Australia stocks lower at close of trade; S&P/ASX 200 down 0.62% By Investing.com


© Reuters. Australia stocks lower at close of trade; S&P/ASX 200 down 0.62%

Investing.com – Australia stocks were lower after the close on Friday, as losses in the , and sectors led shares lower.

At the close in Sydney, the fell 0.62%.

The best performers of the session on the were Corporate Travel Managment Ltd (ASX:), which rose 6.45% or 0.59 points to trade at 9.74 at the close. Meanwhile, Flight Centre Ltd (ASX:) added 6.30% or 0.63 points to end at 10.63 and News Corp B DRC (ASX:) was up 5.68% or 1.05 points to 19.55 in late trade.

The worst performers of the session were Janus Henderson Group PLC DRC (ASX:), which fell 3.54% or 1.06 points to trade at 28.90 at the close. Virgin Money PLC (ASX:) declined 3.52% or 0.06 points to end at 1.58 and Resmed Inc DRC (ASX:) was down 3.17% or 0.820 points to 25.060.

Rising stocks outnumbered declining ones on the Sydney Stock Exchange by 642 to 615 and 352 ended unchanged.

The , which measures the implied volatility of S&P/ASX 200 options, was up 1.65% to 18.981.

Gold Futures for October delivery was up 0.02% or 0.40 to $2058.80 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September fell 0.36% or 0.15 to hit $41.80 a barrel, while the October Brent oil contract fell 0.31% or 0.14 to trade at $44.95 a barrel.

AUD/USD was down 0.31% to 0.7210, while AUD/JPY fell 0.28% to 76.13.

The US Dollar Index Futures was up 0.26% at 93.007.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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A ‘golden cross’ has formed in the Dow Jones Industrial Average


A golden cross formed in the Dow Jones Industrial Average
DJIA,
+0.68%
,
more than five months after a bearish chart pattern materialized in the aftermath of the carnage wrought by the COVID-19 pandemic.

A golden cross occurs when the 50-day moving average for an asset price trades above the 200-day MA, while a so-called death cross, comparatively, is when the 50-day falls below the long-term average.

On Thursday, the Dow’s 50-day stood at 26,251.34, and the 200-day moving average was at 26,229.91, according to FactSet data, marking the first time the short-time moving average has punched up above the longer-term average since March 20, and forming a chart pattern that is widely regarded as signaling that a trend higher for stocks appears to be at hand.

As MarketWatch’s Tomi Kilgore notes, crosses, overall, aren’t necessarily good market-timing indicators, however, as they are well telegraphed, but they can help put an asset’s move into perspective.

The last golden cross for the Dow occurred on March 19, 2019 and led to a steady rally for stocks until the death cross that formed nearly exactly year later in the wake of the pandemic.

Read: MarketWatch’s snapshot of the market for Thursday

The golden cross for the Dow comes about a month after a similar cross occurred in the S&P 500 index
SPX,
+0.64%
.

Despite continued weakness in the economy, with the spread of the COVID-19 epidemic in many parts of the U.S. and the world, stocks have still climbed, boosted by government spending and Federal Reserve support for markets.

Technology names have been at the vanguard of the rally from the lows that were put in U.S. markets back in March as they benefited from work-from-home orders while businesses were shut down. However, the perception that technology-related companies are better situated to prosper in the aftermath also has helped the tech-heavy Nasdaq Composite Index
COMP,
+0.99%

to register 32 record closes so far in 2020 while the S&P 500 and Dow have lagged behind.

The Dow, made up of 30 companies, has the lowest concentration of so-called technology or technology related companies and is a price-weighted gauge so its performance has been slightly weaker than those for the S&P 500 and the Nasdaq.

More than half of the Nasdaq comprises tech-related companies while more than a quarter of the S&P 500 consists of tech names.

Only a fifth of the Dow is tech, including Microsoft Corp
MSFT,
+1.60%
.
Apple
AAPL,
+3.48%
,
Cisco Systems
CSCO,
+0.93%
,
Visa
V,
+1.36%
,
International Business Machines
IBM,
+0.53%

and Intel Corp.
INTC,
-0.04%

Those behemoth companies have helped the overall market mount a recovery from the coronavirus-induced lows, and as a result tech-leaning indexes have risen by the most.

