S&P 500 hits new all-time high
The S&P 500 rallied to a record high to start the trading week, as markets anticipated a huge week of tech earnings.
This week will see the likes of Tesla, which was officially listed on the benchmark index roughly a year ago, report Q2 figures.
Along with the Elon Musk founded company, there will be earnings releases from Apple, Alphabet and Microsoft.
Amazon will also be releasing their first earnings report since the departure of long-term CEO and founder Jeff Bezos, who stepped down as CEO earlier this month, but remains as Chairman of he Company’s board
Both the S&P 500 and Dow Jones were 0.15% and 0.24% higher as of the close while the tech-heavy NASDAQ was up just 0.01%.
Bitcoin rallies to highest price in 6-weeks
After falling below $30,000 last week, Bitcoin started this week in strong fashion, railing to over $40,000 at one point on Monday.
The world’s largest cryptocurrency rose to its highest level in over 6-weeks, reaching an intraday high of $40,456 in the process.
This is the highest the markets have been priced since June 15th, when markets gained, after failing to break the then support level of $33,253.
Since then, markets have mainly consolidated, rising today on the news that Amazon was making a push in the digital currency space, by actively recruiting a “Digital Currency and Blockchain Product Lead”.
Cryptocurrencies across the board were higher, with ETHUSD rising to a high of $2,428.
Hang Seng falls as China plans tougher tech regulations
The Hang Seng index fell in today’s trading session, as it was reported that the Chinese government was moving to increase regulations on certain tech sectors.
Following the recent investigations on ride hailing app Didi, many believe that China would look to toughen its stance on tech businesses in a bid to gain more control of the sector.
As a result, it was reported that Chinese regulators have laid out plans to force online educational businesses to operate as non-profits, in a hope to drive down tuition fees.
The move could impact the bottom line of such companies and come as food delivery companies were also warned to pay workers at or above minimum wage.
Although the moves to improve working conditions are just, many believe this could be the first move for the government to bend Chinese tech firms to its will.
Quote of the day – “The four most dangerous words in investing are: This time it’s different.”– Sir John Templeton