U.S. indices closed higher on Monday as Treasury yields rebounded, calming fears of a possible recession. Shares in the Semiconductors & Semiconductor Equipment (+2.23%), Energy (+2.14%) and Technology Hardware & Equipment (+2%) sectors helped push the market higher. The S&P 500 (2,923.65) trades below its 20d moving average (2,936.55 – negative slope) and below its 50d moving average (2,945.80 – flat slope).
European markets are expected to start on a flat note.
Foreign Exchange
The US dollar was bullish against all of its major pairs on Monday. On the economic data front, there was no news to report.
The Euro was bullish against all of its major pairs with the exception of the USD. In Europe, the euro-zone CPI growth slowed to 1% in July in second reading vs 1.1% in first one and 1.3% in June.
The Australian dollar was mixed against all its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (SEP 19) was up $1.4 to $56.23. The contract was above its 20D MA (@ $55.36) and above its 50D MA (@ $56.18).
Gold was down $17.3 to $1496.1. The precious metal was above its 20D MA (@ $1466) and above its 50D MA (@ $1424).
Copper Future (DEC 19) on Comex was about flat to 260.4c/lb. The contract was below its 20D MA (@ 263.68c) and below its 50D MA (@ 267.11c). In Europe, the London Metal Exchange reported its copper inventories decreased 1850 tons to 330125 tons.