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29th June 2021 Morning Report

Tuesday 29th June 2021

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The Nasdaq and S&P 500 hit all-time highs on Monday, fuelled by big tech stocks as investors expect a robust earnings season while interest rates remain low.

The S&P 500 recorded its third record high in a row, after logging its best weekly performance in 20 weeks last Friday. However, cyclical sectors dropped sharply amid fears over a spike in COVID-19 cases across Asia. Financials and energy posted the biggest sectoral loss on S&P 500, down by 0.81% and 3.33%, respectively. Some investors were rotating out of energy into tech. 

The market is expecting the new earnings season to deliver year-over-year earnings growth for S&P 500 companies to top 60%. However, some leading investors are suggesting that market may be overdue for a significant pullback. Some key U.S. economic reports such as jobs data will be released later this week, so some inventors will remain cautious as they await the data.

European shares closed lower, led by lower travel stocks on concerns over bans on British tourists, while a spike in Asian COVID-19 infections hit crude prices and saw energy stocks tumble more than 2%. The STOXX600 WAS 0.6% lower

China’s blue-chip index ended higher on Monday, supported by tech gains. The CSI300 index rose 0.2%, while the Shanghai Composite index was unchanged. 

The Nikkei slipped 0.28% by the end of the morning session.

Morning Report 29 June 2021


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