The weakening US dollar is driving cash flow into commodities, but market sentiment remains mixed as the tax deadline of August 1 approaches.
The global market experienced mixed fluctuations on July 22 as investors were both optimistic about corporate profit data and growth prospects, while also cautious about geopolitical risks and tariffs.
U.S. stocks: S&P 500 hits a peak, Nasdaq adjusts slightly.
The S&P 500 index rose slightly by 0.06% to a new record of 6,309.62 points, marking the 11th highest closing of the year. The Dow Jones added 0.4%, while the Nasdaq fell by 0.39% – the first decline after a series of 6 consecutive gains.
Technology stocks, especially in the chip sector, are under pressure after news that the $500 billion AI project of SoftBank and OpenAI is facing difficulties. Stocks like Broadcom, Nvidia, and TSMC all adjusted. In contrast, the healthcare sector rebounded strongly with stocks like Amgen, IQVIA, and Merck leading the way. The small-cap index Russell 2000 rose by 0.8%, indicating a broadening demand.
Oil prices fell for the third consecutive session.
Concerns about the growth in fuel demand amid trade instability are causing oil prices to continue to decline. Brent crude fell by 0.9% to $68.59 per barrel, while WTI lost 1.47% to $66.21 per barrel.
A weak US dollar helps to somewhat curb the decline as foreign buyers benefit from the exchange rate. However, investor sentiment is influenced by the deadline of August 1 – the new tariff deadline set by the US government. The EU is considering retaliatory measures as negotiations have not made progress.
Gold adjusts slightly due to profit-taking pressure.
The global gold price fell by 0.3% to 3,385.20 USD/oz after hitting a 5-week peak. The previous increase was mainly due to demand for safe-haven assets and a low-interest-rate environment. Investors are currently focused on monitoring the Fed's policy and developments in tariffs.
Industrial metals and reclaimed rubber
Copper prices surged due to expectations of demand from China and strong buying momentum ahead of the tax deadline on August 1. Many cargo ships are accelerating their arrival at U.S. ports to avoid a 50% import tax.
Iron ore reaches a 5-month high, reflecting expectations of a boom in infrastructure investment in China. The 1.2 trillion yuan hydropower project in Tibet is creating speculative waves in the building materials market.
Rubber prices continue to rise in China and Thailand, amid the modernization of the technical rubber industry and concerns about supply chain disruptions due to trade tensions.
Coffee is flat, the market is waiting for new news.
The prices of Arabica and Robusta coffee remain stable on major exchanges. Trading is sluggish as investors wait for clearer signals from policies and the harvest season.
The US dollar weakens, investors monitor trade and the Fed.
The USD Index fell by 0.3%. The yen has risen for two consecutive sessions following the Japanese Senate elections. The euro edged up to 1.1725 USD. Investors are cautious about political risks as Trump warned of imposing a 30% tariff if negotiations with the EU do not yield results before August 1.
The U.S. President announced a historic trade agreement with Japan, which includes a commitment to invest $550 billion in the U.S. and a 15% tax rate. This move puts pressure on Europe ahead of upcoming negotiations.
The Fed keeps interest rates unchanged, closely monitoring policy risks.
The U.S. Treasury Secretary has dismissed the possibility of the Fed Chairman resigning, while reaffirming that the Fed will maintain interest rates this month. Analysts expect the Fed could cut interest rates in October if financial conditions worsen.
IEA: Global LNG boom starting in 2026
IEA forecasts that LNG supply will increase by 7% by 2026 – the highest level since 2019 – thanks to strong production growth in North America and Qatar. This will be a test for global gas demand, especially in Asia.
Source: Vietfutures aggregated
