Daily Analysis - 04/10/2019
Yesterday U.S. Stocks recovered some of their previous losses from a sharp two-day sell-off due to growing anticipation that the Federal Reserve will decrease interest rates following this month. The technology sector was in the lead as its stocks went higher. Facebook increased by 2.7%, Alphabet grew 1% and Amazon gained 0.7% while Apple ended 0.9% higher. The S&P 500 increased 0.8% to 2,910.62.
The Dow Jones Industrial Average finished 122.42 points higher, at 26,201.02 while the Nasdaq Composite surged more than 1% to 7,872.25.
On Friday the famous dollar moved back following a weak U.S. service sector review that incited concerns over the U.S. trade conflicts with China and other nations that may escalate and affect the general U.S. economy. This has the potential to shift into an economic slowdown or even a recession. The dollar index slumped to 98.815, giving back about 0.9% following a 2-1/2-year top this week. It is now down 0.3% for the week.
Oil futures moved higher before the weekend. However, the popular commodity continued to be on a course for extended weekly declines due to concerns that a weak global economic increase will damage demand. The concerns continue to overshadow the fact that Saudi Arabia announced, it has completely restored the oil production following the recent attacks. U.S. West Texas Intermediate (WTI) crude futures surged 29 cents to $52.73. Brent crude oil futures increased 28 cents to $57.98 a barrel.
Stocks in Asia were moderately traded in the Friday afternoon session while traders anticipate the U.S. payrolls data for September. The NFP is scheduled to be published later stateside. In Japan, the Nikkei 225 improved from a previous fall to grow 0.1% in midday trading, while the Topix index too retraced as it improved 0.1%. Australia’s S&P/ASX 200 traded more than 0.40% higher.
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