Tech stocks continue to set new highs
After yesterday’s buoyant beginning to the week, markets today started slightly sluggish with several key U.S indices falling.
However as the day progressed, yesterday’s rallies which contributed to Tesla reaching new highs, seemed to have reappeared.
Today it was Microsoft and Apple’s turn to lead the turnaround in sentiment for U.S. stock indices, with both reaching new record highs.
Microsoft jumped 1.6% to hit its all-time high. Whilst Apple, Facebook and Netflix also gained to trade at new highs
UK consumer activity down 50%
According to data released today, the number of shoppers visiting retailers in the UK was down close to 50% in the first half of the year compared to 2019.
Although the UK has reopened its economy, it seems as though much more is needed to see shoppers spending at the levels they were pre-pandemic.
The hope is that money spent in pubs and restaurants can spill over to help the recovery of British high streets.
This report comes a day before the UK government is set to announce their summer economic plan.
FTSE 100 drops ahead of Summer Economic Update
Ahead of tomorrow’s Summer Economic Update in the UK, the FTSE 100 dropped back towards its support point, after recently threatening to break the 6,320 resistance.
Many expect Chancellor Rishi Sunak to outline a fresh set of initiatives to try to spark an economic recovery.
However today analysts warned that with many businesses reopening, ending the country’s furlough scheme could result in unemployment rising from 3.9% to 10%, in the second half of the year.
Quote of the day: “Hope is a bogus emotion that only costs you money.”Jim Cramer
Gold: Gold nears $1,800 after a huge rally today, which saw the metal gain $20 in under 6 hours.
EURGBP: After failing to break the resistance of 0.90811, EURGBP continued to slide, reaching a low of 0.89667 in today’s session.