- U.S. stocks bounce slightly, led by high techs, before a late fade trims gains
- Currencies and commodities still quiet, holding recent ranges
- Texas Governor Abbott: Corona Virus spreading at an unacceptable rate
Bias: Risk neutral
US stocks posted a bullish grinding session overnight, supported by the bounce in high tech stocks, which saw the DJIA end above 26,000. The market continued to weigh positive and negative market incentives and ended up buying high tech stocks that were seen as defensive. Late trade saw the market give back gains on talk U.S. President Trump was going to halt U.S. working visas.
Currencies were quiet overnight, with most pairs continuing to hold recent ranges. The Euro is trading at the top of its recent range, while the AUD continues to grind higher on light volumes. Comments from Texas Governor Abbott that the virus was spreading at an unacceptable rate hit the Dollar slightly.
Oil prices came back slightly, consolidating recent gains above $40/bbl. Gold was flat.
Further ranging trade is expected near term, with the market still held back by Corona Virus and supported by stimulus. Data today sees Australian, French, German U.K. and Euro-zone PMI, while later tonight sees U.S. PMI and New Home Sales.