Market Commentary: Stocks Rebound After Shaky Start

Market Commentary: Stocks Rebound After Shaky Start

After a shaky start, stocks in the US managed to show some late-session resilience as buyers gained confidence following two days in the red.

For the session, the Dow Jones closed lower by 0.27% (after being down over 1%) while the S&P500 and NASDAQ Composite closed higher by 0.25% and 0.91%.

One of the major themes for the day was the US Dollar which gained ahead of the FOMC Interest Rate decision, which is due on Wednesday at 2pm (New York) and 8pm (South African) time.

Versus the local unit, the US Dollar tested the highest level since 22-Dec-2017, hitting R12.69 at 21.45pm. Locally, the JSE was closed for Worker’s Day.  

On the Dow Jones Industrial Average, the top 5 winners and losers were as follows:

In currencies, the South African Rand trades as follows:

USDZAR +0.04% to 12.64
GBPZAR +0.17% to 17.21
EURZAR +0.16% to 15.18

Gold trades at $1311, Platinum at $898 while Brent Crude Oil is at $73.20.

International Markets

This morning, Asian equities are as follows:

Nikkei 225 (-0.30%)
Hang Seng (-0.56%)
Shanghai Composite (-0.38%)

Latam Markets closed as follows:

Merval 25 (+1.76%)
Bovespa (+0.38%)
INMEX (-0.12%)

Aus miners:
BHP Bil (-0.22%)
Rio Tinto (+0.56%)
S32 (+1.76%)

FANGs:
Facebook (+1.08%)
Amazon (+1.03%)
Netflix (+0.27%)
Google (+2.18%)

FTSE Miners:

Anglo American plc (-0.35%)
BHP Billiton plc (-1.63%)
Glencore plc (-1.35%)

Alibaba closed higher by 0.51%, while Tencent is higher by 0.82% in afternoon trade in Hong Kong.

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