US stocks move higher on surging oil prices, Nasdaq underperforms

Haresh Menghani FXStreet

Major US equity indices witnessed a mixed opening on Tuesday, with tech-heavy Nasdaq Composite Index underperforming and trading with a mildly negative bias.

Surging oil prices helped the broader markets to build on the recent gains on a holiday-shortened session. The already bullish oil markets got an additional boost after Libya declared force majeure on significant amounts of its oil supply.

In fact, WTI crude oil jumped above the $75.00/barrel mark for the first time since 2014 and energy stocks were among the biggest beneficiaries of rising oil prices, which eventually supported the positive momentum during the opening hour of trade on Tuesday.

However, uncertainty over trade policies remains a key overhang on the markets as investors remain wary ahead of a July 6 deadline when the US is set to impose fresh tariffs of up to $50 billion on Chinese products.

Nevertheless, the blue-chip Dow Jones Industrial Average and the broader S&P 500 Index remain on track to post a fourth straight session on gains ahead of the Fourth of July holiday on Wednesday.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

GBP/USD stabilizes near 1.3200 following latest rebound

GBP/USD holds steady at around 1.3200 in the European session on Friday after closing in positive territory on Thursday. Still, the cautious market mood makes it difficult for the pair to gather bullish momentum as investors remain focused on US-Iran conflict and the volaility surrounding global technology shares.

EUR/USD rebounds to 1.1400 as USD corrects lower

EUR/USD gains traction in the European session on Friday and rises to the 1.1400 area. The US Dollar (USD) struggles to find demand and helps the pair edge higher as investors keep a close eye on headlines coming out of the Middle East and the action in global technology stocks.

Gold holds above $4,000 but Fed hike bets cap the upside

Gold moves sideways in a tight channel above $4,000 after posting modest gains on Thursday. Nevertheless, the precious metal finds it difficult to gather bullish momentum as markets grow increasingly concerned about a hawkish Federal Reserve policy outlook.

Ripple price clings to $1 as long liquidations deepen bearish trend

Ripple (XRP) trades near the key psychological support level of $1 after losing more than 8% so far this week. CoinGlass liquidation data shows that over 97% XRP long positions were wiped out over the past 24 hours. In addition, derivatives metrics continue to favor the bears.

Asian stock markets plummet as Apple price hike raises inflation concerns, KOSPI dives over 8%

Asian equity markets on Friday are significantly down as price hikes announced by Apple Inc. due to memory chip shortages have prompted fears of high inflation globally and concerns on earning projections of various companies that rely on these sophisticated chips for their final products.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.