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Daily Market Update

Latest Economic & Market Update 23rd September 2020

Good afternoon, it is September 23rd 2020 and here is your economic and market update from BlackBee. 

Today’s focus:

  • S&P 500 breaks 4-day losing run, gains 1.05%
  • NASDAQ up 1.7% and European turn green
  • Cautious market sentiment evident by US Dollar Index reaching highest since July

In a relatively quiet news day for markets, Tuesday’s trading appeared to have a “buy the dip” demeanour. European and US shares both closed higher following a dreary few days of trading, driven mainly by the prospect of economic recovery sacrificed for virus containment, as well as the release of the FinCEN files. There were buyers in the European markets with the FTSE 100 (+0.8%), Germany’s Dax (+0.4%) and Stoxx Europe 600 index (+0.2%) all up. The S&P 500 closed 1.05% higher, while there were jumps of 5.7% and 7% for Amazon and Twitter respectively. NASDAQ Composite, the technology index, grew 1.7%. (Source: Bloomberg)

The US Dollar Index (DXY) reached 94.03 yesterday, its highest level since July. The Index can be viewed as a barometer for safe-haven investment and has a negative correlation to S&P 500, which closed Tuesday at 3315.5. In March this year when the S&P 500 plummeted to 2237.40, the US Dollar Index reached its highest point in three and a half years of 102.817. The Index goes up when the US dollar strengthens when compared to six currencies; Euro (57.6% weighting), yen (13.6%), pound sterling (11.9%), Canadian dollar (9.1%), Swedish krona (4.2%) and Swiss franc (3.6%). (Source: Bloomberg)

Best & Worst Performers of Large Cap US Stocks on Tuesday
Click image to enlarge

Global Market Update
(as at close of markets 22/09/2020)