Asia Morning June 25
On Wednesday, U.S. stocks lost over 2% as investors' confidence in the economic recovery was shaken by resurging coronavirus cases...
Share this:
On Wednesday, U.S. stocks lost over 2% as investors' confidence in the economic recovery was shaken by resurging coronavirus cases. The U.S. recorded a one-day total of more than 36,000 new cases, the highest level since late April. California, Florida and Oklahoma reported record highs in new cases.
The Dow Jones Industrial Average tumbled 710 points (-2.7%) to 25445, the S&P 500 lost 81 points (-2.6%) to 3050, and the Nasdaq 100 was down 207 points (-2.0%) to 10002.
Energy (-5.54%), Automobiles & Components (-4.17%) and Banks (-4.12%) sectors lost the most.
Energy stocks such as Halliburton (HAL -8.77%) and Occidental Petroleum (OXY -9.04%) declined as oil prices plunged. Cruise companies such as Norwegian Cruise Line (NCLH -12.37%) and Royal Caribbean Cruises (RCL -11.26%) lost big. Boeing (BA -5.96%) also weighed down major indexes.
On the technical side, about 43.1% (42.3% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average, and 35.3% (36.3% in the prior session) were trading above their 20-day moving average.
Later today, first-quarter GDP growth (third reading, -5.0% on quarter annualized expected), Initial Jobless Claims (a fall to 1.335 million expected) and Durable Goods Orders (May preliminary reading, +10.1% on month expected) will be reported.
European stocks were heavy on Wednesday, with the Stoxx Europe 600 Index sank 2.8%. Germany's DAX fell 3.4%, France's CAC dropped 2.9%, and the U.K.'s FTSE 100 was down 3.1%.
U.S. government bond prices increased, as the benchmark 10-year Treasury yield declined to 0.683% from 0.712% Tuesday.
Spot gold price retreated $7.00 (-0.4%) to $1,761 an ounce halting a three-session rally.
Oil prices were dragged by worries over new coronavirus cases impeding demand recovery. They came under more pressure after the Energy Information Administration reported that crude oil stockpiles increased 1.4 million barrels to another record high level last week. U.S. WTI crude oil futures (July) slid 5.8% to $38.01 a barrel.
On the forex front, the ICE U.S. Dollar Index gained 0.6% on day to 97.21, as safe-haven demand was lifted by a resurgence in coronavirus infections across the U.S..
EUR/USD retreated 0.5% to 1.1250. The German IFO Business Climate Index climbed to 86.2 in June (85.0 expected) from 79.7 in May and Expectations Index rose to 91.4 (87.0 expected) from 80.5.
GBP/USD sank 0.9% to 1.2413.
USD/JPY bounced 0.5% to 107.06.
USD/CAD advanced 0.7% to 1.3643. Canada's credit rating was downgraded to "AA+" from "AAA" at Fitch, outlook "Stable". The rating agency said "the rating downgrade reflects the deterioration of Canada's public finances in 2020 resulting from the coronavirus pandemic".
The Dow Jones Industrial Average tumbled 710 points (-2.7%) to 25445, the S&P 500 lost 81 points (-2.6%) to 3050, and the Nasdaq 100 was down 207 points (-2.0%) to 10002.
Dow Jones Industrial Average: Daily Chart
Source: GAIN Capital, TradingView
Energy (-5.54%), Automobiles & Components (-4.17%) and Banks (-4.12%) sectors lost the most.
Energy stocks such as Halliburton (HAL -8.77%) and Occidental Petroleum (OXY -9.04%) declined as oil prices plunged. Cruise companies such as Norwegian Cruise Line (NCLH -12.37%) and Royal Caribbean Cruises (RCL -11.26%) lost big. Boeing (BA -5.96%) also weighed down major indexes.
On the technical side, about 43.1% (42.3% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average, and 35.3% (36.3% in the prior session) were trading above their 20-day moving average.
