Asia Morning July 9
Nasdaq 100 Index: Daily Chart
Source: GAIN Capital, TradingView
Market sentiment was lifted by comments by St. Louis Federal Reserve Bank President James Bullard that U.S. jobless rate would likely decline to 7% by the year-end.
Consumer Durables & Apparel (+1.9%), Technology Hardware & Equipment (+1.85%) and Retailing (+1.74%) sectors performed the best. Amazon.com (AMZN +2.70% to $3,081.11), Apple (AAPL +2.33% to $381.37), and Netflix (NFLX +1.95% to $9.62) all close at record levels. Kohl's (KSS +9.46%) and Twitter (TWTR +7.34%) also gained big.
On the technical side, about 42.5% (45.9% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average, and 43.0% (56.7% in the prior session) were trading above their 20-day moving average.
Due later today are reports on Initial Jobless Claims for the week ended July 4 (a decline to 1.375 million expected) and Wholesale Inventories for May (final reading of -1.2% on month expected).
European stocks remained under pressure. The Stoxx Europe 600 Index fell 0.67%. Germany's DAX 30 dropped 0.97%, France's CAC 40 lost 1.24%, and the U.K.'s FTSE 100 was down 0.55%.
The benchmark 10-year Treasury yield climbed to 0.664% from 0.652% Tuesday.
Spot gold price advanced $13.00 (+0.8%) to $1,808 an ounce, the highest close since September 2011 and posting a five-session rally.
U.S. WTI crude oil futures (August) gained 0.7% to $40.90 a barrel. Meanwhile, the Energy Information Administration reported a build of 5.7 million barrels in crude-oil stockpiles last week, in contrast to expectations of a reduction of 3.1 million barrels.
On the forex front, the U.S. dollar weakened against its major peers, with the ICE Dollar Index dropping 0.5% on day to 96.48.
EUR/USD advanced 0.6% to 1.1336. European Central Bank Vice President Luis de Guindos said "the outlook is a little bit brighter than it was only two months ago" and there might be more optimism regarding the recovery in the third and fourth quarter.
GBP/USD rose 0.6% to 1.2613, posting a three-day rally.
USD/JPY fell 0.2% to 107.29. This morning, official data showed that Japan's core machine orders grew 1.7% on month in May (-5.0% expected).
The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.
Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account.
FOREX.com is a trading name of GAIN Global Markets Inc. which is authorized and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands (as revised) with License number 25033.
FOREX.com may, from time to time, offer payment processing services with respect to card deposits through StoneX Financial Ltd, Moor House First Floor, 120 London Wall, London, EC2Y 5ET.
GAIN Global Markets Inc. has its principal place of business at 30 Independence Blvd, Suite 300 (3rd floor), Warren, NJ 07059, USA., and is a wholly-owned subsidiary of StoneX Group Inc.
© FOREX.COM 2024