News & Analysis

Overnight on Wall Street: Wednesday 10 March 2021

10 March 2021 By Lachlan Meakin

Share

Equity markets

US Equity markets showed a more united front with all 4 major indices rallying. The NASDAQ soared as dip buyers rushed back into recently beaten down tech stocks.

European markets also posted strong gains and Australian and Asian markets have opened solidly in the green.

  • Dow Jones up 30 (0.1%)
  • NASDAQ up 464 (3.69%)
  • S&P 500 up 54 (1.42%)
  • Russell 2000 up 42 (1.91%)

Source: Yahoo Finance

FX markets

US Dollar

The US Dollar Index took a break from its recent rally with a sharp drop overnight. The recent rise has been credited to an increase in bond yields. A successful 3-year bond auction overnight allayed investor fears of increasing interest rates, sending bond yields down and with them the US dollar. Tonight, there is the more important 10-year auction, depending on how it goes we could see further volatility in the US dollar overnight.

Source: zerohedge.com

Source: GO MT4

Commodities

Oil

Despite a weaker US dollar US crude continued its pullback overnight after the Saudi refiner attack inspired gap up on Monday morning. Crude prices have tumbled for the second straight day with WTI back below $64 as U.S. crude oil production ramped back up and a huge inventory build was reported.

Source: GO MT4

Gold

Gold bounced off its 1675 support level that was set back 12 months ago, having a $40 per Oz turn around during the session. A sharp drop in the US dollar was the main contributor with gold’s price action recently having a high inverse correlation to movements in the US Dollar index.

Source: GO MT4

Thursday, 11 March 2021 
Indicative Index Dividends
Dividends are in Points
ASX200 WS30 US500 US2000 NDX100 CAC40 STOXX50
0.516 0 0.268 0.248 0.967 0 0
ESP35 ITA40 FTSE100 DAX30 HK50 JP225 INDIA50
0 0 11.477 0 60.596 0 0


Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.