The S&P500 hits new all-time high

By 30/10/2019News
Morning Stock News

Gold   1488,89
(+ 0,12%)

EURUSD   1,1113
(+ 0,01%)

DJIA   27024,50
( – 0,05%)

OIL.WTI  55,265
(– 0,39%)

DAX   12906,09
(– 0,22%)

The market is focusing on US companies reporting again. Over 78% from 204 companies in the S&P500 reported on profits exceeding expectations. Based on the excellent reports of Pfizer and Merck, large pharmaceutical companies, S&P500 hits new highs. Market mood brightens on today’s Fed interest rate decision.

S&P500 Daily-Chart

S&P500 Tages-Chart

Asian markets are trading mixed on Tuesday amid expectations of the news on the trade deal between US and China. Nikkei closes 0.5% higher and is actually trading on its yearly highs. Hong Kong Hang Seng Index fells 0.4% during the trading session. Korea Stock Exchange KOSPI Index fells 0.4% and Chinese Shanghai Composite Index ends lower than others and closes 0.6% lower than the previous day.

EURUSD

Nothing is happening on EUR/USD market second day in a row. There is practically no news. Market ignored Donald Trump’s yesterday speech on trade deal with China, as well as the other fundamental data. The traders are waiting for Fed’s decision on Wednesday. Most probably volatility will remain weak until important news come out.

GOLD

Gold is under pressure on Tuesday and hits a new week low mark of $1483,7 per ounce. During US session the price moved away from lows and was trading on $1490 mark. The Labour Party supported the call for snap election in the United Kingdom, it eased the concerns on inconclusive Brexit. In this case investors preferred to quit gold safe haven assets.

INDICES

Many major world indices retain positive dynamics. Optimistic mood coming from the US is fueling investors and creates space for risk. The mood of investors will very much depend on the fundamental news which will point the direction for the next few weeks.

What’s next?

15.30 Q3 GDP in the US
16.00 Bank of Canada Interest Rate Decision
20.00 Fed Interest Rate Decision
20.00 FOMC Statement


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