Later today, first-quarter GDP growth (third reading, -5.0% on quarter annualized expected), Initial Jobless Claims (a fall to 1.335 million expected) and Durable Goods Orders (May preliminary reading, +10.1% on month expected) will be reported.
European stocks were heavy on Wednesday, with the Stoxx Europe 600 Index sank 2.8%. Germany's DAX fell 3.4%, France's CAC dropped 2.9%, and the U.K.'s FTSE 100 was down 3.1%.
U.S. government bond prices increased, as the benchmark 10-year Treasury yield declined to 0.683% from 0.712% Tuesday.
Spot gold price retreated $7.00 (-0.4%) to $1,761 an ounce halting a three-session rally.
Oil prices were dragged by worries over new coronavirus cases impeding demand recovery. They came under more pressure after the Energy Information Administration reported that crude oil stockpiles increased 1.4 million barrels to another record high level last week. U.S. WTI crude oil futures (July) slid 5.8% to $38.01 a barrel.
On the forex front, the ICE U.S. Dollar Index gained 0.6% on day to 97.21, as safe-haven demand was lifted by a resurgence in coronavirus infections across the U.S..
EUR/USD retreated 0.5% to 1.1250. The German IFO Business Climate Index climbed to 86.2 in June (85.0 expected) from 79.7 in May and Expectations Index rose to 91.4 (87.0 expected) from 80.5.
GBP/USD sank 0.9% to 1.2413.
USD/JPY bounced 0.5% to 107.06.
USD/CAD advanced 0.7% to 1.3643. Canada's credit rating was downgraded to "AA+" from "AAA" at Fitch, outlook "Stable". The rating agency said "the rating downgrade reflects the deterioration of Canada's public finances in 2020 resulting from the coronavirus pandemic".
On Wednesday, U.S. stocks lost over 2% as investors' confidence in the economic recovery was shaken by resurging coronavirus cases. The U.S. recorded a one-day total of more than 36,000 new cases, the highest level since late April. California, Florida and Oklahoma reported record highs in new cases.
The Dow Jones Industrial Average tumbled 710 points (-2.7%) to 25445, the S&P 500 lost 81 points (-2.6%) to 3050, and the Nasdaq 100 was down 207 points (-2.0%) to 10002.
Energy (-5.54%), Automobiles & Components (-4.17%) and Banks (-4.12%) sectors lost the most.
Energy stocks such as Halliburton (HAL -8.77%) and Occidental Petroleum (OXY -9.04%) declined as oil prices plunged. Cruise companies such as Norwegian Cruise Line (NCLH -12.37%) and Royal Caribbean Cruises (RCL -11.26%) lost big. Boeing (BA -5.96%) also weighed down major indexes.
On the technical side, about 43.1% (42.3% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average, and 35.3% (36.3% in the prior session) were trading above their 20-day moving average.
Later today, first-quarter GDP growth (third reading, -5.0% on quarter annualized expected), Initial Jobless Claims (a fall to 1.335 million expected) and Durable Goods Orders (May preliminary reading, +10.1% on month expected) will be reported.
European stocks were heavy on Wednesday, with the Stoxx Europe 600 Index sank 2.8%. Germany's DAX fell 3.4%, France's CAC dropped 2.9%, and the U.K.'s FTSE 100 was down 3.1%.
U.S. government bond prices increased, as the benchmark 10-year Treasury yield declined to 0.683% from 0.712% Tuesday.
Spot gold price retreated $7.00 (-0.4%) to $1,761 an ounce halting a three-session rally.
Oil prices were dragged by worries over new coronavirus cases impeding demand recovery. They came under more pressure after the Energy Information Administration reported that crude oil stockpiles increased 1.4 million barrels to another record high level last week. U.S. WTI crude oil futures (July) slid 5.8% to $38.01 a barrel.
On the forex front, the ICE U.S. Dollar Index gained 0.6% on day to 97.21, as safe-haven demand was lifted by a resurgence in coronavirus infections across the U.S..
