Nasdaq posts new highs, sentiment remains positive
06 September 2021
On Monday, US equity benchmarks continued in their uptrends, with the tech-heavy Nasdaq 100 index rising to new all-time highs during the London session, while the SP500 and Dow Jones indices also climbed.
In Europe, DAX rose circa 120 points from its daily lows, while the CAC was the best performer, adding nearly 1% and jumping above the 6,700 EUR level again.
On Friday, equities failed to post any gains, despite miserable US nonfarm payrolls. According to the latest data, the US economy created only 235,000 new jobs in August, well below the 750,000 expected. However, the unemployment rate and wage growth improved.
Nevertheless, traders started to bet that the Fed's long-awaited tapering will be delayed to December or later. Therefore, the USD fell sharply, supporting precious metals.
From other news, oil dropped Monday after Saudi Arabia, the world’s top exporter, cut its prices for Asian buyers over the weekend, suggesting an uncertain demand outlook. The WTI benchmark was seen 1% lower, changing hands at around 68.60 USD.
There are no economic data on the agenda today. Thus volatility could be lower, and markets might continue in their short-term trends started on Friday.