- European equities extend yesterday's gains
- Nasdaq soared 4%
- The 10-year Treasury yield retreated to 1.52%
European indices continued to move higher, with DAX 30 closing up 0.6% at a new record high of 14,459, CAC40 rose 0.37 % and FTSE gained 0.17% helped by energy companies, utilities and travel stocks. On the data front German imports fell 4.7% in January while analysts' expected only 0.5% decline. However, exports data surprised on the upside. While market consensus pointed to a 1.2% decline, actual data showed 1.4% increase. Investors will closely watch a European Central Bank meeting later this week to see if policymakers have decided to step up the pace of emergency bond purchases to calm skittish markets.
Upbeat moods can be spotted on Wall Street as well. Dow Jones rose 0.85% and reached another fresh all-time high. Meanwhile, the S&P500 jumped 2% and Nasdaq surged 4% as 10-year Treasury yield fell more than 6 basis points to 1.52% from Monday high of 1.62% and tech shares recovered some ground. Tesla shares soared 17% after a five-day losing streak, while Apple and Amazon rose 4% each. Microsoft, Netflix and Facebook shares rose approximately 3%. Gamestop stock, a symbol of the fight between small investors and large hedge funds, rose sharply due to the information that the company intends to enter the e-commerce market. Valuations of any company that has dealt with e-commerce or social media in recent months have reached ridiculously high levels. As such, it's no surprise that Gamestop's stock is already trading above $ 200 level and is halfway to it's all-time highs. The company's shares gained almost 100% within the last 5 sessions. On the political front, the US House of Representatives is set to approve this week the Senate version of President Joe Biden's $1.9 trillion coronavirus aid package.
WTI crude fell more than 1.4% and is trading slightly above $64.00 a barrel, while Brent fell nearly 1.0% to $67.50 a barrel ahead of the US weekly oil inventory report from the American Petroleum Institute later in the day, with markets anticipating a 0.833 million barrels fall in stockpiles. Elsewhere gold rose more than 2.0% to $ 1,718.00 / oz, while silver is trading 4.0 % higher above $ 26.00 / oz as both the dollar and Treasury yields retreated.
Silver – yesterday buyers managed to defend key support level at $25.00 and upward correction started. Early in the session price broke above the downward trendline and is currently testing major resistance at $26.00 which is additionally strengthened by 200 SMA (red line) and 50 SMA (green line). If buyers will manage to break higher, then next resistance at $27.00 could be at risk. On the other hand, if sellers manage to regain control, then another downward impulse towards the aforementioned $25.00 level could be launched. Source: xStation5
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