EUR/USD retreated 0.5% to 1.1250. The German IFO Business Climate Index climbed to 86.2 in June (85.0 expected) from 79.7 in May and Expectations Index rose to 91.4 (87.0 expected) from 80.5.
GBP/USD sank 0.9% to 1.2413.
USD/JPY bounced 0.5% to 107.06.
USD/CAD advanced 0.7% to 1.3643. Canada's credit rating was downgraded to "AA+" from "AAA" at Fitch, outlook "Stable". The rating agency said "the rating downgrade reflects the deterioration of Canada's public finances in 2020 resulting from the coronavirus pandemic".
The Dow Jones Industrial Average tumbled 710 points (-2.7%) to 25445, the S&P 500 lost 81 points (-2.6%) to 3050, and the Nasdaq 100 was down 207 points (-2.0%) to 10002.
Dow Jones Industrial Average: Daily Chart
Source: GAIN Capital, TradingView
Energy (-5.54%), Automobiles & Components (-4.17%) and Banks (-4.12%) sectors lost the most.
Energy stocks such as Halliburton (HAL -8.77%) and Occidental Petroleum (OXY -9.04%) declined as oil prices plunged. Cruise companies such as Norwegian Cruise Line (NCLH -12.37%) and Royal Caribbean Cruises (RCL -11.26%) lost big. Boeing (BA -5.96%) also weighed down major indexes.
On the technical side, about 43.1% (42.3% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average, and 35.3% (36.3% in the prior session) were trading above their 20-day moving average.
Later today, first-quarter GDP growth (third reading, -5.0% on quarter annualized expected), Initial Jobless Claims (a fall to 1.335 million expected) and Durable Goods Orders (May preliminary reading, +10.1% on month expected) will be reported.
European stocks were heavy on Wednesday, with the Stoxx Europe 600 Index sank 2.8%. Germany's DAX fell 3.4%, France's CAC dropped 2.9%, and the U.K.'s FTSE 100 was down 3.1%.
U.S. government bond prices increased, as the benchmark 10-year Treasury yield declined to 0.683% from 0.712% Tuesday.
Spot gold price retreated $7.00 (-0.4%) to $1,761 an ounce halting a three-session rally.
Oil prices were dragged by worries over new coronavirus cases impeding demand recovery. They came under more pressure after the Energy Information Administration reported that crude oil stockpiles increased 1.4 million barrels to another record high level last week. U.S. WTI crude oil futures (July) slid 5.8% to $38.01 a barrel.
On the forex front, the ICE U.S. Dollar Index gained 0.6% on day to 97.21, as safe-haven demand was lifted by a resurgence in coronavirus infections across the U.S..
EUR/USD retreated 0.5% to 1.1250. The German IFO Business Climate Index climbed to 86.2 in June (85.0 expected) from 79.7 in May and Expectations Index rose to 91.4 (87.0 expected) from 80.5.
GBP/USD sank 0.9% to 1.2413.
USD/JPY bounced 0.5% to 107.06.
USD/CAD advanced 0.7% to 1.3643. Canada's credit rating was downgraded to "AA+" from "AAA" at Fitch, outlook "Stable". The rating agency said "the rating downgrade reflects the deterioration of Canada's public finances in 2020 resulting from the coronavirus pandemic".
Related tags:
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
Canadian Dollar Analysis: USD/CAD Returns to July Highs Ahead of NFP
The Canadian dollar continues to face one of its most challenging environments in recent months when it comes to maintaining strength against the U.S. dollar. The weakness of the Canadian currency is clearly reflected in USD/CAD, which has now recorded nine consecutive bullish sessions and gained more than 1.7% during that period.
Gold Price Forecast: XAU/USD Plunges 12.4% Toward Critical Support 10 1 2026
Softer inflation has revived expectations for a Fed pause, but Friday’s payrolls could put gold’s recovery prospects to the test.
US Dollar Technical Outlook: DXY Bulls Meet Resistance at Yearly Highs 10 1 2026
The U.S. Dollar has held firm despite fading Fed hike bets, but Friday’s payrolls could test the rally’s staying power.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.