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Investors and traders do monitor potential headwinds in loan growth and credit quality in the banking sector as JPMorgan Chase & Co. JPM, +1.28% and Morgan Stanley MS, +0.91% are scheduled to report earnings on Thursday, July 14, as the first two of the big-six US banks. US equities finished with solid gains after the S&P 500 slumped by 20% since its peak in 2022.
Economic Data
US manufacturing data, as reported by the Institute for Supply Management, released June’s Manufacturing PMI at 53.0, lower than the 54.9 expected prior at 56.1. Investors’ reaction was a counter-cyclical, buying the US dollar as a safe-haven play as fears of a US and a global recession increased.
National nonresidential construction spending was down by 0.6% in May, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $832.5 billion for the month.
The number of total active drilling rigs in the United States fell by 3 this week, according to new data from Baker Hughes published on Friday. The total rig count slid to 750 this week—275 rigs higher than the rig count this time in 2021. Oil rigs in the United States rose by 1 this week to 595. Gas rigs fell by 4 to 153. Miscellaneous rigs stayed the same at 2.
Other Developments
A volatile session characterized EUR/GBP Friday’s price action. Weaker than expected, UK’s factory data lifted the cross-currency. Nevertheless, it began to pare its losses of late after hot Eurozone inflation, alongside languish factory output, was reported, painting a gloomy scenario for the EU.
Gold prices are trimming daily losses as the dollar soars on markets’ prevalent risk aversion. US yields collapse amid fears of a recession.
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