Asia Morning: Nasdaq 100 Index At Record For Second Day

,

Investors' confidence was also boosted by the Federal Reserve's announcement of widening its Main Street lending program....

Trading floor 2

On Monday, U.S. stocks charged higher as investors' appetite for risky assets was boosted by the surprisingly upbeat May jobs report. Investors' confidence was also boosted by the Federal Reserve's announcement of widening its Main Street lending program.

For a second straight session the Nasdaq 100 marked a fresh record close as it added 77 points (+0.8%) to 9901. The Dow Jones Industrial Average rose 461 points (+1.7%) to 27572, and the S&P 500 gained 38 points (+1.2%) to 3232.
 


Source: GAIN Capital, TradingView


Energy (+4.32%), Consumer Services (+3.1%) and Banks (+2.78%) sectors were market leaders.

Coty (COTY +22.24%), Norwegian Cruise Line (NCLH +19.75%), Macerich Company (MAC +17.65%), Alaska Air (ALK +17.60%), Occidental Petroleum (OXY +17.36%) and Boeing (BA +12.2%) were top gainers.   

On the technical side, about 60.6% (50.6% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average, and 92.7% (91.5% in the prior session) were above their 20-day moving average.

Later today, the National Federation of Independent Business's Small Business Optimism Index (a rise to 92.5 in May expected) and Wholesale Inventories (final reading, +0.4% on month in April expected) will be reported.

European stocks retreated from their recent rally, with the Stoxx Europe 600 Index easing 0.3%. Both Germany's DAX and the U.K.'s FTSE 100 declined 0.2%, and France's CAC was down 0.4%.

The recent sell-off in U.S. Treasuries eased, as the benchmark 10-year Treasury yield declined to 0.883% from 0.903% Friday.

Spot gold price rebounded $16.00 (+1.0%) to $1,697 an ounce.

U.S. WTI crude oil futures (July) retreated from a three-month high losing 3.4% to $38.19 a barrel.

On the forex front, the ICE U.S. Dollar Index fell 0.2% on day to 96.70. The Federal Reserve announced that it will expand its Main Street Lending Program to support small and mid-sized businesses.

EUR/USD edged up 0.1% to 1.1296. Official data showed that German industrial production declined 17.9% on month in April (-16.5% expected).

GBP/USD climbed 0.6% to 1.2734, rising for an eighth straight session. USD/JPY dropped 1.1% to 108.47, halting a four-day rally.


More from Indices

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.