Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Top 5 Things That Moved Markets This Past Week

Stock Markets Jun 29, 2018 04:47PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. What will next week bring?
 
EUR/USD
-1.48%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
XAU/USD
-1.66%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
US500
-1.72%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ALVG
-2.02%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AMZN
-3.01%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DX
+1.54%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Investing.com – Top 5 things that rocked U.S. markets this week

1. US Stocks End Month Negative as Global Trade Tussle Heats Up

Forays higher in U.S. stocks were met with heavy selling pressure this week as lingering trade war concerns continued to keep traders on the defensive.

Stocks appeared to be given a lifeline earlier in the week, when U.S. President Donald Trump decided against imposing a harsh measure to restrict Chinese investment in U.S. based technology.

But the euphoria proved to be short-lived as markets reversed course ahead of initial U.S. and Chinese tariffs due to take effect next week.

Amazon (NASDAQ:AMZN) was back in the headlines after the e-commerce giant announced its entry into the pharmacy sector with the purchase of Pillpoint, triggering widespread panic, sending shares of brick-and-mortar drug stores sharply lower.

Nike , meanwhile, showed improved results – beating on both the top and bottom lines – after revealing its first positive North America sales number in over a year.

Shares of Nike Inc (NYSE:NKE) closed 11.13% higher Friday at $79.68.

The S&P 500 closed 0.08% higher to close 2,718.37

2. Crude Oil Prices Settle Above $74 for First Time Since November 2014

Crude oil prices staged a four-day rally to end the week at their highest settlement since November 2014.

The rally in crude prices – for a fourth-straight week – emerged as focus shifted to the prospect of deeper losses of Iranian crude supplies as the U.S. threatened sanctions on countries that fail to halt Iranian crude imports by Nov. 4.

Unexpected disruptions in Canada, Libya and Venezuela, meanwhile, reined in supply, further lifting sentiment on oil prices.

Oil prices were also supported by a weekly Energy Information Administration report showing U.S. crude supplies fell by 9.9 million barrels in the week ended June 22.

Crude futures settled 65 cents higher on Friday as data showed U.S. oil rigs counts fell for the second straight week, pointing to signs of tightening domestic output.

3. Dollar Suffers Wobble to Close Week Roughly Flat

The dollar was roughly unchanged for the week against its rivals as heavy selling pressure Friday eased earlier gains rivals after the euro rallied sharply as traders cheered an EU migration deal.

European Union member states Friday struck an migration deal, agreeing on several measures to tackle the migrant crises in the EU including stepping up border security and setting up holding centers to handle asylum seekers.

The deal was cheered by traders as it eased political uncertainty within the bloc, sending the EUR/USD sharply higher, to $1.1677, up 0.94%.

The dollar fell 0.82% to 94.22 against a basket of major currencies on Friday.

4. Gold Suffers Biggest Monthly Slump Since September

Gold prices were on the backfoot for most of the week as dollar strength stifled demand for the yellow metal, which suffered its biggest monthly slump since September.

Gold struggled to capture the flows into safe-havens seen earlier this week as traders feared further downside beckons as inflation hit the Fed's 2% target for the first time since May 2012, raising the prospect of a faster pace of rate hikes.

The Fed has said, however, that it is comfortable with inflation running above target over the near-term.

5. Crypto Crunch Continues

There was no respite for Bitcoin this week as traders continued to pull billions from the market, raising the risk of further losses for the popular crypto.

Bitcoin's failure to hold $6,000 has fuelled expectations that it could swing lower to levels not seen since October.

Another leg lower to below $5,000 could generate support – price levels that trigger buying – for the beleaguered crypto, according to Mohamed El-Erian, chief economic advisor at Allianz (DE:ALVG).

"I don't think you (Bitcoin) get all the way back to $20,000, but I do think that you need to establish a base whereby the people who really believe in the future of bitcoin consolidate and then that provides you a lift," El-Erian said on CNBC.

Over the past seven days, Bitcoin fell 4.01% on the Bitfinex exchange, Ethereum fell 12.95%, while Ripple XRP fell 12.55% on the Poloniex exchange.

Top 5 Things That Moved Markets This Past Week
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email