↗ New Day, New Highs
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.
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