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Morning review of US stock market for May 7, 2021


S&P 500

Yesterday, the US stock market climbed to record levels on strong economic data. The Dow gained 0.9%, while other main indices grew by 0.3%.

China presented strong economic statistics. Oil encountered resistance below the year's highs.

January to April, China's oil and gas imports increased by 7.2% and 22.4% respectively.

The US-China trade turnover rose by 61.8% in April, to $221 billion. China's services PMI advanced to 56.4.

Gold soared above $1,8K per ounce on the weaker US dollar.

Morning review of the Asian stock market: Japan's stocks added 0.2%, China's lost 1% despite strong economic data.

COVID-19 worldwide: The third wave is still at its peak and is not expected to loosen its grip any time soon. India recorded 415K new infections yesterday, accounting for almost half of coronavirus cases reported worldwide (855K). Yesterday, some 4K people died from the infection in India. Brazil's and the US's COVID-19 death toll in a day reached 2.5K and 860 respectively.

France reported 22K new COVID-19 cases. In Germany, 17K people were infected.

BRENT gained 0.4% to 68.50. The price is expected to be in the 67.00–69.00 range. The price has recently increased but has encountered resistance near the level of 71.

WTI was up by 0.5% to 65.00. The price is likely to be in the 64–66 range.

The material has been provided by InstaForex Company -