S&P 500 ended above 3,400
Early today the U.S. stock futures extended their profits following an additional record session during their regular trading. S&P 500 and Nasdaq 100 futures exchanged in a positive area after the Dow Jones Industrial Average futures traded more expensively by 156 points.
During normal trading, the S&P 500 rose 1% and finished over 3,400 for the first time. The mobile maker Apple likewise scored an all-time top, guiding other technology companies up, while airline and cruise stocks rose due to a positive outlook regarding the coronavirus. The chief of investment research at Nationwide Mark Hackett said, “Equity investors continue to express cautious optimism on the direction of the economy and progress with the virus,” and added, “Investor sentiment has shifted, with substantial optimism now embedded into the equity markets, driving valuations to the highest level since the technology bubble.” That confidence appears while the number of recently affirmed coronavirus cases in the U.S. has fallen. Data collected by Johns Hopkins University revealed that new cases dropped to below 37,000 and have been under 50,000 since 15 of August.
Oil mixed while Covid-19 cases increase
Today Crude oil prices were mixed while investors seem to turn their focus on the huge production reduction in the U.S. Gulf Coast due to the Tropical Storms Marco and Laura and increasing coronavirus infections in Asia and Europe. Brent crude oil futures increased 5 cents, to $45.18 a barrel while U.S. West Texas Intermediate crude fell 9 cents, at $42.53 a barrel.
Greenback lost some ground
The greenback moved lower early today while Asia’s sector seems to be increasing following the United States and China both praised a phone call between their top trade executives and consider that action as a success. This reassured investors’ confidence that even while diplomatic relations between the two countries fell, the trade link may continue to be strong. The news boosted the Australian dollar 0.2% to $0.7172 and pushed the Chinese yuan up to 6.9007.
Gold gained momentum
Gold looked stronger early today while the greenback fell, with investors anticipating U.S. Federal Reserve Chairman Jerome Powell’s address later this week. A rally also in equity markets restricted gold’s rise.
Spot gold got 0.2% to $1,935.88 per ounce while U.S. gold futures advanced 0.1% at $1,941.60.
The above content is considered to be market commentary information and shall not be perceived as independent investment research or investment advice.