Asia Morning: U.S. Stocks, Gold Seem Unstoppable

Tech stocks help to push the Nasdaq 100 Index to a fresh record close...

Trading floor 2

On Thursday, U.S. stocks charged higher, as tech stocks help to push the Nasdaq 100 Index (+141 points or 1.24%) to a fresh record close of 11267. The Dow Jones Industrial Average gained 185 points (+0.68%) to 27387, and the S&P 500 rose 21 points (+0.64%) to 3349.


Nasdaq 100 Index: Daily Chart


Source: GAIN Capital, TradingView


Media (+2.89%), Technology Hardware & Equipment (+2.74%) and Consumer Services (+1.75%) sectors gained the most. MGM Resorts (MGM +10.41%), Sealed Air (SEE +8.76%), Wynn Resorts (WYNN +7.42%) and Facebook (FB +6.49%) were among the top gainers. Apple (AAPL +3.49%) closed at an all-time high of $455.61 becoming the first company to have a market capitalization of 2 trillion dollars.

Regarding U.S. economic data, Initial Jobless Claims fell to 1.19 million last week (1.40 million expected), the lowest level since March.

Due later today is the U.S. official July Jobs Report (an addition of 1.48 million non-farm payrolls, a drop in jobless rate to 10.6% expected).

European stocks returned to the downside. The Stoxx Europe 600 Index dropped 0.73%, Germany's DAX 30 lost 0.54%, France's CAC 40 sank 0.98%, and the U.K.'s FTSE 100 shed 1.27%.

The benchmark U.S. 10-year Treasury yield declined to 0.535% from 0.549% Wednesday.

Spot gold price extended its power rally to a fifth session climbing $28.00 (+1.38%) to $2,066 an ounce. Meanwhile, spot silver price surged 7.3% to $28.91 an ounce.

U.S. WTI crude oil futures (September) fell 0.6% to $41.95 a barrel.

On the forex front, the U.S. dollar was little changed at close with the ICE U.S. Dollar Index staying at 92.77.

EUR/USD was up for a third session edging higher to 1.1876. German's Factory Orders jumped 27.9% on month in June, much better than +10.1% expected. 

GBP/USD gained 0.2% to 1.3142. As expected, the Bank of England kept unchanged its key interest rate at 0.100% and its asset purchase program at 745 billion pounds.

USD/JPY was little changed at 105.55.

AUD/USD advanced 0.6% to 0.7235 extending its rally to a third day. China's government will report July Trade Balance ($42.60 billion surplus, Exports -0.6% on year expected).

USD/CAD regained the key level of 1.3300 halting a four-day decline.


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