On Monday, U.S. stocks closed mixed again as tech stocks lagged behind. The Dow Jones Industrial Average jumped 358 points (+1.30%) to 27791 posting a seven-session rally. The S&P 500 added 9 points (+0.27%) to 3360, while the Nasdaq 100 dropped 54 points (-0.49%) to 11085.
Dow Jones Industrial Average: Daily Chart
Source: GAIN Capital, TradingView
Automobiles & Components (+3.86%), Energy (+3.08%) and Consumer Durables & Apparel (+3.01%) sectors traded higher, while Software & Services (-1.42%), Media (-0.72%) and Pharmaceuticals, Biotechnology & Life Sciences (-0.5%) sectors were under pressure.
MGM Resorts International (MGM +13.77%), Wynn Resorts (WYNN +9.96%), Royal Caribbean Cruises (RCL +10%), United Airlines (UAL +9.35%) and Fedex (FDX +8.96%) were top gainers.
European stocks were stable. The Stoxx Europe 600 Index climbed 0.30%, Germany's DAX 30 edged up 0.10%, France's CAC 40 gained 0.41% and the U.K.'s FTSE 100 was up 0.31%.
The benchmark 10-year Treasury yield stepped up to 0.571% from 0.562% Friday.
Spot gold price was down for a second session falling $7.00 to $2,027 an ounce. Spot silver price jumped 2.8% to $29.12 an ounce, the highest close since March 2013.
U.S. WTI crude oil futures (September) charged 1.7% higher to $41.94 a barrel.
On the forex front, the ICE U.S. Dollar Index gained 0.2% on day to 93.61, up for a second straight session.
EUR/USD fell 0.4% to 1.1741. Later today, the German ZEW Current Situation Index for August will be released (-69.5 expected).
GBP/USD marked a day-low of 1.3020 before closing up 0.2% at 1.3074. Investors will focus on the U.K. jobless rate for the three months to June due later in the day (steady at 4.2% expected).
USD/JPY was little changed at 105.96.
Meanwhile, USD/CAD dropped 0.2% to 1.3357, as the Canadian dollar was lifted by a rebound in oil prices.
Other commodity-linked currencies were broadly lower against the greenback. AUD/USD slipped 0.1% to 0.7150 and NZD/USD was down 0.2% to 0.6590.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.