On Friday, U.S. stocks showed resilience closing higher. The Dow Jones Industrial Average rose 369 points (+1.44%) to 26075, the S&P 500 gained 33 points (+1.05%) to 3185, and the Nasdaq 100 Index added 81 points (+0.76%) to 10836, another record close.
S&P 500 Index: Daily Chart
Source: GAIN Capital, TradingView
Banks (+5.49%), Automobiles & Components (+3.39%) and Energy (+3.25%) sectors performed the best. Carnival (CCL +10.84%), Royal Caribbean Cruises (RCL +9.87%), United Airlines (UAL +8.29%), Marathon Petroleum (MPC +8.55%) and Netflix (NFLX +8.07%) were top gainers.
On the technical side, about 39.5% (42.5% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average, and 39.2% (47.9% in the prior session) were trading above their 20-day moving average.
U.S. official data showed that the Producer Price Index fell 0.2% on month in June (+0.4% expected).
European stocks rebounded. The Stoxx Europe 600 Index rose 0.88%. Germany's DAX 30 jumped 1.15%, France's CAC 40 gained 1.01%, and the U.K.'s FTSE 100 was up 0.76%.
The benchmark 10-year Treasury yield settled at 0.633%, up from 0.605% Thursday.
Spot gold price was down for a second session as it declined $4.00 (-0.3%) to $1,798 an ounce.
Oil prices climbed after the Baker Hughes U.S. oil-rig number fell to an 11-year-low of 181. U.S. WTI crude oil futures (August) increased 2.3% to $40.55 a barrel.
On the forex front, the ICE U.S. Dollar Index was broadly flat on day at 96.66. Market sentiment was lifted by Gilead Sciences' positive trial results of remdesivir in the treatment of Covid-19.
EUR/USD gained 0.2% to 1.1300.
GBP/USD edged up 0.1% to 1.2622.
USD/JPY dropped 0.3% to 106.90, the lowest level since June 23.
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.