Wednesday, June 3rd saw a negative session on Western stock markets. The uncertainty surrounding the negotiations between the US and Iran continues to weigh heavily. It's become a veritable roller coaster: one day peace seems imminent, the next, tensions rise again, fueled by Israel's ongoing attacks on Lebanon. This geopolitical schizophrenia is impacting European and American financial markets. Milan -1%, Paris -0,7%, London -0,3%, Frankfurt -1,2%, Dow Jones -0,7%, S&P 500 -0,4%, Nasdaq Composite Index -0,65%In this scenario, the US dollar strengthens against the euro, bringing the exchange rate to the low 1,16.
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Nvidia falls on the Nasdaq, but the AI rally continues with emerging stocks: Marvell and Sandisk soar today.
After a series of positive sessions and new records, today the Nasdaq Composite Index is travelling in negative territory, weighed down among other things by the collapse of Nvidia -3%, Palantir -4,5%, PayPal -4%The worst performing stock is Global Payments -11%, while among the best performing stocks are those linked to Artificial Intelligence but which do not belong (for now) to the traditional big tech club: Marvell +6%Sandisk +5%, Intel +4,5%, AMD +4%. Meta +3,3% and Tesla +1,75% also performed well today. The year's best-performing stock, Micron, continued to edge higher, though only by 0,4% today. Amazon (-2%) and Microsoft (-3%) both suffered heavy losses. Another negative session for the Bitcoin falls to two-month lows about $66.000.
Commodities: Oil prices rise but remain below $100 a barrel
Tensions in the Middle East are boosting the price of oil today, which is rising by around 2% for both Brent and WTI Crude Oil: today the former is quoted at 97,5 dollars a barrel, the latter at 95,5 dollars a barrel, after EIA data showed the sixth consecutive weekly decline in U.S. crude inventoriesInventories fell by 7,97 million barrels last week, the largest decline since February and well above expectations for a 4 million-barrel decline. European natural gas also returned to near 50 euros per megawatt-hour, gaining 2,5% on the Amsterdam Stock Exchange to around 49 euros. Gold and silver lost ground: the former fell below $4.450 an ounce, while the latter traded at around $73 an ounce. Also noteworthy today is the collapse of lithium, platinum and palladium, with losses between 2% and 3%.
Piazza Affari falls in the red, but energy stocks rise. The BTP-Bund spread rises.
Milan closed in negative territory but held onto the 50.000 point mark, limiting the damage thanks to Diasorin (up 2,2%) and energy stocks: Terna (up 1,7%), Eni (up 1,3%), and Snam (up 1,3%). The worst performers of the day were Stellantis (down 4%), Amplifon (down 3,2%), and Leonardo (down 2,8%). Banks in the red, including Unicredit -1,9% in the days in which it is Commerzbank rises over 50%Mediobanca -2,4%, MPS -2,1%. Outside the main basket, the day's gain was Ucapital24 +24%, while the flop was industrial stock Ondas, which fell almost 14%. The BTP-Bund spread is still largely under control but is now rising to 75 basis points (+4%)., with the yield on the 10-year Italian BTP reported at around 3,8%.
