S&P 500 posts modest gains, winning streak at risk

US stocks mixed on Tuesday, rally at risk.
Tech shares continue to rise, Nasdaq hits new record.

Matías Salord FXStreet

US stocks indexes were mixed after the first hours of trading on Tuesday. The rally in Wall Street is losing strength after several days of gains. The S&P 500 index was rising 0.06%, gaining for the sixth day in a row while the Dow Jones was losing 0.55%. The Nasdaq index hit new record highs and was gaining 0.70%.

Tech shares were leading on Tuesday while most of the S&P 500 companies were falling. Signs that the global economic recovery will take more time than previously estimated weighed on sentiment. Also, some analysts point to some profit-taking.

Gold jumped following comments from Fed’s Bostic, hitting the highest since 2011, slightly below $1800/oz. Crude oil prices erased losses and the WTI barrel was approaching $41. The president of the Federal Reserve Bank of Atlanta mentioned parts of the US economy are showing signs of leveling off as coronavirus cases soar. The latest report showed a daily increase in Texas hospitalization by 6.8%.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

EUR/USD holds steady above 1.1850 in quiet session

EUR/USD stays defensive but holds 1.1850 amid quiet markets in the European hours on Monday. The US Dollar is struggling for direction due to thin liquidity conditions as US markets are closed in observance of Presidents' Day holiday.

GBP/USD flat lines near 1.3650 ahead of UK and US data

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.3650 on Monday. The mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important data releases from the UK and the US.

Gold corrects lower, tries to stabilize above $5,000

Gold started the week under bearish pressure and declined to the $4,960 area before staging a modest rebound. As trading volumes remain thin with the US financial markets remaining closed on Presidents' Day holiday, XAU/USD looks to stabilize above $5,000 ahead of this week's key data releases.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

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.

Monero Price Forecast: XMR risks a drop below $300 under mounting bearish pressure

Monero (XMR) starts the week under pressure, recording a 4% decline at press time on Monday after a 7% drop the previous day, putting the $300 support zone in focus.