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Morning review of the US market (05/24/2021)


Growth continued in Dow Jones last Friday. It climbed by 0.4%, as opposed to

S&P 500 and NASDAQ, which lost 0.1% and 0.5%, respectively.

This suggests that even though the market is under a correction, there is a chance that indices would hit new highs, thanks to the ongoing economic recovery. But the markets should remain calm this week, except on Thursday, when the US releases its latest report on durable goods and weekly employment.

Meanwhile, a rather moderate growth was observed in the Asian markets. Japan indices gained 0.3%, while China indices rose by 0.1%. S&P 500 futures also increased by 0.3%.

With regards to the world's epidemiological situation, less than 500,000 new COVID-19 cases were recorded on Sunday. India saw a decrease to 223,000, while Brazil recorded less than 40,000 incidents. A sharp decline to 13,500 was also observed in the US, thanks to mass vaccination. Europe also saw quite a huge progress. For example, France listed only 9,700 cases.

As for macro statistics, US recorded a 2.7% decline in home sales last April, but this, oddly enough, is positive for the market because the recent rise in property prices has created a risk on it.

The oil market is also seeking support after last week's plunge, although Brent gained 0.7% this morning, thereby hitting a price of $66.90. Progress in the negotiations between US and Iran is expected to bring oil to $ 70. But the range for today is projected to be $ 65.00 - $ 68.50.

Also on Sunday, EU accused Belarus of terrorism, when a Ryanair plane was hijacked and forced to land in Minsk in order to arrest one of the passenger. Apparently, a fighter jet threatened to shoot the plane down if it did not land, not considering the civilians riding on it. Belarus wanted to arrest a young journalist who spoke in opposition against Alexander Lukashenko.

Foreign ministers from the United States, Britain and Germany made very harsh statements against the Belarus president, condemning the act of air piracy on his part. They also demanded thorough investigation and threatened to close the flights of foreign ships over Belarus.

The material has been provided by InstaForex Company -