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U.S. Private Payrolls come in less than expected
A day before the NFP release, it was announced that U.S. private payrolls increased.
However the rise was less than expected in June as businesses hesitated to rehire workers, with employers announcing more than 170,000 layoffs.
The ADP monthly update on private-sector job creation fell below the expectations of 2.9 million, and instead came in at 2.4 million.
Markets now look to tomorrow’s Non-farm payrolls, where 3 million jobs are expected to be added to the U.S. economy.
Equities rally despite huge spike in COVID-19 cases
Today it was reported that the U.S. has seen more than 47,000 new cases of the coronavirus on Tuesday.
This is the biggest one-day spike since the start of the pandemic in March, prompting states like California, Texas and Florida to restrict economic activity once more.
Despite the growing rate of cases, U.S. stock indices continued to gain in early trading on Wednesday as news of a potential vaccine developed by Pfizer and BioNTech eased markets’ concerns..
Pfizer’s shares rose 4.8% on the news, while BioNTech gained 3%.
Tesla becomes most value carmaker
On Wednesday Tesla became the world’s most valuable automaker, after the company founded by Elon Musk overtook Toyota.
It was reported that the market value of Telsa surpassed Toyota’s for the first time.
Tesla gained 5% today to hit a new high of $1,135 per share, with a market valuation of $206.5 billion, compared to Toyota’s $202.0 billion.
Quote of the day: “How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.”
Robert G. Allen
Biggest Bull
Bitcoin: After consolidating at the resistance of $9,179 for the past few days. BTCUSD today finally broke out, hitting a daily high of $9,300.
Source: Tradeview MT4
Biggest Bear
Gold: Yesterday’s bull, today’s bear. After climbing to a high of $1,785 yesterday. XAUUSD dropped to a low of $1,759 on Wednesday.
Source: Tradeview MT4
