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Oil and USD lower as US stock markets gain
| 07/03/2019
- US stock markets gained on Tuesday
- Bank stocks such as Wells Fargo, Bank of America, and Citigroup traded lower
- Tech stocks strengthened on positive news from US-China talks
US stock markets strengthened yesterday to end a quiet session. The S&P 500 notched up its second record close in two days, despite the Trump government threatening to impose a new round of tariffs on European products.
Oil prices nosedived, with Brent crude oil and West Texas Intermediate crude oil falling by well over 3% each. This comes at a time when OPEC and other oil suppliers, including Russia, have just finalized plans to support oil prices.
The S&P 500 gained 0.3% to close at 2,973.07, while the Nasdaq Composite rose 0.2% to end the day at 8,109.09. The Dow Jones Industrial Average strengthened by 0.3% to close at 26,786.75.
The market was held back, however, by bank stocks losing value. Wells Fargo fell by more than 0.9%, as did Bank of America. Citigroup saw its stock price lose 0.4%. The two-year rate dropped to 1.76%, while the benchmark yield on 10-year Treasury Notes traded close to 1.97%. Meanwhile, the SPDR S&P ETF (KBE) nosedived by 1.4%.
Technology firms such as chip manufacturers, on the other hand, helped to lift the S&P 500 to a record high this week after the good news about China-US trade negotiations. The two countries’ leaders agreed not to impose fresh levies on one another’s products after they met privately during the G20 summit over the weekend.
The Dollar index, a measure of the American currency’s performance against a basket of international currencies, retreated on Tuesday. BK Asset Management forex strategist Kathy Lien said in a letter to clients: “After rising strongly on Monday, the U.S. dollar traded lower against all of the major currencies as G20 optimism gave way to fresh uncertainties.”