US stocks move up while tech stocks drag

By IFCMarkets

Dollar strengthening resumes

US stock market edged up on Tuesday while tech stocks weighed after the attorneys general of 50 US states announced an investigation into Google’s ‘potential monopolistic behavior’. The S&P 500 added 0.03% to 2979.39. Dow Jones industrial rose 0.3% to 26909.43, extending winning streak to fifth session. The Nasdaq however retreated 0.04% to 8084.15. The dollar strengthening resumed as the Labor Department reported Americans quit their jobs hit an all-time high in July, suggesting that workers are confident in the strength of the job market. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, added 0.01% to 98.32 and is higher currently. Stock index futures point to higher openings today.

CAC 40 leads European indexes gains

European stocks resumed advancing on Tuesday as investors anticipate a stimulus package at European Central Bank policy meeting on Thursday. The EUR/USD halted its advance while GBP/USD continued gaining yesterday with both pairs lower currently. The Stoxx Europe 600 ended 0.1% higher. The German DAX 30 added 0.4% to 12268.71. France’s CAC 40 rose 0.8%. UK’s FTSE 100 gained 0.4% to 7267.95 as lawmakers rejected prime minister Johnson’s second bid to hold a snap general election.

Hang Seng leads Asian indexes gains

Asian stock indices are mostly rising today. Nikkei gained 1.0% to 21597.76 with yen slide against the dollar intact. Chinese stocks are mixed: the Shanghai Composite Index is down 0.4% while Hong Kong’s Hang Seng index jumped 1.6%. Australia’s All Ordinaries Index recovered 0.4% despite Australian dollar’s move higher against the greenback.

NIKKEI surges above MA(200)    09/11/2019 Market Overview IFC Markets chart

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Brent down

Brent futures prices are extending losses today. Prices fell yesterday after news US National Security Adviser John Bolton resigned, spurring hopes tensions with Iran may ease: November Brent lost 0.3% to $63.28 a barrel on Tuesday.

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