The Nasdaq has surged by nearly 62% since its March 23 low and the S&P 500 has climbed almost 50%.

The Dow, isn’t far behind, and has gained 47% since its late-March nadir.

That said, the golden cross formation may suggest to some that the 124-year-old blue-chip index isn’t far from notching its first record since Feb. 12. The Dow stands about 7.3% from its all-time high, while the S&P 500 is about 1.1% from its Feb. 19 record closing high.

To be sure, a rejection of the golden cross isn’t unprecedented. A golden cross formed in January of 2016 but the Dow fell back into a death cross before carving out a new high, according to Dow Jones Market Data.



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Denmark stocks lower at close of trade; OMX Copenhagen 20 down 0.77% By Investing.com


© Reuters. Denmark stocks lower at close of trade; OMX Copenhagen 20 down 0.77%

Investing.com – Denmark stocks were lower after the close on Thursday, as losses in the , and sectors led shares lower.

At the close in Copenhagen, the fell 0.77%.

The best performers of the session on the were GN Store Nord (CSE:), which rose 1.27% or 5.0 points to trade at 399.6 at the close. Meanwhile, DSV (CSE:) added 1.17% or 10.4 points to end at 900.0 and William Demant Holding A/S (CSE:) was up 0.78% or 1.5 points to 193.2 in late trade.

The worst performers of the session were Novo Nordisk A/S Class B (CSE:), which fell 1.81% or 7.4 points to trade at 400.4 at the close. Ambu A/S (CSE:) declined 1.59% or 3.5 points to end at 217.2 and Carlsberg A/S B (CSE:) was down 1.47% or 13.6 points to 913.4.

Falling stocks outnumbered advancing ones on the Copenhagen Stock Exchange by 73 to 60 and 12 ended unchanged.

Shares in DSV (CSE:) rose to all time highs; gaining 1.17% or 10.4 to 900.0.

Crude oil for September delivery was up 0.33% or 0.14 to $42.33 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October rose 0.80% or 0.36 to hit $45.53 a barrel, while the October Gold Futures contract rose 1.10% or 22.50 to trade at $2059.60 a troy ounce.

USD/DKK was down 0.10% to 6.2741, while EUR/DKK rose 0.02% to 7.4507.

The US Dollar Index Futures was down 0.09% at 92.763.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Asian Stocks Down Over Mixed U.S. Economic Data and Stall in Stimulus Measures By Investing.com


© Reuters.

By Gina Lee

Investing.com – Asian stocks were mostly down on Thursday morning, halting an earlier rally as investors digest mixed U.S. economic data as well as a stall in negotiations for the latest stimulus package.

Japan’s was down 0.47% by 10:56 PM ET (3:56 AM GMT) while South Korea’s gained 0.69%

Down Under, the was up 0.27%. Australia continues its battle against COVID-19, with government modeling reportedly suggesting that the number of cases in Victoria state could peak at more than 1,000 cases per day.

Hong Kong’s fell 1.64%. China’s was down 1.06% and the fell 0.95%.

Asia benefitted from a boost in U.S. markets after Johnson & Johnson (NYSE:) announced on Wednesday a $1 billion deal to develop 100 million doses of its potential COVID-19 vaccine for the U.S.

The U.S. reported on the same day an of 58.1 for July, which beat June’s reading of 57.1.

But sentiment soured as the same survey also indicated decreased levels of hiring, and the released on the same day indicated increasing unemployment with a sharp decrease in payrolls growth in July.

Investors are now looking to the latest , due to be released later in the day.

Meanwhile, there is increasing doubt as to whether the U.S. Congress will meet its end-of-the week deadline to reach consensus on the latest stimulus measures. Republicans and Democrats are hardening their stances, but U.S. President Donald Trump has vowed to take executive action if no significant progress has been made by Friday.

