Asia Morning: U.S. Stocks, Gold Seem Unstoppable

Tech stocks help to push the Nasdaq 100 Index to a fresh record close...

Trading floor 2

On Thursday, U.S. stocks charged higher, as tech stocks help to push the Nasdaq 100 Index (+141 points or 1.24%) to a fresh record close of 11267. The Dow Jones Industrial Average gained 185 points (+0.68%) to 27387, and the S&P 500 rose 21 points (+0.64%) to 3349.


Nasdaq 100 Index: Daily Chart


Source: GAIN Capital, TradingView


Media (+2.89%), Technology Hardware & Equipment (+2.74%) and Consumer Services (+1.75%) sectors gained the most. MGM Resorts (MGM +10.41%), Sealed Air (SEE +8.76%), Wynn Resorts (WYNN +7.42%) and Facebook (FB +6.49%) were among the top gainers. Apple (AAPL +3.49%) closed at an all-time high of $455.61 becoming the first company to have a market capitalization of 2 trillion dollars.

Regarding U.S. economic data, Initial Jobless Claims fell to 1.19 million last week (1.40 million expected), the lowest level since March.

Due later today is the U.S. official July Jobs Report (an addition of 1.48 million non-farm payrolls, a drop in jobless rate to 10.6% expected).

European stocks returned to the downside. The Stoxx Europe 600 Index dropped 0.73%, Germany's DAX 30 lost 0.54%, France's CAC 40 sank 0.98%, and the U.K.'s FTSE 100 shed 1.27%.

The benchmark U.S. 10-year Treasury yield declined to 0.535% from 0.549% Wednesday.

Spot gold price extended its power rally to a fifth session climbing $28.00 (+1.38%) to $2,066 an ounce. Meanwhile, spot silver price surged 7.3% to $28.91 an ounce.

U.S. WTI crude oil futures (September) fell 0.6% to $41.95 a barrel.

On the forex front, the U.S. dollar was little changed at close with the ICE U.S. Dollar Index staying at 92.77.

EUR/USD was up for a third session edging higher to 1.1876. German's Factory Orders jumped 27.9% on month in June, much better than +10.1% expected. 

GBP/USD gained 0.2% to 1.3142. As expected, the Bank of England kept unchanged its key interest rate at 0.100% and its asset purchase program at 745 billion pounds.

USD/JPY was little changed at 105.55.

AUD/USD advanced 0.6% to 0.7235 extending its rally to a third day. China's government will report July Trade Balance ($42.60 billion surplus, Exports -0.6% on year expected).

USD/CAD regained the key level of 1.3300 halting a four-day decline.


More from Commodities

Disclaimer: 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 and commodity futures, 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 GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.