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  3. US markets end mostly higher on Wednesday

US markets end mostly higher on Wednesday

08 Aug 2019 Evaluate

The US markets ended mostly higher on Wednesday on inspiring traders to pick up stocks at reduced levels as treasury yields rebounded from an early move to the downside. However, upside remained capped as the escalating US-China trade war and investors paying close attention to daily developments on the currency front. The People's Bank of China set the midpoint for onshore yuan trading at 6.9996 per dollar, slightly stronger than the key 7.00 per dollar level but 0.4% weaker than 6.9683 on Tuesday. Besides, traders were also digesting aggressive interest rate cuts by central banks in India, New Zealand and Thailand amid concerns about the global impact of the US-China trade war.  Citing the overseas rate cuts, President Donald Trump claimed that the problem is not China but rather a Federal Reserve that is too proud to admit their mistake of acting too fast and tightening too much ‘and that I was right’.

On the economic front, with a slight drop in revolving credit partly offsetting a notable increase in non-revolving credit, the Federal Reserve released a report showing US consumer credit rose by less than expected in the month of June. The Fed said consumer credit rose by $14.6 billion in June after climbing by an upwardly revised $17.8 billion in May. Street had expected consumer credit to increase by $16.0 billion compared to the $17.1 billion jump originally reported for the previous month. Non-revolving credit, such as student loans and car loans, shot up by $14.7 billion in June after rising by $10.3 billion in May. Meanwhile, the report said revolving credit, which largely reflects credit card debt, edged down by $0.1 billion in June after increasing by $7.5 billion in the previous month. Compared to the same month a year ago, consumer credit in June was up by 4.3%, as non-revolving credit jumped by 5.8% but revolving credit dipped by 0.1%.

Nasdaq gained 29.56 points or 0.38 percent to 7862.83 and S&P 500 was up by 2.21 points or 0.08 percent to 2883.98, while Dow Jones Industrial Average declined 22.45 points or 0.09 percent to 26007.07.

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