|

Wall Street keeps pointing higher despite little to cheer

Despite no progress being seen for either the US government shut down or the US-China trade talks, Wall Street is continuing to grind its way higher. JP Morgan and Delta Airlines, both of which reported earnings yesterday, cautioned that the stand-off over funding in Washington would have a meaningful impact on their revenues and with reporting season accelerating, arguably this is a line we'll see repeated in due course.

BNY Mellon, Bank of America and Goldman Sachs are all set to report before the opening bell. Any comments here surrounding the wider health of the economy could act as a catalyst for the market, especially given economic data is set to be relatively thin on the ground in the hours ahead. Alcoa is also due to publish its quarterly statement after the close tonight, but for now anyway the sentiment on Wall Street doesn't appear to be struggling despite the lacklustre macroeconomic backdrop.

Ahead of the open we're calling the DOW up 34 at 24100 and the S&P up 4 at 2614.

Author

James Hughes

James Hughes

AxiTrader UK

James Hughes is Chief Market Analyst at AxiTrader. With over 15 years’ experience in the trading industry his knowledge of the financial markets and retail trading is second to none.

More from James Hughes
Share:

Editor's Picks

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.
 

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

XRP struggles around $1.40 despite institutional inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.