Some investors struck a cautionary note over over-reliance on positive news.

“There are some risks of the market relying too heavily on positive news around the fiscal stimulus and an earnings season that still wasn’t that great, even if many companies did beat,” Kerry Craig, global market strategist at JPMorgan (NYSE:) Asset Management, told Bloomberg.

“There’s a case for markets, in the U.S. particularly, taking a pause from here on out rather than continuing this rally, given how strong it has been.”

Meanwhile, the war against the incessantly rising number of COVID-19 cases continues. There are more than 18.7 million cases globally as of August 6, according to Johns Hopkins University data.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Stocks open higher as corporate earnings outweigh disappointing private-sector jobs report


U.S. stocks rose modestly at the start of trading Wednesday as corporate earnings results continued to roll in, and investors pored over a disappointing jobs report from payroll provider ADP.

Reports of some progress in Congress toward a fresh coronavirus relief package also offered some gristle to the bulls early in the session.

The Dow Jones Industrial Average
US:DJIA
opened higher by about 160 points or 0.6%, near 26,988, while the S&P 500
US:SPX
gained 13 points, 0.4%, to open near 3,320. The Nasdaq Composite index
US:COMP
added 27 points, 0.2%, to open near 10,968.

On Tuesday, the Dow picked up 164.07 points, or 0.6%, at 26,828.47; the S&P 500 index rose 11.90 points, or 0.4%, to 3,306.51, while the Nasdaq Composite Index finished 38.37 points, or 0.4%, to close at 10,941.17, marking its 30th record close of 2020.

What’s driving the market?

The stock market started strong Wednesday, supported by hopes for progress toward another fiscal relief package in Congress and merger news between virtual health-care platforms.

Late Tuesday reports suggested that, after more than a week of almost daily face-to-face meetings, Trump administration officials and congressional Democratic leaders are working to reach a coronavirus aid bill deal by the end of the week even if the parties are still far apart on the issues.

U.S. Treasury Secretary Steven Mnuchin told reporters on Capitol Hill of the new timeline late Tuesday. “We are pleased to report that although we still have a lot of open issues—I just want to be very clear, we’re not at the point of being close to a deal—but we did try to agree to set a timeline that we’re going to try to reach an overall agreement, if we can get one, by the end of this week, so that the legislation could be then passed next week,” he said.

Stock futures held early gains even after payroll provider ADP
US:ADP
said only 167,000 private sector jobs were created in July, a fraction of the consensus estimate for a gain of 1.88 million jobs, according to Econoday, though June was revised up to 4.3 million from 2.4 million. Separately, the trade deficit narrowed 7.5% in July to $50.7 billion.

“In one line: Ouch,” wrote Ian Shepherdson, Pantheon Macroeconomics’ chief economist, after the ADP release. Shepherdson said he takes some comfort in ADP’s spotty record of foreshadowing the Labor Department’s numbers, however. “The error should diminish again in July because ADP’s model incorporates lagged official payroll data, so we expect Friday’s report to show payrolls up by about 1 million.” That would still leave many millions of jobs lost to the pandemic, however.

Also on deck is an update of the health of the services sector, with IHS Markit reading at 9:45 a.m., and then the more closely followed reading from the Institute for Supply Management at 10 a.m.

In Fed speakers, the central bank’s No. 2, Richard Clarida, told CNBC that he’s sticking to his prior forecast of an improving economy over the remainder of the year. Cleveland Fed President Loretta Mester will also speak at a virtual event at 5 p.m.

Better-than-expected quarterly results late Tuesday from Dow component and entertainment and theme park giant Walt Disney Co.
US:DIS,
even though it reported a $3.5 billion loss, also helped to fueled some bullishness in markets. The company touted 100 million subscribers on its streaming platforms amid the pandemic and announced that it would be releasing the live-action version of “Mulan,” through Disney+ for $29.99, a new approach to that streaming service.

Separately, Teladoc Health Inc.
US:TDOC
and Livongo Health Inc.
US:LVGO
said Wednesday they have agreed to merge in a deal valued at $18.5 billion to create a company that can serve a spectrum of health needs, using virtual care.

