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Home » Stocks mostly higher, oil extends the rally

Stocks mostly higher, oil extends the rally

by Stephen Soo
November 11, 2020 03:47
in Fundamental analysis
0
Global equities mixed-to-higher to start the week

Brent crude jumped to early-September highs marginally below $45 on Wednesday

US stocks were mixed on Tuesday, with most sectors in the S&P 500 index being higher while technology stocks bucked the trend. The JOLTs report showed that the number of new openings remained the same in September compared to the previous month, so the release failed to affect the market. On the positive side, investors continued to cheer the announcement from Pfizer on the potential COVID-19 vaccine. As a result, the S&P 500 dipped 0.14%, the Dow Jones Industrial Average gained 0.9%, and the Nasdaq Composite dropped 1.36%.

Asian stocks closed mixed on Wednesday, with internet-platforms falling after new Chinese regulations focused on technology companies, wiping out more than $200 billion of value in the sector. The Communist Party unveiled regulations to root out monopolistic practices in the internet industry. As such, the Shanghai Composite index in China shed 0.53% while in Hong Kong, the Hang Seng lost nearly 0.3%.

During today’s meeting, the Reserve Bank of New Zealand held interest rates steady at 0.25% while the policy statement wasn’t as dovish as the prior language from the central bank, pushing the NZDUSD pair higher. The New Zealand dollar extended the rally to March 2019 highs around 0.69 and was changing hands in the 0.6875 area as of writing.

European stock markets opened slightly higher to start the day, with markets keeping in a calmer mood on Wednesday. US futures look choppier but little changed with S&P 500 futures rising around 0.2%. as the United States observes a partial holiday, trading could be muted during the day.

Meanwhile, crude oil prices moved higher on Wednesday following a larger than expected draw in oil inventories. The American Petroleum Institute reported a 5.15-million-barrel fall in inventories last week. sending Brent to early-September highs marginally below $45 on Wednesday. Vaccine hopes help to lift oil futures as well. After peaking at $44.90 earlier in the day, the prices retreated partially but stayed elevated, signaling the market readiness to extend gains if risk sentiment stays relatively upbeat in the near term.

Tags: BRENTCovid-19DOW JONESNasdaqNZDUSDOilStoxx 600
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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