Asia Morning: Tech Giants Lead U.S. Stock Surge

Amazon.com and Apple close with beefy gains...

Trading floor 2

On Monday, U.S. stocks charged higher, led by technology shares. The Nasdaq 100 surged 362 points (+3.09%) to 12088, the Dow Jones Industrial Average rose 250 points (+0.88%) to 28837, and the S&P 500 gained 57 points (+1.64%) to 3534.

Nasdaq 100 Index (Daily Chart): Rebound Continues

Sources: GAIN Capital, TradingView


Tech giants Amazon.com (AMZN +4.75%) and Apple (AAPL +6.35%) closed with beefy gains. On Tuesday, Amazon will start its "Prime Day" annual two-day sale event, and Apple is said to unveil a new 5G-enabled iPhone at a California event.

Meanwhile, Technology Hardware & Equipment (+5.3%), Retailing (+2.88%) and Media (+2.87%) were the best-performing sectors.

European stocks were mixed. The Stoxx Europe 600 Index gained 0.72%, Germany's DAX 30 rose 0.67% and France's CAC 40 climbed 0.66%, while the U.K.'s FTSE 100 declined 0.25%.

Spot gold price declined $7 (-0.37%) to $1,923 an ounce.

U.S. WTI crude futures (November) fell $1.03 (-2.54%) to $39.57 a barrel. Impacts from Hurricane Delta in the Gulf of Mexico and an oil-worker strike in Norway were fading away.

The U.S. bond market was closed on Monday for Columbus Day.

On the forex front, the U.S. dollar still lacked upward momentum for a rebound. The ICE Dollar Index was little changed at 93.04.

EUR/USD eased 0.15% to 1.1812, while GBP/USD edged up 0.13% to 1.3064 extending its winning streak to a fourth session.

USD/JPY sank 0.27% to 105.33. Official data showed that Japan's Producer Prices dropped 0.8% on year in September (-0.5% expected). Machine Tool Orders plunged 15.0% on year in September (-23.2% in August). 

AUD/USD fell 0.43% to 0.7208 halting a three-day rally. Later today, China will report September Exports (+10.0% on year expected).

USD/CAD edged down 0.05% to 1.3114 posting a four-session decline.

The Chinese yuan (offshore) weakened against the U.S. dollar after China's central bank announced a rule change that made it cheaper to short the yuan. USD/CNH rebounded 0.87% to 6.7446.

More from Commodities

Disclaimer: GAIN Capital UK Limited (trading as "Forex.com") is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, Forex.com does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by Forex.com or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although Forex.com is not specifically prevented from dealing before providing this material, Forex.com does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.