Daily summary: Global stocks rebound after massive Tech sell-off

• European stocks finish session in green
•  AstraZeneca paused its coronavirus vaccine trials
• US equities try to rebound from a US-led tech rout

European indices ended higher, erasing previous sessions losses  as the tech sell-off in the US slowed down. Still, sentiment was hit by the possibility that AstraZeneca Covid-19 vaccine could be delayed after a person participating in one of the studies got sick. Stat News reported that the patient had a serious neurological symptom but he's improving and could be discharge from hospital today. Tomorrow  markets’ attention will focus on the ECB monetary policy decision as investors will be looking for further hints on when more stimulus will be added through the pandemic emergency purchase programme. During today's session DAX 30 rose 2.1%, CAC 40 gained 1.6% and FTSE 100 finished 1.62% higher.

 

US indices are trading higher, as tech stocks are trying to recover after their worst one-day sell-off since the beginning of the pandemic. Nasdaq jumped over 3% while Dow Jones rose 2% and the S&P 500 is trading  2.3% higher.  Tesla shares gained 6.8% after losing 21% on Tuesday, while Apple added 4.5% after losing some 8%. Other big tech stocks are also trading in positive territory. Meanwhile Tiffany is one of the worst performers during today's session.  Shares of the luxury goods retailer stock fell over 10.0% after French luxury giant LVMH dropped its proposed $16.2 billion bid for the company.  Many market participants believe that the recent weakness in tech stocks derived from concerns that the massive tech rally lifted valuations to unsustainable levels. Even after recent correction, Nasdaq is up more than 60% from its March bottom.

Gold prices rebounded to touch a near one-week high of $1,949 an ounce while silver price is approaching $27 resistance level, amid a slightly weaker dollar. WTI crude prices rose more than 4% to trade around $38.3 a barrel, while Brent crude futures gained more than 3.4% to trade around $41.10 a barrel, partially erasing some of the previous session’s heavy losses. Oil traders now await the API report which will be released in the evening.

NZDUSD - currency pair managed to bounce off the support zone at 0.66 which is additionally supported by 50 MA (green line) and rally. Should upbeat moods prevail, resistance at 0.6714 may come into play. On the other hand, breaking below the aforementioned support may trigger a bigger downward move towards 0.65 level. Source: xStation5

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