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Elite Capital International: U.S. Stock Market starts positive but closes negative

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The United State of America stock market started anew positively this Tuesday morning because of the positive headlines concerning coronavirus which help boost investors’ confidence that the pandemic is almost over.

Three major stocks lead gains such as Dow Jones Industrial Average pointed to an opening rally of about 700 points or about 3%, while S&P 500 and Nasdaq futures pointed to opening gains of 2.5% and 2.3%, respectively.

However just before the closing of the trading day, tech and staples rolled over and pushed the Dow negatively breaking an almost 900-point gain from the morning hours. The Dow finished 0.1%, or 26 points, lower. At its highest point, the index had been up 937 points. The S&P 500 closed down 0.2% while Nasdaq Composite finished 0.3% lower.

As for commodities, Oil prices are also down this Tuesday, April 7, 2020. Possible reason is the upcoming pivotal OPEC+ meeting that will tackle output cost. West Texas Intermediate (WTI) crude is down by -9.39% to $23.63 per barrel, while Brent Crude is down by almost -2% to $32.88 per barrel. Even though that thing seems to look positive on the oil market, there is still belief that Saudi Arabia and Russia will not meet agreement.

Gold price on the other-hand is up by 1.87% to $1,664.80 per ounce and it will keep on soaring after most investors are seeing it as their safe-haven. Silver is also jump by 2.02% to $15.42 per ounce.

As for Bonds, the yield on 10-year Treasuries climbed eight basis points to 0.67% and so with the yield on two-year Treasuries which gained four basis points to 0.26%.

Currencies are also down today, Dollar index (DXY) is down by 0.1% to 1,267.59. Japanese yen declined by 0.5% to 109.12 per dollar while British pound fell by 0.2% to $1.2241.

More updates and financial news at Elite Capital International Limited.

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