Asia Morning: U.S. Stocks Mixed, Tech Higher

The tech-heavy Nasdaq 100 Index rebounds before big technology firms report results...

Trading floor 2

On Tuesday, U.S. stocks closed mixed. The Dow Jones Industrial Average fell a further 222 points (-0.80%) to 27463, and the S&P 500 dropped 10 points (-0.30%) to 3390. Meanwhile, the tech-heavy Nasdaq 100 rebounded 94 points (+0.82%) to 11598 before big technology firms report results.


Nasdaq 100 Index (Daily Chart) : Holding Above 11180

Sources: GAIN Capital, TradingView


The While House hinted that a fiscal stimulus deal is unlikely before the November 3 election.

Retailing (+1.16%), Media (+0.84%) and Technology Hardware & Equipment (+0.81%) sectors performed the best, while Banks (-2.73%), Capital Goods (-2.6%) and Automobiles & Components (-2.09%) sectors lagged behind. Harley-Davidson (HOG +22.07%) became the top gainer after its quarterly results beat market expectations.

Semiconductor designer Advanced Micro Devices (AMD -4.07%) said it has agreed to buy Xilinx (XLNX +8.56%) in a $35 billion all-stock deal.

Approximately 70% (75% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average and 42% (68% in the prior session) were trading above their 20-day moving average.

The VIX Index, Wall Street's fear gauge, charged 0.89 point higher (+2.74%) to 33.35.

In after-market hours, Microsoft (MSFT) declined over 1% despite reporting better-than-expected results.

Regarding U.S. economic data, Durable Goods Orders (preliminary reading) jumped 1.9% on month in September (+0.5% expected). The Conference Board Consumer Confidence Index unexpectedly declined to 100.9 in October (102.0 expected).

European stocks remained under pressure. The Stoxx Europe 600 Index fell 0.95%, Germany's DAX 30 lost 0.93%, France's CAC 40 tumbled 1.77%, and the U.K.'s FTSE 100 was down 1.09%.

U.S. Treasury prices extended their rally, as the benchmark 10-year Treasury yield sank further to 0.776%.

Spot gold rose $5 (+0.27%) to $1,907 an ounce.

U.S. WTI crude futures (December) jumped $0.90 (+2.33%) to $39.46 a barrel.

On the forex front, the U.S. dollar held its strength against other major currencies. The ICE Dollar Index edged up to 93.09.

EUR/USD lost the key 1.1800 level as it eased 0.12% to 1.1795, while USD/JPY failed to regain the 105.00 level sliding 0.40% to 104.41.
 
GBP/USD added 0.15% to 1.3044, and AUD/USD edged up to 0.7128 from 0.7123 in the prior session.

USD/CAD retreated 0.21% to 1.3184. Canada's central bank will discuss interest rates later today and is expected to hold its key rate unchanged at 0.25%.

Meanwhile, the Turkish lira hit a record low of 8.2050 against the U.S. dollar, as investors were worried about rising inflation in Turkey.


From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. 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. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.