What you need to know for July 18th – Futures Markets
By Mark O’Brien, Senior Broker
Indexes:
The September E-mini S&P 500 stock index futures contract climbed to it latest all-time high yesterday, closing at 5715.50, only to see its largest sell-off in two years today, currently down ±72 points / 1.25%.
Leading the index pack, however, the September E-mini Nasdaq is currently down ±625 points / 3.00% and ±900 points from its own all-time high posted last Wednesday, closing then at 20,896.50 and breaching 20,000 at this blog’s typing.
Metals:
Gold prices traded up to an all-time high today on growing optimism the U.S. Federal Reserve will conduct an interest-rate cut in September. The front month August futures contract dropped about 0.26% to $2,459.90 per ounce due to profit-taking after hitting an all-time high of $2,488.40 earlier in the session.
Markets now see a 98% chance of a U.S. rate cut in September, according to the CME FedWatch Tool.
Following suit, September silver lost ±95 cents (a ±$4750 per contract move) to near $30.50/ounce.
Energies:
Natural gas futures suffered another bout of heavy selling today with the front month August contract losing ±15 cents (a $1,500 per contract move) / 6.75% today and closing near two-month lows and within a few cents of $2.000 /mmBtu. Despite hot weather across much of the U.S. driving power-sector demand, large inventory surplus numbers have proved an overhang for prices
Daily Levels for July 18th, 2024
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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.