Consumer-Spending-Continues-to-Rise-in-the-U.S.

Consumer Spending Continues to Rise in the U.S.

Consumer spending in the U.S was once again on the rise, as data released for June shows.

Consumer spending which accounts for two thirds of U.S. GDP recovered sharply as businesses reopened.

June saw spending rise by 5.6%, after a record 8.5% jump in May.

However, as virus cases continue to rise in the U.S. many now believe that the percentage increase in this key economic indicator will begin to decline.

Tech Stocks Gain on Strong Earnings Report

After reporting Q2 earnings after the markets closed on Thursday, Apple shares surged as markets reopened on Friday.

Shares gained as much as 7.3% today, a move which saw Apple become the world’s largest public company, overtaking Saudi Aramco.

In addition to Apple, Amazon saw gains of 4.2% after posting its biggest profit ever. Facebook also gained close to 7.6% after it reported better-than-expected revenue.

Sterling Rises as FTSE Drops to Lowest Since May

FTSE 100 fell to its lowest level since May, as UK Prime Minister Boris Johnson decided to postpone the easing of some COVID-19 lockdown measures.

The delay will see further easings of restrictions pushed back by a fortnight, with face masks being made mandatory in more settings.

The FTSE 100 dropped to as low as 5,860 on the news, While GBPUSD rose to 1.317, its highest point since February.

Quote of the day: “Everyday I assume every position I have is wrong.”

Paul Tudor Jones

Biggest Bull

Bitcoin: Today BTCUSD rallied to a high of $11,461, which is the highest the cryptocurrency has been since August 2018.

Source: Tradeview MT4

Biggest Bear

UK100 (futures): The FTSE fell to its lowest level since March, after breaking out of the 6.091 support level. Futures trading has seen the index fall below 5,855.

Source: Tradeview MT4