Re <<gld has a gap to fill at ~179>>
Let’s at least say that article headings such as below cannot run too many sessions in a roll :0)
bloomberg.com
U.S. Stocks Mixed While Dollar Drops With Gold: Markets Wrap
Claire Ballentine
U.S. stocks fluctuated near all-time highs, though technology shares fell a third day as investors sold winners of the latest rally. Gold tumbled, Treasury yields rose and the dollar weakened.
The benchmark S&P 500 pushed higher for an eighth straight gain, led by energy and industrial shares. The tech heavy Nasdaq 100 lost about 1%, dragged lower by declines in Apple Inc. and Microsoft Corp.
“It seems like a market in the final stages of a rally where investors try and play catch up in the highest beta/most cyclical areas, such as small caps, energy, financials, industrials,” said Sameer Samana, Wells Fargo Investment’s senior global market strategist. “It is a risk-on market, but with a slightly different flavor than the one we saw while real rates and the dollar were declining.”
A broad rally from industrial goods to health-care shares set the Stoxx Europe 600 Index headed for its best increase in a week. President Donald Trump said Monday he’s considering a tax cut on capital gains and American hospitalizations for Covid-19 fell to their lowest in a month.
Treasuries and European bonds extended their declines. The dollar turned lower against its major peers including the euro, after a German gauge of investor confidence unexpectedly surged. Gold fell for a third day.
Investors in risk assets are taking some comfort from Trump’s comment on potential tax cuts, strong Chinese economic data and falling hospitalizationsin California and New York. They’re driving an MSCI global stocks benchmark toward erasing its 2020 loss today.
“There’s some profit taking going on, they’re looking to rotate into some of the stuff that hasn’t performed as well,” said Keith Gangl, portfolio manager for Gradient Investments. “The last few days, it’s been the fact that the data about the coronavirus has been better.”
Elsewhere, the resignation of Lebanon’s government after the devastating explosion in Beirut threatened to upend prospects of a debt restructuringdeal in the next few months.
There could be “a race to the bottom” in some currencies, says Jane Foley, head of FX strategy at Rabobank, as she examines the state of the U.K. pound, U.S. dollar, and euro.
Here are some key events coming up:
Earnings include E.ON, Deutsche Telekom, Carlsberg, Tencent and JD.com.New Zealand’s central-bank policy decision is due on Wednesday.U.S. CPI for July is scheduled for Wednesday.China releases a slew of data for July on Friday, including industrial production and retail sales.These are the main moves in markets:
| Stocks | | The S&P 500 Index climbed 0.2% to 3,370.03 as of 10:20 a.m. New York time, hitting the highest in almost six months with its eighth consecutive advance. | | The Dow Jones Industrial Average rose 1% to 28,111.90, reaching the highest in almost six months on its eighth consecutive advance. | | The Nasdaq Composite Index declined 0.7% to 10,900.66, the lowest in more than a week. | | The MSCI All-Country World Index increased 0.6% to 567.77, the highest in almost six months. | | | Currencies | | The Bloomberg Dollar Spot Index decreased 0.2% to 1,179.15. | | The euro increased 0.3% to $1.1768. | | The Japanese yen depreciated 0.4% to 106.43 per dollar, the weakest in more than two weeks on the largest fall in more than a week. | | | Bonds | | The yield on 10-year Treasuries gained six basis points to 0.64%, the highest in a month on the biggest climb in more than two months. | | Germany’s 10-year yield rose five basis points to -0.48%, the highest in more than two weeks on the largest rise in almost six weeks. | | Britain’s 10-year yield climbed six basis points to 0.19%, the highest in five weeks on the biggest increase in more than four months. | | | Commodities | | West Texas Intermediate crude gained 1.3% to $42.39 a barrel, the highest in about five months. | | Gold depreciated 4.2% to $1,948 an ounce, the weakest in more than two weeks on the biggest tumble in more than seven years. | | Copper decreased 0.1% to $2.86 a pound. |
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