Fixed Income Market Overview
U.S. Treasury yields declined on Friday as investors assessed key economic data. The 10-year Treasury yield fell 4.3 basis points to 3.883%, while the 2-year yield dropped 4.9 basis points to 4.052%. This followed a spike in yields after stronger-than-expected U.S. retail sales in July, signaling strong consumer spending and easing recession fears. Additionally, jobless claims were lower than anticipated, calming labor market concerns. Despite weaker jobs data earlier in the month, markets anticipate a potential rate cut in September, awaiting further insights from Federal Reserve officials, including at the upcoming Jackson Hole Symposium.
Kroger will cut prices by $1B to win Albertsons merger approval.
Fintech Klarna will select Goldman Sachs to lead its $20B US IPO.
UBS Asset Management to divest Quantitative Investment Strategies business.
U.S. crude oil falls more than 1% as Gaza cease-fire talks, global demand weigh on market.
Tencent-backed Airwallex hits $500 million annualized sales, aims to get IPO-ready by 2026.
Major Indicies
| Symbol | Price | Change | %Change |
|---|---|---|---|
| DJIA | 40,659.76 | 96.70 | 0.24%↑ |
| NASDAQ | 19,508.52 | 18.38 | 0.07%↑ |
| S&P 500 | 5,554.25 | 11.03 | 0.20%↑ |
| FTSE 100 | 8,311.41 | -35.94 | -0.43%↓ |
| SX5E | 4,840.52 | 32.75 | 0.68%↑ |
| NIKKEI | 37,650 | 25 | 0.07%↑ |
| HSI | 17,430.16 | 321.02 | 1.88%↑ |
| VIX | 14.80 | -0.43 | -2.82%↓ |
Bonds
| Name | Yeild | CHG |
|---|---|---|
| US 10-YR | 3.88% | -0.03 |
| US 30-YR | 4.14% | -0.03 |
| US 5-YR | 3.76% | -0.03 |
| JPN 10-YR | 0.88% | 0.03 |
| UK 10-YR | 3.74% | 0.02 |
Futures & Commodities
| Name | Last | Change | %Change |
|---|---|---|---|
| WTI CRUDE | 76.65 | -1.51 | -1.93%↓ |
| NAT GAS | 2.12 | -0.07 | -3.37%↓ |
| GOLD | 2,508.01 | 51.22 | 2.08%↑ |
| SILVER | 28.98 | 0.62 | 2.20%↑ |
| COPPER | 4.14 | -0.01 | -0.18%↓ |
Equity Market Overview
Applied Materials, Inc.
Applied Materials, Inc. reported record revenue of $6.78 billion for its third quarter ending July 28, with GAAP earnings per share (EPS) of $2.05 and non-GAAP EPS of $2.12. The company generated $2.39 billion in cash from operations, distributing $1.19 billion to shareholders through share repurchases and dividends. Despite strong results and optimistic projections for the fourth quarter, including expected revenue of $6.93 billion, AMAT shares dropped 4.6% on Friday. CEO Gary Dickerson highlighted the company’s positioning in the AI market as a key
growth driver.
Bayer
Bayer’s shares surged after the company won a legal battle over claims that its Roundup weed killer caused cancer. The 3rd U.S. Circuit Court of Appeals ruled in favor of Bayer, stating that federal law preempted the need for a cancer warning on Roundup labels in Pennsylvania. The lawsuit was brought by David Schaffner, diagnosed with non-Hodgkin’s lymphoma, who claimed exposure to Roundup. Bayer, facing numerous legal challenges over Roundup, noted the ruling conflicts with other court decisions and is urging the U.S. Supreme Court to resolve the legal inconsistencies.
