Movements were mixed across the different sectors overnight, with Oil & Gas, Technology stocks, and Financials closing lower on average. Telecoms and Utilities were the strongest performers on the night.
Technology stocks continue to be a massive drag on the major US indices, with tech stocks lower on average across the month of March, which would be the first monthly decline for US tech this year.
Shares in Credit Suisse and Nomura, two large broking houses, have fallen substantially after a large hedge fund defaulted on a margin call, which is likely to lead to a ‘highly significant and material’ loss.
The US vaccine rollout is progressing rapidly, with New Yorkers over 30 now eligable to be vaccinated. President Biden is hoping to have more than 200 million vaccinated Americans in the next 95 days.
Later this week, President Biden is expected to announce another stimulus package proposal focusing on infrastructure investment. He will speak on Wednesday US time to outline his proposed measures.
The XJO is expected to open higher this morning. This is likely because U.S futures are in the green, and we are pricing in the big move the U.S saw the other day which we failed to price in yesterday. Broadly, the SP500 is once again playing with all-time highs, but our market is still struggling with the short-term channel’s resistance at 6850.
Ultimately the trend remains bullish, and market commentators remain equally positive for 2021, so we would expect our market to eventually continue higher.
US shares were a bit mixed overnight, with the DOW JONES reaching a fresh all-time high, while the NASDAQ fell and the S&P500 held flat. Shares were buoyed by the refloating of the Evergiven, the ship blocking the Suez Canal, which has allowed shipping to once again pass through that important channel.
There was again a lack of substantial economic data from the US, but tonight we will see an important consumer confidence read. Financials, Tech stocks, and Materials stocks weighed on US markets overnight, with Banking stocks trading fairly poorly after a large margin call default from a US hedge fund. The vaccine roll-out in the US is progressing very rapidly, with a potential end to the virus era now on the horizon.