Yesterday’s bounce back in North American markets that saw the Dow Industrials gain 1.8% and the NASDAQ rise 0.8% continued into Asia Pacific trading overnight where the Nikkei soared 3.1%. This morning, major indices in Europe are climbing moderately with the FTSE up 0.4% and the Dax up 0.2%. US index futures are slightly positive with gains of 0.1% to 0.2%.
Fed Chair Powell’s semiannual testimony to Congress starts today but considering all of the information the Fed released last week, no major surprises are expected. He could face questions on the state of the recovery, inflation pressures and whether the central bank is considering slowing asset purchases. Ahead of the testimony, the US 10-year treasury note yield is sitting just below 1.50%. Meanwhile the US Dollar is up 0.2% against the Euro, Pound, Yen and the Loonie.
Cryptocurrencies remain under pressure today, particularly Bitcoin which has plunged another 7.8% and has broken down below $30,000, and Ethereum, which is down another 6.7%. Commodity action is mixed with WTI crude oil down 0.8% and copper up 0.2%.
SIA Wealth True Tacticaltm Investing Webinar Thursday June 24, 2:00 pm EDT
Join SIA Wealth Management for an introduction into what True Tacticaltm investing means, how capital rotates between markets, the benefits of relative strength analysis and how utilizing True Tacticaltm can benefit you and your clients. Webinar audio will be available through computer VoIP or dial in using your phone.