Broader markets boosted by ease of tensions between US and Iran

  • Jan 07, 2020 GMT
  • Team Kalkine
Broader markets boosted by ease of tensions between US and Iran

US Markets: Broader indexes in the United States were trading on a mixed note, with the S&P 500 index traded 3.03 points or 0.09% lower at 3,243.25, Dow Jones Industrial Average Index dipped by 37.50 points or 0.13% lower and quoting at 28,665.88 and the technology benchmark index Nasdaq Composite traded higher at 9,083.63 and was up by 12.17 points or 0.13% against its previous day close (at the time of writing, before the U.S market close at ET 11:15 AM).

US News: On 7th January 2020, US stocks opened on the high, as the investors seemed to have gained confidence on markets after news sources reported an easing of tensions between the United States of America and Iran. News of positive updates from various technology companies also seemed to boost the US markets. Micron Technology share price was up 3.4 per cent after an analyst upgraded the stock to “outperform”. Western Digital Corp was also upgraded by the same analyst to “Outperform”, following which, the company’s shares were up by 3.2 per cent. Microchip Technology raised its forecasts for revenue in the third quarter. Post this development, its stocks were up by 3.7 per cent. Goldman Sachs reported an overall improvement in its main business units, which resulted in a marginal rise of 0.7 per cent in its share price. Apache Group was up by 17.3 per cent, having made a significant discovery of oil in offshore Suriname.

S&P 500 (SPX)

Top Performers*: S&P Global Inc, NiSource Inc, and State Street Corp are top gainers and increased by 2.39%, 0.88% and 0.53% respectively.

Worst Performers*: Federal Realty Investment Trust, TechnipFMC PLC, and Textron Inc are the top three laggards and decreased by 1.17%, 1.06% and 1.05% respectively.

NASDAQ Composite (IXIC)

Top Performers*: Cellect Biotechnology Ltd, Advaxis Inc, and Xeris Pharmaceuticals Inc are top gainers and increased by 167.08%, 33.64% and 14.34% respectively.

Worst Performers*: Titan Pharmaceuticals Inc, Zion Oil and Gas Inc, and Inpixon are the top three laggards and decreased by 23.39%, 23.06% and 22.40% respectively.

Top Performing Sector*: Technology (up 0.10%).

Worst Performing Sectors*: Telecommunication services (down 0.08%), Healthcare (down 0.08%) and Consumer cyclicals (down 0.10%).

Dow Jones Industrial Average (DJI)

Top Performers*: Goldman Sachs Group Inc, Pfizer Inc, and Walt Disney Co are top gainers and increased by 1.38%, 0.18% and 0.09% respectively.

Worst Performers*: Chevron Corp, Intel Corp, and Travelers Companies Inc are the top three laggards and decreased by 1.29%, 1.17% and 1.14% respectively.

European Markets: The London’s broader equity benchmark index FTSE 100 traded at 1.49 points or 0.02% lower at 7,573.85, the FTSE 250 index snapped 72.15 points or 0.33% higher at 21,832.68, and the FTSE All-Share Index ended 2.41 points or 0.06% higher at 4,209.34 respectively. Another European equity benchmark index STOXX 600 ended at 417.67, up by 1.04 points or 0.25 per cent.

European News: In economic news, the budget of the Boris Johnson government will be presented on 11 March 2020 in the British parliament in the post Brexit era. The British Chancellor for the Exchequer Sajid Javid will read out the budget and he is widely expected to deliver on the promise made by Prime minister Jonson during his election campaigns that he would bring in more investments to help voters who would help him succeed back to power. In other news, the British retailers experienced the lowest ever sales growth in 2019 in Christmas sales than they had since 2014. In the four week ending period on 28 December 2019, the industry saw a sales growth of 0.5 per cent year on year. In business news, Occidental Petroleum Corp has announced that it will be cutting its stake in Western Midstream Partners LP to less than 50 per cent in 2020 in order to tide over significant debt it has now accumulated after the Anadarko Petroleum Corp deal.

London Stock Exchange (LSE)

Leading Performers of the Day*: PREMIER OIL PLC (PMO), BATM ADVANCED COMMUNICATIONS LD (BVC) and REACH PLC (RCH) were on the bright spot and rose by 15.87%, 6.49% and 6.16% respectively.

Worst Performers of the Day*: ASTON MARTIN LAGONDA GLOBAL HOLDING (AML), GALLIFORD TRY HOLDINGS PLC (GFRD) and ELECTRA PRIVATE EQUITY PLC (ELTA) are the major laggards and declined by 15.48%, 6.11% and 5.68% respectively.

FTSE 100 Index

FTSE-100 index performance in previous five days (as on January 07, 2020), before the market closed. (Source: Thomson Reuters (TR))

Top Stocks of the Day*: KINGFISHER PLC (KGF), OCADO GROUP PLC (OCDO), and IMPERIAL BRANDS PLC (IMB) were in the bright spot and leapt up by 3.05%, 2.52% and 2.34% respectively.

Worst Stocks of the Day*: NMC HEALTH PLC (NMC), STANDARD LIFE ABERDEEN PLC (SLA), and RENTOKIL INITIAL PLC (RTO) were the beaten down stocks at the broader equity benchmark index FTSE 100 and decelerated by 5.05%, 2.89% and 2.83% respectively.

Top Volume Gainers of the Day*: LLOYDS BANKING GROUP PLC (LLOY), BP PLC (BP.), and VODAFONE GROUP PLC (VOD).

Elite Performing Sector of the Day*: Consumer Cyclicals (up 0.40%), Consumer Non-Cyclicals (up 0.26%), and Telecommunications Services (up 0.26%).

Worst Performing Sectors of the Day*: Utilities (down 0.55%), Energy (down 0.45%), and Industrials (down 0.37%).

Forex Rates*: GBP/USD and EUR/GBP were quoting at 1.3122 and 0.8493, respectively.

Bond Yields*: U.S 10-Year Treasuries yield was quoting at 1.827%, and the UK 10-Year Government Bond yield was trading at 0.795%, respectively. 

 *At the time of writing

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