Zuckerberg has lost 7 billion dollars as companies pull adds from Facebook. Catch the moment!
US equities are backed by tech rebound
On Tuesday, the S&P 500 as well as the Nasdaq managed to head north, underpinned by a rebound in technology equities, although profits, including the blue-chip Dow Jones Industrial Average, were tamed by fears over decelerating global surge.
As a matter of fact, the International Monetary Fund had its global economic surge estimates for the United States and China for this year and 2019 downgraded, telling that the two countries would face most of the impact of their trade feud in 2019.
It definitely suppressed the trade-sensitive industrials sector – it slumped by nearly 0.62%. Boeing declined by about 1%, while Caterpillar dived more than 2%.
Besides this, the heavyweight technology sector SPLRCT managed to inch up by up to 0.36%, with revenue in Microsoft as well as other software businesses more than compensating a sink in chip manufacturers, who actually count Chinese firms among their primary customers.
As for the communication services group SPLRCL, they rallied by 0.26%. Facebook added 1.8%, thus assisting to compensate an approximately 1% sink in Alphabet.
Aside from that the Dow Jones Industrial Average lost 0.08% ending up with 26,465.98. As for the S&P 500, it tacked on by 0.10% reaching 2,887.21, while the Nasdaq Composite soared by 0.39% showing 7,766.03.
Besides this, the materials index went down by 1.66%, suppressed by a sink in chemical firms after PPG's outcomes as well as paper packaging businesses after BMO's downbeat remarks on capacity and stock valuations.
Besides this, PPG Industries lost 7.8%, which is the most impressive dive on the S&P. It happened because the specialty chemicals producer told that its current-quarter revenue would be affected by higher raw material costs.
Energy equities soared by 0.34% because crude prices headed north on soaring evidence of slumping Iranian crude exports.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.