This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
S&P concludes session above 2,800
On Friday, the S&P 500 boasted solid gains, closing above a major level and neglecting data that indicated decelerating American economic as well as global surge as expectations of a US-China trade agreement kept risk appetite alive.
Eventually, the Dow Jones Industrial Average soared by nearly 0.43%. As for the S&P 500, it managed to gain by approximately 0.69%, concluding above 2,800 for the first time since November 8. Besides this, the Nasdaq Composite rallied by 0.83%.
The American economy kept demonstrating signs of deceleration.
As a matter of fact, in December, consumer spending in the United States, accounting for more than two-thirds of the country’s economic activity, decreased by 0.5%. As for February’s ISM manufacturing data, it confounded hopes for 55.5.
The dive in personal spending actually represented the most impressive slump since 2009.
The consumer consumption demonstrating considerable worries going into year-end turns out to be more than sufficient to keep the Federal Reserve on the sidelines for the time being.
The dismal data arose after the Chinese economy demonstrated a dive in factory activity for the third consecutive month. However, the tempo of the deceleration had speeded down, backing hopes a bottom was already forming.
Furthermore, sentiment on Wall Street was also backed by signs that Chinese and American negotiators are very close to coming to a compromise.
Larry Kudlow told that the agreements achieved the previous week show considerable progress on forced technology transfer, IP theft as well as cyber interference.
In addition to trade, the financial markets were also driven by an ascend in energy shares notwithstanding a dive in crude prices on signs of weakness in the Chinese economy.
Virgin Galactic’s Branson flew to space, but the stock of Virgin Galactic (SPCE) dropped. Why?
Virgin Galactic (SPCE) will launch Richard Branson to space on July 11, aiming to beat Jeff Bezos.
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!