Asia Morning: U.S. Stocks Keep Upward Momentum

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The S&P 500 and the Nasdaq 100 charge to fresh record closes...

Trading floor 2

On Monday, U.S. stocks kept their upward momentum, as both the S&P 500 (+34 points or 1.00% to 3431) and the Nasdaq 100 (+71 points or 0.61% to 11626) charged to fresh record closes. The Dow Jones Industrial Average gained 378 points (+1.35%) to 28308.


Nasdaq 100 Index: Daily Chart


Sources: GAIN Capital, TradingView


Investors were encouraged by an emergency authorization on Sunday by President Donald Trump to use convalescent plasma to treat COVID-19 patients. Trump was formally nominated on Monday for a second term in the White House in the Republican National Convention

Automobiles & Components (+4.37%), Banks (+3.3%) and Energy (+2.75%) sectors performed the best. American Airlines (AAL +10.53%), Carnival (CCL +10.17%), United Airlines (UAL +9.93%) and Delta Air Lines (DAL +9.28%) were top gainers. 

Apple (AAPL +1.20%) closed at a record high of $503.43.

Approximately 58.8% (59.8% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average and 50.9% (54.30% in the prior session) were trading above their 20-day moving average.

European stocks were broadly higher. The Stoxx Europe 600 Index jumped 1.58%, Germany's DAX 30 surged 2.36%, France's CAC 40 gained 2.28%, and the U.K.'s FTSE 100 was up 1.58%.

U.S. government bonds prices eased, as the benchmark U.S. 10-year Treasury yield climbed to 0.649% from 0.638% Friday.

Spot gold was down for a second day as it fell $11.00 (-0.59%) to $1,929 an ounce.

Facing with storms approaching the Gulf of Mexico this week, U.S. WTI crude oil futures (September) added 0.7% to $42.62 a barrel, and gasoline futures (September) surged 6.5% to $1.3671 a gallon.

On the forex front, the ICE U.S. Dollar Index edged up 0.1% on day to 93.29.

EUR/USD was broadly flat at 1.1793. Later today, the German IFO Business Climate Index (92.2 expected) and Expectations Index (98.0 expected) for August will be released.

GBP/USD fell 0.2% to 1.3068.

USD/JPY gained 0.2% to 105.97.

NZD/USD slipped 0.2% to 0.6525. New Zealand Prime Minister Jacinda Ardern said Auckland's lockdown, which was re-imposed on August 12, will be extended by 4 days until August 30.

Other commodity-linked currencies were mixed against the greenback. AUD/USD was little changed at 0.7164, while USD/CAD advanced 0.3% to 1.3219.


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