Originally published by Rivkin Securities
The slide in the Nasdaq has been halted in the last two trading sessions as the index now consolidates at this slightly lower level. The Tesla (NASDAQ:TSLA) share price had a significant bounce last night, climbing 8.5%, which halts a month of declines. The Facebook (NASDAQ:FB) share price has also stabilised after recent declines.
Large cap blue chip stocks, as measured by the Dow Jones index, opened higher but could not hold the gains and eventually closed down 0.2%. The ASX 200 also stabilised yesterday after the second worst week of the year last week and futures are up 1 point this morning.
Gold prices are hovering just below US$1,200 per ounce and appear to be consolidating at this level after having fallen from around US$1,350 per ounce five months ago. The market is still pricing a very high percentage chance of a rate hike in September and a good chance of another one in December which may be weighing on gold prices.
The British pound jumped overnight as the UK reported better than expected GDP growth for July and the chief EU Brexit negotiator said that a deal could be reached in as little as six to eight weeks. Conversely, the Australian dollar is still hovering near two year lows as the Reserve Bank of Australia holds firm on maintaining the record low interest rates currently in place.
Data Releases:
- No Significant Data