the French train maker announced terms for an upcoming 1 billion euro ($1.08 billion) rights issue as part of its strategy to improve its financial position. companies.

Meanwhile, salmon producer P/F Bakkafrost (BAKKA.OL) lost 2.5% following confirmation of the ISA virus in two pens on its A-19 Vagur farm.