The Magazine for Asian Investors
The Dow closed lower on Friday (July 22) as investor disappointment over declines in social media and advertising technology (AdTech) stocks overshadowed upbeat performance from American Express, which issued a bullish earnings outlook.
- The Dow Jones Industrial Average closed at 31,899.29, down 137.61, or -0.43%.
- The S&P 500 closed at 3,961.63 points, down 37.32 points, or -0.93%.
- The Nasdaq closed at 11,834.11, down 225.50, or -1.87%.
Crude oil futures closed lower after several central banks around the globe raised their interest rates. This could lead to a slowdown in the global economy and lower oil demand.
- WTI crude futures fell $1.65, or 1.7%, to $94.70 a barrel. However, for the week, WTI crude futures were up 0.1%.
- BRENT crude oil futures fell 66 cents, or 0.6%, to $103.20 a barrel. This week, however, it has risen by 2%.
Gold futures closed at their highest level since July 13, supported by the dollar’s depreciation and by investors buying gold as a safe haven following the release of weak U.S. economic data.
- Gold futures rose $14, or 0.82%, to $1,727.4 an ounce. This was the highest closing level since July 13 and a gain of 1.4% for the week after a five-week decline.
- Silver was down 10.2 cents, or 0.54%, at $18.617 an ounce.
- The platinum contract was up $8.5, or 0.99%, at $867.2 an ounce.
- The palladium futures were up $142.10, or 7.6%, at $2,018.80 an ounce.
The U.S. dollar weakened against a basket of major currencies, with the dollar pressured by the release of weak U.S. economic data.
- The dollar index against the six major currencies in a basket of currencies fell 0.17% to 106.7300.
- The dollar was lower against the yen to 136.20 yen from 137.65 yen.
- The dollar weakened against the Swiss franc to 0.9640 francs from 0.9685 francs.
- The US dollar strengthened against the Canadian dollar at 1.2921 Canadian dollars from 1.2893 Canadian dollars.
- The euro was flat against the US dollar at 1.0198.
- The pound rose to $1.1980 from $1.1952.
- The Australian dollar rose to $0.6912 from $0.6903.