Winvesta Crisps

Share this post
↗ New Day, New Highs
www.winvestacrisps.in

↗ New Day, New Highs

What you need to know before the US markets open 🇺🇸

Sep 3, 2020
Share this post
↗ New Day, New Highs
www.winvestacrisps.in

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.

Share this post
↗ New Day, New Highs
www.winvestacrisps.in
TopNewCommunity

No posts

Ready for more?

© 2023 Winvesta India Technologies Ltd.
Privacy ∙ Terms ∙ Collection notice
Start WritingGet the app
Substack is the home for great writing