Asia Morning: U.S. Stocks Back in Positive Territory
Ming Lam November 16, 2020 9:16 AM
Cisco Systems (CSCO) and Applied Materials (AMAT) also advance after reporting quarterly results...
On Friday, U.S. stocks returned to positive territory. The Dow Jones Industrial Average rebounded 399 points (+1.37%) to 29479, the S&P 500 rose 48 points (+1.36%) to 3585, and the Nasdaq 100 was up 110 points (+0.94%) to 11937.
Dow Jones Industrial Average Index (Daily Chart) : Nearing February High
Sources: GAIN Capital, TradingView
Energy (+3.81%), Automobiles & Components (+3.57%) and Consumer Durables & Apparel (+2.36%) sectors led the market higher. Nordstrom (JWN +10.32%), MGM Resorts International (MGM +9.33%) and Marathon Petroleum (MPC +8.24%) were top gainers.
Cisco Systems (CSCO +7.06%) and Applied Materials (AMAT +4.31%) also advanced after reporting quarterly results.
Approximately 82% (85% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average and 80% (85% in the prior session) were trading above their 20-day moving average.
The University of Michigan's Consumer Sentiment Index (preliminary reading) unexpectedly fell to 77.0 in November (82.0 expected).
European stocks closed mixed. The Stoxx Europe 600 was little changed, Germany's DAX gained 0.18%, France's CAC 40 added 0.33%, while the U.K.'s FTSE 100 dropped 0.36%.
The benchmark U.S. 10-year Treasury yield advanced to 0.893% from 0.886% Thursday.
Spot gold gained $11 (+0.59%) to $1,887 an ounce.
U.S. WTI crude futures (December) fell $1.01 (-2.46%) to $40.11 a barrel.
On the forex front, the U.S. dollar saw its weakness resume against other major currencies. The ICE Dollar Index declined 0.22% to 92.75.
EUR/USD was up for second day climbing 0.24% to 1.1834. Official data showed that the eurozone's third-quarter GDP grew 12.6% on quarter (+12.7% expected) but shrank 4.4% on year (-4.3% expected).
GBP/USD rebounded 0.63% to 1.3197 halting a two-day decline. Volatility in the pound's trading is expected to pick up amid on-going Brexit tug-of-war between the U.K. and the European Union.
USD/JPY slipped below the key 105.00 level as it fell 0.48 to 104.62.
AUD/USD rebounded 0.53% to 0.7270.
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.
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.