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U.S. homebuilding rises as S&P 500 sets new high

Today’s Waves – 18th August

U.S. homebuilding rises as S&P 500 sets new record high

Today, the S&P 500 finally climbed over the hurdle by setting a new high shortly after the open of the US session.

This came as data showed construction of new homes was at the highest level in 4 years.

Housing starts were up by 22.6%, which is the largest increase since October 2016 with an annualized 1.496 million units being recorded last month.

The benchmark index however was unable to sustain the new highs, sliding back to 3,391.30 in intraday trading.

Disappointing BHP earnings sends FTSE 100 lower

Mining giant BHP today reported that annual profits were down 4%, mainly due to the slowing global economy.

Profits fell to $9.06 billion below most initial estimates of $9.42 billion. This contributed to the FTSE 100 declining by 0.4% in trading today.

The UK index fell to the 6,058 support point, where it briefly bounced, before once again trading at this level towards the end of the London session.

UK retail giant M&S to cut 7,000 jobs.

The bad news continues in the UK as high street giant Marks and Spencer announced that it will be cutting close to 7,000 jobs.

The move comes as the COVID-19 pandemic continues to impact the UK retail sector. Boots, John Lewis and several other high profile companies have already announced similar layoffs.

M&S confirmed that sales were down 19.2% in the first half of the year, with clothing and homeware sales down 49.1%. Shares dropped 2.5% on the news.

Quote of the day: “We want to perceive ourselves as winners, but successful traders are always focusing on their losses.”

Peter Borish

Biggest Bull

GBPUSD: Today saw Cable rally to its highest level since December 31st, 2019. The move came as the key resistance level of 1.3144 was broken leading to rates quoting an intraday high of 1.3240.

GBPUSD
Source: Tradeview MT4

Biggest Bear

BTCUSD: BTCUSD was unable to sustain yesterday’s highs and dropped by close to $400 in today’s trading session.

BTCUSD
Source: Tradeview MT4

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