Stock market snapshot as of [1/5/2019 2:40 PM]
- With few exceptions, European stock markets are closed for labour holidays though participants remain interested enough to bid futures firmly higher
- Investors here are partly responding to another stellar set of U.S. technology sector earnings
- A huge beat by ADP’s unofficial curtain-raiser before Friday’s U.S. payrolls—275,000 when 175,000 were forecast—is another positive for markets to look forward to when they return on Thursday
- Wall Street is getting a similar boost, with Apple helping Nasdaq indices recover from Alphabet-induced declines, and the Dow to narrow the lag to the broader market’s gains
- The main event ahead is the Federal Reserve’s policy statement and press conference. Markets clearly expect the Fed to remain ‘patient’. This would maintain a benign back drop for risk appetite
- Apple’s surprise projection of a muscular rebound in third quarter revenues is in focus, particularly after Q2 sales and profits also beat Wall Street’s view
- With Apple shares rising sharply, despite a more than 40% ascent into Tuesday’s close, investors appear to be anticipating signs of a stabilisation in iPhone sales
- Earnings beats from Big Pharma groups Merck and Pfizer help repair Dow Jones Industrial Average underpinnings and of the 'value' side of the street in general
Upcoming corporate highlights
AMC: after market close
Upcoming economic highlights
GAIN Capital UK Limited (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.