Asian Morning Brief: US Stocks Up Over 1%

On Friday U.S. stocks climbed as investors believed the coronavirus has passed its peak in major economies...

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On Friday U.S. stocks climbed as investors believed the coronavirus has passed its peak in major economies.

The Dow Jones Industrial Average added 260 points (+1.1%) to 23,775, the S&P 500 climbed 38 points (+1.4%) to 2,836, and the Nasdaq 100 rose 145 points (+1.7%) to 8,786.

Source: GAIN Capital, TradingView

Technology Hardware & Equipment (+2.75%), Software & Services (+1.88%) and Consumer Durables & Apparel (+1.86%) sectors led the market.

Freeport-McMoRan (FCX +8.6%), Invesco (IVZ +7.7%), SVB Financial (SIVB +7.6%) and Capital One Financial (COF +6.7%) were among the top gainers. 

On the other hand, Arconic Inc (ARNC -8.8%), Boeing (BA -6.4%), Norwegian Cruise Line (NCLH -5.3%) and General Electric (GE -4.0%) lost the most.

On the technical side, about 20.4% (21.0% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average, and 71.7% (74.5% in the prior session) were above their 20-day moving average.

The U.S. Commerce Department reported that Durable Goods Orders (preliminary reading) fell 14.4% on month March (-12.0% expected). The University of Michigan's Consumer Sentiment Index (final reading) rose to 71.8 in April.

While the number of coronavirus-related deaths dropped, New York State Governor Andrew Cuomo announced plans to reopen the state's economy in phases, starting as soon as May 15.

Meanwhile, governments of France, Italy and Spain also said they are preparing to loosen coronavirus restrictions,

European stocks were broadly lower, with the Stoxx Europe 600 Index falling 1.1%. Germany's DAX fell 1.7%, and both the U.K.'s FTSE 100 and France's CAC were down 1.3%.

U.S. Treasury prices firmed up, pressing the benchmark 10-year U.S. Treasury yield down to 0.594% from 0.609% Thursday.

Spot gold eased to $1,727 an ounce from $1,730 Thursday. 

Oil prices remained on the upside following large-percentage rebounds in prior sessions. U.S. WTI crude oil futures advanced 2.7% to $16.94 a barrel,  and Brent crude oil futures edged up 0.5% to $21.44 a barrel.

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