Nasdaq 2.5% higher after a strong tech rally

Vrasidas Neofytou

Vrasidas Neofytou
Head of Investment Research

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Market Brief, Tuesday, 21st of July, 2020

The Nasdaq Composite rose 2.5% on Monday, closing at record highs in response to the positive news over a coronavirus vaccine candidate coupled with optimism for more US fiscal stimulus.

Asian markets extended gains on improved risk sentiment, following the overnight rally in Wall Street. Kospi and Hang Seng indices led the gains with 2% while Nikkei followed with 1%.

Crude oil prices advanced on Tuesday morning as the vaccine optimism increases the hopes for a recovery in the global oil demand. WTI crude price climbed to $41 per barrel while Brent crude broke above $43 per barrel.

Precious metals benefited from the fresh stimulus measures by Europe and the US, as Gold prices jumped to their highest since September 2011, while Silver broke above $20 per ounce, for the first time after four years. 

Looking at the forex market, we can see the Euro holding near recent highs as the European leaders reached an agreement over the region’s 750 billion euro pandemic recovery fund, following marathon talks in Brussels.

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