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As European traders head for the exits, the S&P index has given up their gains. The Dow industrial average is also negative on the day. The NASDAQ index is holding onto modest gains but well off the highs.

Looking at the S&P index, it traded as high as 38 point to a point before rotating back to the downside. The low price has seen the index declined by -8.72 points. The current price is down -4.77 points or -0.07% at 6666.56.

The Dow industrial average was also higher by as much as 169.03 points. It is currently down -36 points or -0.09% after reaching a low at -75.30 points.

The NASDAQ index is still holding onto small gains of 15 points or 0.06%. However it was as high as 216.79 point at session highs.

In the European markets today, major indices closed higher:

• German DAX, +0.38%
• France’s CAC, +1.38%
• UK’s FTSE 100, +0.12%
• Spain’s Ibex, +0.48%
• Italy’s FTSE MIB +1.12%.

In the US debt market, yields are lower:

• 2 year yield 3.476%, -3.2 basis points
• 5 year yield 3.602%, -2.8 basis points.
• 10 year yield 4.018%, -2.7 basis points
• 30 year yield 4.615%, -2.3 basis points

This article was written by Greg Michalowski at investinglive.com.

• Prior was +3715K
• Gasoline -267K vs -75K expected
• Distillates -4259K vs -294K expected

API inventory data from late yesterday:

• Crude +7.36 million
• Gasoline +2.99 million
• Distillates -4.79 million

I take this as modestly bullish for crude on that big distillate draw. Yes, the crude number was negative but not as bad as API.

This article was written by Adam Button at investinglive.com.

The EURUSD began the U.S. session near the day’s lows and the 100-day moving average at 1.16455. When that level was tested, buyers leaned against it, halting the decline and flipping the short-term bias higher. Momentum picked up, lifting the pair to a new session high above the Asian-Pacific peak at 1.16746, though it fell short of the October 7 swing high at 1.16804. The 38.2% retracement of the September decline sits just above at 1.1685, reinforcing that area as a key topside barrier.

Since then, the pair has eased back, currently trading near 1.1667.

So what’s next?

With the pair breaking and holding above the 100-day MA, the near-term bias tilts in favor of buyers. Still, a sustained move above 1.1680-1.1685 is needed to confirm a shift in broader sentiment and open the door to further upside momentum.

On the downside, watch 1.16596 — the upper edge of the prior swing area — as immediate support. If that level holds on a dip, it would signal buyer confidence and could lead to another push toward 1.1685 and beyond.

This article was written by Greg Michalowski at investinglive.com.

Beijing last week announced sweeping controls on rare earths ahead of an expected meeting between President Donald Trump and President Xi Jinping.

The partnership comes less than a month after Spotify said it cracked down on AI-generated music.

The Investing Club holds its “Morning Meeting” every weekday at 10:20 a.m. ET.

President Donald Trump this week said that he is considering sending Tomahawk missiles to Ukraine to ratchet up pressure on Russia to end the war.

Democrats and Republicans in Congress remain divided over the question of whether a bill to end the shutdown should extend enhanced Obamacare tax credits.

United States 4-Week Bill Auction remains unchanged at 4.03%

Carney was at the White House last Tuesday and there was hope for something a bit more concrete by now.

Canada is mainly aiming to lower steel and aluminum tariffs but there is also the talk of a revival of the Keystone XL pipeline, something that’s in the news again today.

The owner of the pipeline project is now South Bow, after a spinoff from TC Energy. It could stand to benefit from a revival.

I spoke with Reuters about the US-Canada trade negotiations yesterday:

“The market for CAD is pricing in some kind of deal but the contours of
that are impossible to estimate,” said Adam Button, chief currency
analyst at investingLive. “There’s a lot riding on this … this is the
dress rehearsal for the big negotiation.”

That’s referring to USMCA, which will be reopened in July.

Also of note from Carney:

• We are restarting a broad engagement with China
• Expects to meet the senior Chinese leadership in the coming month

This article was written by Adam Button at investinglive.com.