Asia Morning: Tech Giants Lead U.S. Stock Surge
Ming Lam October 13, 2020 1:45 AM
Amazon.com and Apple close with beefy gains...
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.
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.