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Stocks Tumbled On Recession Fears

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STATE OF THE MARKETS

Stocks tumbled on recession fears. US stocks tumbled on Tuesday after hawkish comments from Fed members and weaker than expected economic data sending fears across markets. Tech-laden Nasdaq (-2.98%) fell the most, followed by S&P (-2.01%), Russell (-1.86%) and Dow (-1.56%) as flights to safety were noted with yields turning lower. The 10Y benchmark dipped to 3.18% as the Dollar index jumped to the 104.60 mark.

In the commodities market, crude continued its upward trajectory and punched $111.88/bl as markets continue to weigh supply concerns and China reopening. Gold was under pressure and closed below $1,820/oz for the first time in 10 days after Fed’s hawkish comment weighed on the precious metal. Elsewhere, iron ore rebounded to $131/tn as markets hope for demand from China reopening.

In the FX space, sentiments seemed mixed as Swiss and Dollar regained traction in demand alongside Loonie and Aussie in the short and medium term accounts. Long term sentiments were little changed.

On Wednesday, markets expect to remain cautious as the GDP report might confirm a recession. Earnings reports to watch include Paychex (PAYX), General Mills (GIS), McCormick (MKC), MSC Industrial (MSM), UniFirst (UNF), Duck Creek (DCT) and MillerKnoll (MLKN) as well as the latest figures in US mortgage applications and the much awaited GDP. The EIA petroleum status report will be in the spotlight for energy traders. 


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G8 CURRENCIES SENTIMENTS

ST USD CAD CHF AUD JPY EUR GBP NZD ST
MT CHF CAD USD JPY EUR AUD GBP NZD MT
LT CHF USD EUR CAD AUD GBP NZD JPY LT
** ST refers to Short-Term daily turnover, MT is Medium Term weekly 
and LT refers to Long-Term monthly turnover.


WALL ST MOST ACTIVE

TICKER LAST PRICE

% CHANGE

VOLUME 90 DAYS AVG
EVFM 1.07  0.00 343,590.7K 8,277.6K
AGRX 2.41 + 89.76 255,246.3K 920.7K
TQQQ 24.83 – 9.11 188,120.4K 146,898.9K
SQQQ 56.77 + 9.17 117,833.0K 111,797.3K
AMD 80.78 – 6.24 95,703.7K 108,808.1K
SPY 380.65 – 2.04 86,689.8K 104,536.1K
NIO 22.36 – 2.57 76,353.1K 74,001.1K
AMZN 107.40 – 5.14 75,129.3K 82,361.4K
AAPL 137.44 – 2.98 67,283.7K 94,549.6K
QQQ 283.54 – 3.05 61,867.1K 77,347.5K
** % Change here refer to price


WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
TSLA 697.99 30,188.2K – 6.48 21,071.1M
AAPL 137.44 67,283.7K – 20.27 9,247.5M
AMZN 107.40 75,129.3K – 14.06 8,068.9M
AMD 80.78 95,703.7K – 1.68 7,731.0M
NVDA 159.82 46,170.8K – 8.14 7,379.0M
MSFT 256.48 27,376.7K – 9.87 7,021.6M
META 160.68 27,782.4K – 14.34 4,464.1M
GOOGL 2,240.15 1,793.3K – 4.73 4,017.3M
QCOM 131.60 27,107.7K + 158.90 3,567.4M
NKE 102.78 31,360.8K + 275.21 3,223.3M
** % change here refers to volume


TOP 5 BLOCK ORDERS

SYMBOL PRICE TYPE R/VOL FUNDS FLOW $
LAZR 6.74 equities/options 163.07 38.5M
MCHP 59.45 equities/options 111.92 570.0M
CVNA 24.74 equities/options 100.70 321.7M
YM 11,663.75 NASDAQ futures 13,177 153.6M
NQ 30,917.00 DOW futures 4,399 135.9M


OUR PICK – No New Pick

We stay on the sideline. Recession fears continue to plague the broad market right now as yields inversions are getting worse. As at writing, the 3Y (3.18%), 5Y (3.21%) and 7Y (3.22%) yields more than 10Y (3.15%) while the 30Y stood at 3.27%. Fed’s talk showed that the Fed is determined to reign in inflation despite the risk of economic disruption. Dollar jumped on expectation of another 75bps hike in July and this weighed on riskier assets.

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HORIZON STRATEGY SL TP1 TP2
Short-Term
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Long-Term

 

 

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This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities/oz. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.