Asia Morning: U.S. Tech Stocks Lead Market

,

On Monday, the Nasdaq 100 Index charged 124 points higher to a fresh record close...

Trading floor 2

On Monday, the Nasdaq 100 Index charged 124 points (+1.11%) higher to a fresh record close of 11288. The S&P 500 added 9 points (+0.27%) to 3382, just below its record close of 3386 seen in February. The Dow Jones Industrial Average fell 86 points (-0.31%) to 27844.


Nasdaq 100 Index: Daily Chart


Source: GAIN Capital, TradingView


Automobiles & Components (+2.51%), Semiconductors & Semiconductor Equipment (+1.68%) and Retailing (+1.43%) sectors performed the best, while Bank (-2.39%), Insurance (-1.42%) and Diversified Financials (-0.92%) sectors were laggards.

Barrick Gold (GOLD +11.63%) jumped after a public filing revealed that Warren Buffett's Berkshire Hathaway had taken a new stake in the gold miner, 

Shares of cancer drug developer Principia Biopharma (PRNB +9.38%) rose after French drugmaker Sanofi agreed to buy it for $100 per share. 

On the other hand, American Airlines Group (AAL -5.33%), Carnival Corp (CCL -5.11%) and Occidental Petroleum (OXY -4.99%) were top losers.

Approximately 62.6% of stocks in the S&P 500 Index were trading above their 200-day moving average and 76.8% were trading above their 20-day moving average. 

Regarding U.S. economic data, the Empire Manufacturing Index posted 3.7 in August, compared to 15.0 expected and 17.2 in July. 

Housing Starts for July (annualized rate rising to 1.240 million units expected) will be reported later today.

European stocks closed higher. The Stoxx Europe 600 Index gained 0.32%, Germany's DAX 30 added 0.15%, France's CAC 40 climbed 0.18%, and the U.K.'s FTSE 100 rose 0.61%.

U.S. government bond prices traded higher, as the benchmark 10-year Treasury yield eased further to 0.682%.

Spot gold price jumped $40.00 (+2.08%) to $1,985 an ounce, and spot silver price surged 3.96% to $27.49 an ounce.

U.S. WTI crude oil futures (September) advanced 2.1% to $42.89 a barrel. Reports showed that major oil producers from the OPEC-plus group stuck to their agreed emergency production cuts in July.

On the forex front, the ICE U.S. Dollar Index slid 0.3% on day to 92.82, down for a fourth straight session.

EUR/USD rose 0.3% to 1.1873, posting a four-day rally.

GBP/USD gained 0.2% to 1.3104. It is reported that the British government is hopeful of a post-Brexit trade deal with European Union next month, as the two sides entered their seventh round of negotiations.

USD/JPY dropped 0.5% to 106.04. 

Commodity-linked currencies were broadly higher against the greenback. AUD/USD advanced 0.6% to 0.7214 and NZD/USD was up 0.3% to 0.6554, while USD/CAD lost 0.3% to 1.3225.


More from Commodities

Disclaimer

This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit cityindex.com.sg for the complete Risk Disclosure Statement.

Important Notice:

Cryptocurrencies are not legal tender currency and trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they do not have protection under the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks.