Markets are decidedly up this morning. The S&P reached new highs yesterday and the Nasdaq is also feeling undoubtedly bullish, now close to its all-time high.
Markets are interesting to look at these days. After a general risk-off move on Thursday, Friday closed last week with a strong bullish tilt on equities across the globe. The dollar unsurprisingly fell. In the crypto space, though, things did not benefit from the risk-on approach. Over the weekend and still now, BTC is edging down further. Across different jurisdictions, regulators seem to be more active. For example, over the weekend, we saw Korea and Turkey attack exchanges on fraud charges.
If you’re a holder of risk, you probably don’t feel too happy today. We’re by no means at low levels. If anything, we’re still high, but one can observe a pullback on most assets. The S&P and Nasdaq walked back on most of yesterday’s gains. The only exception might be gold, which is holding up.
I was expecting some dip buyers in equity markets, but not by this much. Yesterday’s session walked back on almost two days of losses. The S&P and the Dow rose more than 1% and the Nasdaq rose over 1.5%. Bond yields steadied. Gold continued a very bullish run, now just a tad under $1,800.
It’s yet another day we’re down in the stock market. While we’re still at elevated levels, equity indexes have retraced since the record highs of last week. Yesterday, Netflix saw a cooling down in subscriber growth that pulled the company and the rest of the tech space lower. Gold, on the other hand, is showing some strength.
After a Tesla car suspected to have been on autopilot crashed and killed two passengers, the company’s stock dropped. It seems to have dragged most of the tech sector with it, as futures traded lower this morning in Asia. Although to be fair, non-tech equities are down as well. The dollar continues to retreat.
With strong earnings and positive economic data, traditional markets finished last week on a strong risk-on tilt, with many indexes reaching or maintaining new highs. Overnight trading saw futures decline, though, hinting at a potential drawdown. Gold is, interestingly enough, edging further up.
Wow, new records. Not for BTC’s price, but in traditional markets. The S&P rose almost 1%, reaching new records. The Dow did the same, now above $34,000. While this was happening, bonds were bought ‘en masse,’ pushing the 10-year yield just below 1.6%. Gold loved every bit of that and jumped more than 1.5% on the session.
Markets remain strong and banks are reporting positive earnings, yet, equities across the board retreated somewhat from their recent record highs. Mainly tech stocks, including Coinbase which just IPO-ed, fell. Gold is holding strong while the dollar continues to lose value.
Up. This is how markets felt late yesterday and early this morning. Any buyer of risk is a tad richer today than they were the day before.
A relatively tame US session is ending at the moment. The S&P maintained its gains, the Nasdaq retraced but only barely, the Dow is holding on. Yields are where they should be and the dollar just inched down. The only mover is gold, falling about half a percent.
With rapid progress made on the coronavirus front, at least in terms of vaccinations, and central banks around the world maintaining an accommodating stance, markets closed last week on a risk-on note. The S&P and the Dow reached new highs, the Nasdaq printed a strong green candle. The 10-year yield seems to remain in range, between 1.6% and 1.75%. Gold is retracing.