Asia Morning: Tech Giants Lead U.S. Stock Surge
Ming Lam October 13, 2020 11:45 AM
Amazon.com and Apple close with beefy gains...
On Monday, U.S. stocks charged higher, led by technology shares. The Nasdaq 100 surged 362 points (+3.09%) to 12088, the Dow Jones Industrial Average rose 250 points (+0.88%) to 28837, and the S&P 500 gained 57 points (+1.64%) to 3534.
Nasdaq 100 Index (Daily Chart): Rebound Continues
Sources: GAIN Capital, TradingView
Tech giants Amazon.com (AMZN +4.75%) and Apple (AAPL +6.35%) closed with beefy gains. On Tuesday, Amazon will start its "Prime Day" annual two-day sale event, and Apple is said to unveil a new 5G-enabled iPhone at a California event.
Meanwhile, Technology Hardware & Equipment (+5.3%), Retailing (+2.88%) and Media (+2.87%) were the best-performing sectors.
European stocks were mixed. The Stoxx Europe 600 Index gained 0.72%, Germany's DAX 30 rose 0.67% and France's CAC 40 climbed 0.66%, while the U.K.'s FTSE 100 declined 0.25%.
Spot gold price declined $7 (-0.37%) to $1,923 an ounce.
U.S. WTI crude futures (November) fell $1.03 (-2.54%) to $39.57 a barrel. Impacts from Hurricane Delta in the Gulf of Mexico and an oil-worker strike in Norway were fading away.
The U.S. bond market was closed on Monday for Columbus Day.
On the forex front, the U.S. dollar still lacked upward momentum for a rebound. The ICE Dollar Index was little changed at 93.04.
EUR/USD eased 0.15% to 1.1812, while GBP/USD edged up 0.13% to 1.3064 extending its winning streak to a fourth session.
USD/JPY sank 0.27% to 105.33. Official data showed that Japan's Producer Prices dropped 0.8% on year in September (-0.5% expected). Machine Tool Orders plunged 15.0% on year in September (-23.2% in August).
AUD/USD fell 0.43% to 0.7208 halting a three-day rally. Later today, China will report September Exports (+10.0% on year expected).
USD/CAD edged down 0.05% to 1.3114 posting a four-session decline.
The Chinese yuan (offshore) weakened against the U.S. dollar after China's central bank announced a rule change that made it cheaper to short the yuan. USD/CNH rebounded 0.87% to 6.7446.
From time to time, StoneX Financial 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.