Amazon leads US Stocks rally
Amazon shares rose by 6% on Monday as its annual “Prime Day” shopping event commences tomorrow.
Rallies in tech giants boosted U.S. indices with the S&P 500 now nearing its 3,584 all-time high. Markets have continued to rally despite polls showing President Trump’s net approval rating at an all-time low. This has been credited to his handling of the COVID-19 outbreak.
Twitter was another big mover, up 5.35%, whilst Ford Motors was up 5.3%. Overall, the S&P 500 was up 1.92%, and the NASDAQ was up 2.88%.
PM sets new lockdown measures in the UK
With coronavirus cases in the UK rising at a faster pace than in March (when a national lockdown was put in place), Boris Johnson was today forced to set new measures in the hope of slowing down the spread.
The new format will be as follows, Tier 1 (Medium risk), Tier 2 (High) or Tier 3 (Very high). The PM is set to outline which parts of the UK will fall under each category at a press conference this evening.
The move aims to standardise regional restrictions, while avoiding a full scale lockdown, which the PM strongly opposes, the FTSE 100 was down 0.25% on the news.
Bank of Japan “will do more” says Kuroda
Volatility surrounded JPY today as Governor Kuroda stressed that the Bank of Japan will be actively taking further measures to help the economy battle COVID-19.
In a speech at the Bank’s headquarters, he stated that, “The BOJ hasn’t run out of policy tools. We have a lot of policy tools to counter (the damage from COVID-19). We are flexible, innovative when considering measures to take”
The Nikkei 225 was down 0.26%, whilst USDJPY fell to an intraday low of 105.25
Quote of the day – “Sheer will and determination is no substitute for something that actually works.”Jason Klatt
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Senior Market Analyst