Asian Morning Brief: US Stocks Up Over 1%
Ming Lam April 27, 2020 12:33 AM
On Friday U.S. stocks climbed as investors believed the coronavirus has passed its peak in major economies...
On Friday U.S. stocks climbed as investors believed the coronavirus has passed its peak in major economies.
The Dow Jones Industrial Average added 260 points (+1.1%) to 23,775, the S&P 500 climbed 38 points (+1.4%) to 2,836, and the Nasdaq 100 rose 145 points (+1.7%) to 8,786.
Source: GAIN Capital, TradingView
Technology Hardware & Equipment (+2.75%), Software & Services (+1.88%) and Consumer Durables & Apparel (+1.86%) sectors led the market.
Freeport-McMoRan (FCX +8.6%), Invesco (IVZ +7.7%), SVB Financial (SIVB +7.6%) and Capital One Financial (COF +6.7%) were among the top gainers.
On the other hand, Arconic Inc (ARNC -8.8%), Boeing (BA -6.4%), Norwegian Cruise Line (NCLH -5.3%) and General Electric (GE -4.0%) lost the most.
On the technical side, about 20.4% (21.0% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average, and 71.7% (74.5% in the prior session) were above their 20-day moving average.
The U.S. Commerce Department reported that Durable Goods Orders (preliminary reading) fell 14.4% on month March (-12.0% expected). The University of Michigan's Consumer Sentiment Index (final reading) rose to 71.8 in April.
While the number of coronavirus-related deaths dropped, New York State Governor Andrew Cuomo announced plans to reopen the state's economy in phases, starting as soon as May 15.
Meanwhile, governments of France, Italy and Spain also said they are preparing to loosen coronavirus restrictions,
European stocks were broadly lower, with the Stoxx Europe 600 Index falling 1.1%. Germany's DAX fell 1.7%, and both the U.K.'s FTSE 100 and France's CAC were down 1.3%.
U.S. Treasury prices firmed up, pressing the benchmark 10-year U.S. Treasury yield down to 0.594% from 0.609% Thursday.
Spot gold eased to $1,727 an ounce from $1,730 Thursday.
Oil prices remained on the upside following large-percentage rebounds in prior sessions. U.S. WTI crude oil futures advanced 2.7% to $16.94 a barrel, and Brent crude oil futures edged up 0.5% to $21.44 a barrel.
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.