S&P 500 opens at fresh monthly highs above 3,200

Wall Street opened in the positive territory on Monday.
S&P 500 climbs above 3,200 for the first time since early June.
Three major S&P 500 sectors gain more than 1%.

Eren Sengezer FXStreet

Major equity indexes in the US opened sharply higher on Monday as vaccine hopes seem to be allowing investors to look past surging coronavirus cases in the US. As of writing, the S&P 500 (SPX) was up 0.8% on the day at 3,210, highest level since June 10th, the Dow Jones Industrial Average (DJI) was gaining 0.8% at 26,285 and the Nasdaq Composite (IXIC) was up 1.43% at 10,770.

Eyes on Q2 earnings figures

The Food and Drug Administration (FDA) announced on Monday that it has granted "Fast Track" designation to Pfizer and BioNTech for two of their coronavirus vaccine candidates. At the moment, Pfizer (PFE) shares are up nearly 3% on a daily basis.

The S&P 500's Technology Index, Consumer Discretionary Index and Healthcare Index are rising more than 1% as the top-performing major sectors. On the other hand, the defensive Utilities Index and the Real Estates Index are trading in the negative territory.

Meanwhile, investors will be paying close attention to second-quarter earnings figures this week. Earlier in the day, PepsiCo Inc reported a slightly better-than-expected quarterly net revenue of $15.95 billion.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD flirts with daily lows near 1.3630

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Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

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It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.