06 May

Despite good macroeconomic data in the U.S., technology stocks are down four sessions in a row

May 6, 2021

by JustForex

U.S. indices have lost correlation. While NASDAQ has been slowly sliding down for 4 trading sessions in a row, it’s colleague Dow Jones updated the all-time high yesterday.

Yesterday’s data on business activity in Europe was good but worse than expected. At the end of Wednesday, the European stock markets showed strong growth amid the accelerating rates of vaccination and the first signs of recovery in the euro area due to good reporting by European companies.

Crude oil production in the U.S. remained unchanged compared to the previous week at 10.9 million barrels per day. Saudi Arabia will raise oil prices for the U.S. in June but cut prices for other regions. Natural gas storage is expected to report today.

Gold futures rose during the U.S. and Asian trading sessions. The price added 0.4%. Considering the uncertainty about a possible interest rate change and worries about rising inflation expectations, the gold and silver metals may rise significantly.

Asian markets are rising as the market is opening opens on Thursday. The broadest index of Asia-Pacific stocks MSCI rose by +0.25 %, Japan’s Nikkei Index increased by 1.8 % after a five-day weekend. Chinese stocks were mixed in early trading, with the Shanghai Composite up by +0.45% and the CSI300 down by -0.2%.

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Square, Volkswagen, Moderna, Linde, AIG, Motorola, Datadog and ROKU are reporting for Q1 2021 today.

Main market quotes:

S&P 500 (F) 4,167.59 +2.93 (+0.07%)

Dow Jones 34,230.34 +97.61 (+0.29%)

DAX 15,170.78 +314.30 (+2.12%)

FTSE 100 7,039.30 +116.13 (+1.68%)

USD Index 91.27 -0.02 (-0.02%)

Important events:
  • – UK Services PMI at 11:00 (GMT+3);
  • – Bank of England Interest Rate Decision at 14:00 (GMT+3);
  • – BoE Asset Purchase Facility at 14:00 (GMT+3);
  • – MPC Asset Purchase Facility Votes at 14:00 (GMT+3);
  • – BOE Monetary Policy Report at 14:00 (GMT+3);
  • – ECB President Christine Lagarde Speaks at 14:25 (GMT+3);
  • – US Initial Jobless Claims at 15:30 (GMT+3).

by JustForex

 

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.


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