Hey Global Investor, here's what you need to know before the US markets open.
Market Snapshot 📈
S&P 500 (Wednesday Close) 3,580.84 +54.19 (1.54%)
NASDAQ (Wednesday Close) 12,056.44 +116.78 (0.98%)
FTSE 100 (5 PM IST) 5969.58 +28.63(+0.48%)
NIFTY 50 (Today's Close) 11,527.45 −7.55 (0.065%)
USDINR (5 PM IST) 73.50 (1 Year +1.52%)
Taking Stock of the Market
The US stock market continued to advance after a strong September start, which traditionally has been a difficult month, driven by encouraging economic data and slightly ebbing Covid-19 numbers. Both Nasdaq and S&P 500 closed at new highs.
Highlights:
Equities maintained their balance even though monthly private payroll gains failed to meet expectations.
Tech bellwethers like Google (GOOG) and Amazon (AMZN) opened at new record highs; however, Tesla (TSLA) and Apple (AAPL) slipped sharply in a post-stock split hangover.
Macy’s (M) encouraging earnings report and AMC’s (AMC) intention to reopen more theatres this weekend led these stocks to rally.
Treasury Secretary Steven Mnuchin is hopeful of a bipartisan agreement on additional fiscal stimulus; the possibility of additional government support to businesses and individuals buoyed equities further.
Construction spending was higher in August compared to July.
Upswing in the manufacturing sector; ISM Manufacturing Index reached the highest levels since August 2018.
Investors are rooting for more cheer after a successful August. The combination of Federal Reserve policy, talks of a new stimulus package, and a possible Covid vaccine, is expected to give a further fillip to economic growth and keep the rally going.
Market Reaction:
S&P 500 (^SPX): 3,580.84, +54.19 points (+1.54%)
Dow (^DJI): 29,100.50, +454.84 points (+1.59%)
Nasdaq (^IXIC): 12,056.44, +116.78 points (+0.98%)
Newsworthy 📰
Change in Strategy: Macy's rethinks holidays in the time of COVID-19 with new gifts, online focus (M +0.57%)
Therapeutic Funding: SoftBank Vision Fund 2 leads $100 million Series C in digital therapeutics company Biofourmis
Hopeful: Sanofi, GSK launch trial for COVID-19 protein-based vaccine (SNY +1.06%, GSK +2.41%)
Later Today 🕒
6.00 PM IST: Initial jobless claims (regular state program, SA)
6.00 PM IST: Continuing jobless claims (regular state program, SA)
6.00 PM IST: Trade deficit
6.00 PM IST: Productivity revision
6.00 PM IST: Unit labor costs revision
After Market Close: Broadcom Inc (AVGO) Earnings
Fun Fact of The Day 🌞
A spark of static electricity can measure up to 3,000 volts.
You can start investing in US stocks with platforms like Winvesta. Get an account in as little as 15 minutes and start building your global portfolio today.