Choppy market action over the previous few trading sessions is a healthy sign, said Andrew Smith, chief investment strategist of Dallas-based Delos Capital Advisors. “The market is sending a very clear signal that it’s trying to rotate into the cyclical economic recovert names,” Smith said in an interview.

“The baton hand-off never happens overnight,” Smith said. “It could take months. We see the catalyst coming from the dollar decline, which is a huge barometer of the global economic recovery. Days like Tuesday, instead of the market collapsing, there’s a bifurcation between the stay-at-home names and the recovery names.”

Smith believes that back-and-forth between the two regimes, pandemic darlings like Amazon.com Inc.
US:AMZN
and cyclical recovery stories, will continue for some time. “It’s a battle between leading economic indicators and lagging ones,” he said.

Meanwhile, the U.S. and China said that they have agreed to high-level talks on Aug. 15 to assess Beijing’s compliance with the bilateral trade agreement signed early this year, The Wall Street Journal reported on Tuesday. Relations have deteriorated in recent months, with the Trump administration hammering Beijing over the coronavirus outbreak, Hong Kong, and the treatment of Uighurs in western China. The negotiations between Microsoft Corp.
US:MSFT
to buy China-owned entertainment platform TikTok has also created some friction between the two superpowers.

On the public-health front, the global tally for confirmed cases of COVID-19 climbed above 18.5 million on Wednesday, according to data aggregated by Johns Hopkins University, and the death toll rose to 701,027.

Which stocks are in focus?
  • Shares of Humana Inc.
    US:HUM
    were flat in early trading Wednesday, after the health care services company reported second-quarter profit and revenue that beat expectations, while maintaining its adjusted earnings outlook.

  • CVS Health Corp. shares
    US:CVS
    were up 0.6% in early trade Wednesday, after the drugstore chain trounced estimates for the second quarter and raised its full-year guidance despite the impact of the coronavirus pandemic on its operations

  • Shares of Regeneron Pharmaceuticals Inc.
    US:REGN
    ticked up after surging toward a record high in premarket trading Wednesday, after the biotechnology company reported second-quarter profit and revenue that beat Wall Street expectations, and said it expects clinical studies to remain generally on track in the face of the COVID-19 pandemic.

  • Lumber Liquidators Holdings Inc.
    US:LL
    reported Wednesday that it swung to a surprise second-quarter profit as sales fell less than expected, as sales trends improved through the quarter as markets reopened following COVID-19-related shutdowns.

  • Moderna Inc.
    US:MRNA
    shares slid 1.6% after the bellafter it said it was moving ahead with Phase 3 clinical trials for a COVID-19 vaccine.

  • Shares of Wayfair Inc.
    US:W
    fell more than 2% Wednesday, even after the online seller of home furnishings and housewares swung to a big profit beat in the second quarter, citing “unprecedented demand.”

  • Wendy’s Co.
    US:WEN
    beat analyst expectations on its second quarter earnings, and the fast-food chain declared a dividend, but also declined to provide guidance. Shares were lower.

How are other markets trading?

The 10-year Treasury note yield
BX:TMUBMUSD10Y
rose 2.3 basis points to 0.531% after rosy economic data from the eurozone. Bond prices move inversely to yields.

Global equity markets were churning higher. The Stoxx Europe 600 index
XX:SXXP
was up 0.5% to 365.02, and the FTSE 100
FR:UKX
jumped 0.9% to 6,090.24.

In Asia, China’s CSI 300 index
KR:000300
was flat and Japan’s benchmark Nikkei
JP:NIK
closed 0.3% lower.

The greenback slumped again, with the ICE U.S. Dollar index
US:DXY
down 0.7%.

Crude futures
US:CL00
surged 3.4% to $43.12 a barrel on the New York Mercantile Exchange, boosted in part by a decline in inventories. Gold futures for December
US:GCQ20
pushed 1.4% higher, to $2,030.00 an ounce, looking set for a fresh record.



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