After battling a very brief stint with volatility early yesterday, the S&P 500 index and Nasdaq-100 extended their ranges higher into the close. The S&P 500 finished one quarter of a point below its all-time closing high from February 19.
Home Depot’s 2nd quarter report early this morning reinvigorated a quiet overnight tape. The “do it yourself” narrative during the Covid-19 pandemic was a key driver for the company whose sales and profit surged by 23% and 25% from a year ago.
In recent weeks, there have been mixed messages from China’s central bank; reports have signaled the potential of both more direct measures and a tighter approach as the economy recovers. With the U.S.-China relationship falling apart at the seams, news of China’s stimulus boosted the Shanghai Composite index by 2.34% overnight.
U.S. benchmarks are paring overnight weakness and heading into the open near unchanged. The S&P 500 index is 1% from its February 20 record and failed to achieve a new swing high yesterday by half a point before softening into the close.
U.S. benchmarks are pointing higher ahead of the bell. Yesterday, the S&P 500 index traded to the highest level since setting its record on February 20 but closed below the low of Monday and Friday.
U.S. benchmarks are pointing to modest overnight gains after President Trump announced 4 executive orders over the weekend to extend unemployment benefits and defer payroll taxes. China is making waves at the onset of the week after arresting Jimmy Lai, a wealthy Hong Kong media mogul, on suspicion of collusion with foreign agents.
Nasdaq-100 futures closed at a fresh record high, and tech stocks accounted for the S&P 500’s resilience against one of the most famous technical levels in history; the scene of the crime gap close from February 21.
The Monday rally was real, carrying momentum from Friday’s late surge. The Nasdaq-100 hit a fresh record high intraday yesterday and notched it again overnight on today’s session
