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12th July 2021 Morning Report

Monday 12th July 2021

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U.S. stocks markets recorded new record highs Friday as investors looked past promises from the Biden administration to crack down on what it deems as anti competitive practices by banks, Big Tech and other industries.

The Dow Jones Industrial Average rose 1.3%, while the S&P 500 and the Nasdaq Composite increased 1.13% and 0.98%, respectively. Although all three averages closed at all time highs, only S&P 500 put in an intraday peak. Money rotated out of the bond market to shares, causing the yield on the 10 year note to rise to 1.348% after finishing Thursday at its lowest level since February 2021.

Other overseas markets were mostly higher. European stock markets rallied across the board with France’s CAC 40 trading up 2.07%, Germany’s DAX 30 gaining 1.73% and Britain’s FTSE 100 advancing 1.3%.

In Asia, Hong Kong’s Hang Seng index outperformed, rising 0.7%, while China’s Shanghai Composite and Japan’s Nikkei 225 slipped 0.04% and 0.63%, respectively.

Both oil and gold were up with West Texas Intermediate crude oil increasing $1.62 to $74.56 a barrel and gold up $10.40 to $1,810 an ounce.

Morning Report 12 July 2021



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