【Market Evening】 Oil prices plummet and S&P ends seven consecutive rises.

Gold prices rose slightly

Gold futures prices rose slightly, staying above US$1,800, setting a three-month high on the previous trading day, partly due to the weakening of the US dollar. At the same time, the market is waiting for the minutes of the Federal Reserve meeting to be announced later today, looking for clues on monetary policy trends.

The U.S. dollar index, which is usually negatively correlated with gold prices, fell slightly. It fell below the 92 mark yesterday, but it is still close to the three-month high hit last week. At the same time, the benchmark U.S. bond yield, the U.S. 10-year Treasury bond yield, fell to a four-month low.

Later today, the Fed will announce the minutes of the June monetary policy meeting, which may have clues to the Fed's future monetary policy trends. At the meeting, the Fed's stance turned to hawks. The dot matrix chart showed that the time for the first interest rate hike was advanced from 2024 to 2023, and some policymakers even expected to raise interest rates as early as 2022.

Lower oil prices

The dispute between Saudi Arabia and the UAE has caused market concerns that the two countries may abandon quota restrictions and increase supply. At the same time, the rebound of the dollar across the board has stimulated widespread selling in the bulk commodity market and also exerted downward pressure on oil prices. As of the US close, August WTI crude oil futures closed down 2.65 US dollars, or 3.48%, to 73.56 US dollars per barrel, reaching a maximum of 76.96 US dollars per barrel and a lowest falling to 72.93 US dollars per barrel; Brent crude oil futures closed down 2.23 The US dollar, or 2.89%, was quoted at 74.91 US dollars per barrel. The highest intraday hit 77.79 US dollars per barrel and the lowest fell to 74.10 US dollars per barrel.

U.S. stocks were mixed

On Tuesday, US time, the three major US stock indexes were mixed. Affected by financial stocks and energy stocks, the S&P 500 Index ended its seventh consecutive year. However, the performance of technology stocks was slightly firmer, and the Nasdaq index closed slightly higher and set a new record.

The Dow Jones Industrial Average closed down 0.60% to 34577.37 points; the US Standard & Poor's 500 Index fell 0.20% to 4343.54 points; the Nasdaq Composite Index rose 0.17% to 14663.64 points.

US S&P 500 index futures fell 0.11% to 4,329.38 points; Dow Jones 30 index futures fell 0.13% to 34,415 points; Nasdaq 100 index futures fell 0.08% to 14,764 points.

USD minor consolidation

In the European market in early trading, the US dollar index futures consolidated slightly, not far from the three-month high hit last week. The market is waiting for the minutes of the Federal Reserve meeting to be announced later today to find clues about future monetary policy trends.

On Tuesday, due to the sharp drop in oil prices, China issued an unprecedented level of securities market regulatory guidelines, and the weak ISM non-manufacturing PMI in the United States triggered safe-haven buying in the US dollar.

However, the current market focus has shifted to the minutes of the Fed's June monetary policy meeting. At the meeting, the Fed's stance turned to hawks. The dot matrix chart showed that the time for the first interest rate hike was advanced from 2024 to 2023, and some policymakers even expected to raise interest rates as early as 2022.

However, in view of the weak ISM non-manufacturing PMI announced yesterday, the market has become more cautious about tightening policy ahead of schedule.

As of 17:28 Hong Kong time (05:28 am Eastern Time), the US dollar index futures were flat at 92.540.

The dollar/yen rose 0.15% to 110.77. The euro/dollar was flat at 1.1822. GBP/USD rose 0.02% to 1.3802. AUD/USD, which is highly sensitive to risk appetite, rose 0.13% to 0.7507.