Originally published by Rivkin Securities
After opening higher, the Dow Jones Industrial Average declined through the first few hours of the session. It did not recovered these losses and closed down 0.6%. It was a similar story for the S&P 500 although this only closed down 0.1%. The Nasdaq 100, on the other hand, made a new record high, closing up 0.4% at 7,131. Tesla Inc (NASDAQ:TSLA) was a standout performer with the share price climbing 5.6% on news that Model 3 production has been ramped up again after a temporary stoppage. The S&P/ASX 200 has come very close to breaking back through the 6,000 level at 5,996. Futures are up three points this morning.
The Bitcoin (BitfinexUSD) price has been declining over the past week, back near one-month lows. The decline has been blamed on the sale of approximately $400m by the trustee of the now defunct Mt. Gox Bitcoin exchange. Fortunately for Bitcoin holders, the sale appears to be finished for now, although further selling by this trustee may resume in September.
Gold was initially sold off by around $7 per ounce overnight but subsequently recovered the losses to close virtually unchanged. Gold has traded in a range between $1,300 and $1,350 so far this year with the price failing to break out in either direction.
Tonight US CPI data will be released. This will be an important data point for determining whether inflation is returning to the US economy.
Data Releases:
- US CPI 11:30pm AEDT