Daily summary: US equities rise despite Covid-19 fears

5:00 PM 30 June 2020
  • Coronavirus threat is still serious in the US

  • US equities continue to surge

  • Gold gradually approaching $1,800.00 level

Global financial markets are still under pressure. Almost everyday investors are “bombarded” with new coronavirus updates. The situation looks particularly disturbing in the US where new Covid-19 cases are rising in at least 36 states. Therefore stocks in Europe seem to be cautious - FTSE 100 lost 0.90% while other indices finished the session near the flatline. DAX did relatively well and added 0.64%.

Ironically, stocks in the US (where coronavirus situation is getting uglier) tend to rise. After a mixed open, all major US indices started gaining momentum. Nasdaq and Russell 2000 are adding around 1.00% right now. Some market participants can surely think about the common phrase “don’t fight the Fed” under the circumstances. 

Start investing today or test a free demo

Open real account TRY DEMO Download mobile app Download mobile app

One should certainly take a good look at precious metals today. Silver spot price is rising over 2% at press time while gold is up around 0.65%. As far as gold is concerned, its price is relentlessly approaching $1,800.00 mark. Breaking above this barrier would definitely bring even more attention as these levels were not seen since 2011. 

In terms of economic data, today’s calendar was really busy. Industrial production in Japan declined in May 8.4% MoM (vs expected -5.6%). On the other hand, Chinese PMIs extended some gains as indices are still above 50 pts mark. British GDP data came in slightly below expectations (-2.2% QoQ in Q1 2020) while readings from the US turned out to be mixed. Chicago PMI unexpectedly amounted to 36.6 (vs expected 45.0), but CB Consumer Confidence managed to beat market expectations. 

Tomorrow one should pay attention to PMIs from major economies. Germany will release a bunch of hard data including unemployment change and retail sales report. In the afternoon investors will get to know ADP employment report from the US as well as EIA’s crude oil inventories. Traders will have a day off in Canada and Russia.

Gold price is relentlessly approaching $1,800.00 mark. Investors might expect a strong resistance there as these levels were not seen since 2011. Some market participants surely bet on the yellow metal amid the ongoing global uncertainty. $1,790.50 may be treated as a short-term resistance. Source: xStation5

Share:
Back
Xtb logo

Join over 935 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits

We use cookies

By clicking “Accept All”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

This group contains cookies that are necessary for our websites to work. They take part in functionalities like language preferences, traffic distribution or keeping user session. They cannot be disabled.

Cookie name
Description
SERVERID
userBranchSymbol cc 2 March 2024
test_cookie cc 25 January 2024
adobe_unique_id cc 1 March 2025
__hssc cc 8 September 2022
SESSID cc 2 March 2024
__cf_bm cc 8 September 2022
intercom-id-iojaybix cc 26 November 2024
intercom-session-iojaybix cc 8 March 2024

We use tools that let us analyze the usage of our page. Such data lets us improve the user experience of our web service.

Cookie name
Description
_gid cc 9 September 2022
_gat_UA-98728395-1 cc 8 September 2022
_gat_UA-121192761-1 cc 8 September 2022
_gcl_au cc 30 May 2024
_ga_CBPL72L2EC cc 1 March 2026
_ga cc 1 March 2026
__hstc cc 7 March 2023
__hssrc

This group of cookies is used to show you ads of topics that you are interested in. It also lets us monitor our marketing activities, it helps to measure the performance of our ads.

Cookie name
Description
MUID cc 26 March 2025
_omappvp cc 11 February 2035
_omappvs cc 1 March 2024
_uetsid cc 2 March 2024
_uetvid cc 26 March 2025
_fbp cc 30 May 2024
fr cc 7 December 2022
_ttp cc 26 March 2025
_tt_enable_cookie cc 26 March 2025
_ttp cc 26 March 2025
hubspotutk cc 7 March 2023

Cookies from this group store your preferences you gave while using the site, so that they will already be here when you visit the page after some time.

Cookie name
Description

This page uses cookies. Cookies are files stored in your browser and are used by most websites to help personalise your web experience. For more information see our Privacy Policy You can manage cookies by clicking "Settings". If you agree to our use of cookies, click "Accept all".

Change region and language
Country of residence
Language