Asia Morning: Nasdaq 100 Index Up 4.2% YTD

On Thursday U.S. stocks closed higher, as the Nasdaq 100 (+117 points or 1.3% to 9,101) ended at a level 4.2% higher as compared to end-2019...

Trading floor 2

On Thursday U.S. stocks closed higher, as the Nasdaq 100 (+117 points or 1.3% to 9,101) ended at a level 4.2% higher as compared to end-2019...

Source: GAIN Capital, TradingView

The Dow Jones Industrial Average rose 211 points (+0.9%) to 23,875, and the S&P 500 added 32 points (+1.2%) to 2,881.

Insurance (+3.49%), Consumer Services (+3.17%) and Commercial & Professional Services (+2.61%) sectors led the market higher.

Fortinet (FTNT +21.2%), Lincoln National (LNC +16.3%), PayPal (PYPL +14.0%) and Ameriprise Financial (AMP +13.5%) were top gainers.

Biotech firm Moderna (MRNA +8.7%) surged after reporting positive development of its experimental COVID-19 vaccine.

On the technical side, about 25.0% (24.80% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average, and 46.5% (57.4% in the prior session) were above their 20-day moving average.

The U.S. Labor Department reported that Initial Jobless Claims dropped to 3.169 million for the week ended May 2 (3.000 million expected) from 3.846 million in the prior week.

Later today, the official U.S. Jobs Report for April will be released, and it is widely expected that the economy cut a record 21.653 million Nonfarm Payrolls with the jobless rate surging to 16.0%.

European stocks were broadly higher, with the Stoxx Europe 600 Index gaining 1.1%. Both Germany's DAX and the U.K.'s FTSE 100 increased 1.4%, and France's CAC was up 1.5%.

U.S. Treasury prices stabilized, as the benchmark 10-year Treasury yield edged down to 0.630% from 0.713% Wednesday. Meanwhile, the two-year Treasury bill yield settled at a record low of 0.129%.

Spot gold price rebounded 19 dollars or 1.8% to $1,715 an ounce.

Saudi Arabia's state oil giant Aramco raised its June crude-oil contract prices. However, oil prices pared early gains to end lower. U.S. WTI crude oil futures (June) declined 1.8% to $23.55 a barrel, and Brent crude oil futures were down 0.9% to $29.46 a barrel. 

On the forex front, the ICE U.S. Dollar Index retreated 0.4% on day to 99.84, snapping a three-day rally, ahead of the closely watched U.S. nonfarm payrolls due later today.

Build your confidence risk free

More from Indices

Join our live webinars for the latest analysis and trading ideas. Register now

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.

For further details see our full non-independent research disclaimer and quarterly summary.