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: 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.