Highlights

State of The Markets

Author: MFMTeam   |   Latest post: Fri, 15 Jan 2021, 8:52 AM

 

Tech Stocks Climbed Amid Mixed Markets

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STATE OF THE MARKETS

Tech stocks climbed amid mixed marketsUS equities closed mixed Monday as optimism over covid-19 vaccines and stimulus package getting a reality check. Dow fell 185 points (-0.6%), S&P500 edged lower 16 points (0.4%) while the tech heavy Nasdaq gained 62 points (0.5%) in a heavy volume trading. The US 10Y yield benchmark surged to as high as 0.94% before sliding lower and closed relatively unchanged compared to Friday, around 0.90% as flights to safety regained track.

Crude continue to climb higher to close around $46.95 but continue under selling pressure from speculators with block orders worth more than $180m exchanged hands around the $47/barrels. Gold was also seen under selling pressure as investors expect market recovery when vaccine took effects as early as next Spring. The yellow metal was pressed as low as $1,820/oz before closing the day around $1,832/oz.

Outflows from commodities however, didn’t have much effects on the Greenback as the Dollar index (DXY) still struggled to closed above the 91 handle. Nevertheless, long term Euro and Aussie buyers were seen taking profits ahead of the year end with more than $380m in block orders exchanged hands.

OUR PICK – Gold

Short term uncertainties may fuel rebound but medium term weakness is on the cards. New covid-19 vaccines are full of uncertainties in the short-term that might fuel the rebound in gold as investors are skeptical of the vaccine results. At the same time, assured 95% effectiveness by Pfizer and US FDA would pave a greater acceptance by the public in the medium term which could see the yellow metal dive lower. The risk still exists though, that more money printing by the Feds would drive the metal higher in the long term.

 

Disclaimer:

This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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