Good corporate earnings push major US and European indices to new highs
Among the S&P 500 index components, the top gainers were Tesla Inc. shares, which jumped by 12.66%. For the first time, Tesla’s capitalization exceeded $1 trillion, surpassing Facebook, which gained 2.5% on the report.
On the other hand, options trading statistics show that options traders are getting bearish on tech stocks. With inflation expectations on the rise and in anticipation of the Fed’s QE program being cut, the stock market may face a strong sell-off in early November.
WTI crude oil prices hit $85 per barrel yesterday for the first time since October 2014 but went down slightly by the end of the trading session. On the contrary, the natural gas prices added more than 9% yesterday. Supply shortages are still affecting energy prices, and the trend is likely to continue for the rest of the year.
December Gold futures increased by 0.65% yesterday and reached $1,808.05 per troy ounce. But on the eve of the quantitative easing cuts, traders should not expect gold prices to rise strongly.
Most Asian stocks increased on Tuesday after the S&P 500 closed with a record high as corporate earnings and modest progress on China-US relations added to investor sentiment, even as inflation fears intensified. On Tuesday, Japan’s Nikkei 225 added 1.14%, while Australia’s ASX 200 increased by 0.2%. The Hang Seng index and China’s benchmark CSI 300 index opened higher but fell into negative territory due to real estate stocks.
China’s steel production fell by 17% compared to last year. China plans to cap coal prices due to the energy crisis. Australia’s trade minister said the country is ready to supply coal to China.
S&P 500 (F) 4,566.48 +21.58 (+0.47%)
Dow Jones 35,741.15 +64.13 (+0.18%)
DAX 15,599.23 +56.25 (+0.36%)
FTSE 100 7,222.82 +18.27 (+0.25%)
USD Index 93.81 +0.20 (+0.21%)
News feed for: 2023.07.04
- US CB Consumer Confidence (m/m) at 17:00 (GMT+3);
- US New Home Sales (m/m) at 17:00 (GMT+3).
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
