Stock Markets Continue to Climb

Yesterday was a banner day for US equity markets with the small cap Russell 2000 rallying 3.0% and the large cap indices gaining 1.1%-1.4%, sending the S&P 500 and the NASDAQ Composite to new all-time highs. This morning finds the three main index futures contracts up another 0.2%-0.3%. 

Positive momentum has continued overnight with the Nikkei climbing another 1.3% to its highest level in decades, and the Hang Seng soaring 2.6%. In Europe today, the DAX is up 0.8% and the FTSE is up 0.2%. Commodity action is mixed, with Copper up 0.1% and Crude Oil down 0.6%.

With yesterday’s benign US inflation report adding to speculation the Fed may resume cutting interest rates, potentially as soon as next month, the US Dollar is broadly retreating today. The Pound is up 0.6%, the Euro and Gold are up 0.4% and the Loonie is up 0.1%. Bitcoin is up 0.8% trading above $120,000.

It’s a quiet day for economic and earnings news with the main event being Cisco Systems reporting results after the close. Tomorrow brings US Producer Prices. Friday looks to potentially be a big day between the Trump-Putin summit meeting, plus Retail Sales and Industrial Production numbers from both the US and China to be released.  

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