Hello traders everywhere. "We were about 90% of the way there (with a deal) and I think there’s a path to complete this," Mnuchin told CNBC's Hadley Gamble on Wednesday, without providing detail on what the final 10% of an agreement might entail. He said he's confident President Donald Trump and Chinese President Xi Jinping can make progress in stalled trade talks at the forthcoming Group of 20 (G-20) meeting this weekend. Yet, here we are still waiting on a trade deal with China.
We're also still waiting on a decision from a confused Fed. Investors are betting the Fed will cut rates by at least 25 basis points in July. Those expectations helped lift the major stock indexes this month. The Dow and S&P 500 were both up at least 6% for June entering Wednesday’s session. The Nasdaq was up 5.8%.
Bitcoin extended its meteoric rise, approaching $13,000 for the first time in around a year and a half. The cryptocurrency has rallied since Facebook said last week it planned to launch its own digital currency. Bitcoin was recently trading at $12,832.89.
Gold fell 0.4% to $1,412.70 a troy ounce, reversing a four-day rally that had lifted the price of the precious metal to its highest level since 2013.
Crude oil jumped +4% after the Energy Information Administration reported a draw of 12.8 million barrels in crude oil inventories, pushing prices further up significantly. This is the most substantial inventory decline in at least a year.
Key Levels To Watch This Week:
- S&P 500 (CME:SP500): 2,874.68
- Dow (INDEX:DJI): 25,958.66
- NASDAQ (NASDAQ:COMP): 8,176.08
- U.S. Dollar (ICE:DX): 63.63
- Gold (NYMEX:GC.Q19): 1,405.00
- Crude Oil (NYMEX:CL.N19): 53.90
- Bitcoin (BITCOIN:BITSTAMPUSD): 7,511.41
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
