ASX futures up 10 points as technology shares propel NASDAQ higher
Published 21-AUG-2020 09:58 A.M.
2 minute read
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
The Nasdaq ended Thursday at a record high, as gains in heavyweight tech stocks outweighed weak data that affirmed the Federal Reserve’s view of a challenging road to economic recovery.
Apple’s market value had surpassed US$2 trillion on Wednesday and the world’s most valuable company extended gains by 2.2% to US$473.1 per share, while most other technology giants including Alphabet or Amazon rose as well.
The S&P 500 and Dow Jones also rose.
The ASX dipped yesterday to follow international markets lower, breaking a two day winning-streak. Most Asian markets retreated on Thursday amid subdued sentiment.
As reporting season continued, heavyweight stocks dragged the local bourse down with banking, health care and mining shares closing in the red.
Technology shares performed well as Afterpay jumped nearly 7% to a fresh all-time high after providing an upgraded guidance.
The ASX 200 closed down 47.6 points or 0.77% to 6,120 points on Thursday. Following the lift on Wall Street ASX futures trade 10 points higher at 8a.m. AEST.
US markets opened marginally lower but gained momentum quickly and finished comfortably higher. Technology shares provided the strongest boost to the Nasdaq Composite Index, which remains the star performer amongst international equity markets.
The Dow Jones Industrial Average ended up 46.85 points, or 0.17%, to 27,739.73, the S&P 500 gained 10.66 points, or 0.32%, to 3,385.51 and the Nasdaq Composite added 118.49 points, or 1.06%, to 11,264.95.
The Volatility Index, or VIX, reversed course in late afternoon trading (US time) and was last traded at 22.7 points, up 0.8% on the previous day but down compared to its daily high.
In the Asia-Pacific region stock markets in China, Japan and Hong Kong fell in unison. The Shanghai Composite declined 1.3%, the Nikkei dropped 1% and the Hang Seng shed 1.54% as investors temporarily reduced exposure from high-risk assets.
Selling extended into European markets where the STOXX Europe 600 index finished 1.07% in the red. Germany's DAX dipped 1.14% in Frankfurt, while the FTSE 100 declined 1.61% in London.
Gold prices strengthened 0.5% as the precious metal regained some ground after falling sharply the previous day. Gold settled at about US$1,956 per ounce. On Wednesday gold prices tumbled 4% after a tremendous rally to all-time highs.
Crude oil prices ended mostly lower as WTI crude oil traded 0.7% lower, however other crude oil contracts settled little changed.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.