02 Jun

Investors are still concerned that central banks will pare back their stimulus measures earlier than expected

June 2, 2021

by JustForex

The US stock indices closed mixed yesterday. On Tuesday, the Dow Jones rose by 0.13%, the S&P 500 decreased by 0.05%, the NASDAQ Composite fell by 0.09%. The energy, financial and real estate sectors became the growth leaders. Among the Dow Jones companies, Boeing (+3.12%) and Dow Inc (+2.8%) showed the biggest gains. However, the boom in meme stocks continues. For example, BlackBerry gained 14.8% yesterday.

Positive statistics from the eurozone stimulated the growth of Western European stock indices. The unemployment rate is falling, indexes of business and consumer confidence are increasing and the PMI also shows an upward dynamic. All this indicates that the European economy is recovering.

Gold futures declined in the US trading session. Yesterday, the US Treasury Department held an auction on Treasury bonds distribution, which led to a liquidity withdrawal from the financial system. All this influenced a temporary strengthening of the dollar index. Recently there has been a very noticeable inverse correlation between gold and the US dollar.

As expected, OPEC+ representatives did not change their plans to increase oil production. Thanks to the economic recovery and balanced OPEC+ policies, oil prices have risen by more than 30% this year. The issue of Iranian oil is still open.

Asian markets closed in the positive zone on Tuesday. Japan’s Nikkei added 0.48% and Australia’s ASX 200 gained 0.77% thanks to the positive GDP data (GDP up 1.8% QoQ).

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Main market quotes:

S&P 500 (F) 4,202.04 -2.07 (-0.05%)

Dow Jones 34,575.31 +45.86 (+0.13%)

DAX 15,567.36 +146.23 (+0.95%)

FTSE 100 7,080.46 +57.85 (+0.82%)

USD Index 89.90 -0.14 (-0.15%)

Important events:
  • – Australia GDP (q/q) at 04:30 (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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