Caution rules Wall Street
US indices edged lower for a second day yesterday as investors mulled possible outcomes from Fed Chairman Powell’s testimony later this week. Deutsche Bank shares came under pressure after the restructuring announcement. Oil prices eased back from one week highs.
US30USD Daily Chart
The US30 index fell for a second day yesterday and in early trading looks to be extending those losses into today
The 100-day moving average at 26,048 is edging closer to the 55-day average at 26,101, and they could possibly cross over later this week
Fedspeakers are out in force today with Powell, Bullard, Quarles and Bostic all on tap ahead of Chairman Powell’s semi-annual testimony on Wednesday/Thursday. There are no major data releases scheduled for today.
DE30EUR Daily Chart
The Germany30 index fell for a third day yesterday with Deutsche Bank under pressure following the announcement of its restructuring plans
The index touched the lowest in almost a week and is falling toward the 55-day moving average at 12,199
Germany’s industrial production fell 3.7% y/y in May, echoing the weakness in factory orders released earlier. There are no data releases scheduled for today.
WTICOUSD Daily Chart
WTI retreated from near one-week highs to close lower yesterday as the global demand outlook remained weak
The index is still holding below the 55-day moving average at $58.39. The CFD has only had one close above it since May 21
Weekly crude oil stockpiles data to July 5 from the American Petroleum Institute are due today. Last week saw a drawdown of five million barrels.
