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Abstract:Bitcoin Breaks Above $40,000, Alaska Air Acquires Hawaiian Holdings, Spotify Announces Layoffs
Market Wrap
Stocks
U.S. stocks started the week lower after posting a five-week winning streak.
The Dow Jones Industrial Average fell 0.11% to 36,204.
The S&P 500 dropped 0.54% to 4,569.
The Nasdaq 100 was down 0.99% to 15,839.
Sectors
Transportation (+0.67%), real estate (+0.54%), and consumer durables & apparel (+0.45%) stock sectors were market leaders.
Semiconductors (-1.67%), media (-1.45%), and software & services (-1.38%) sectors were laggards.
Companies
Alaska Air (ALK) sank 14.22% as the airline announced the acquisition of competitor Hawaiian Holdings (HA) for $1.9 billion.
Hawaiian Holdings (HA) soared 192.59%.
Spotify Technology (SPOT) climbed 7.46%.
Uber Technologies (UBER) rose 2.23%.
Builders FirstSource (BLDR) fell 1.74%.
Jabil Circuit (JBL) dropped 1.33%.
Riot Platforms (RIOT) jumped 8.93%.
Marathon Digital (MARA) up 8.47%.
MicroStrategy (MSTR) up 6.74%.
Coinbase Global (COIN) up 5.48%.
Carvana (CVNA) jumped 13.84%.
3M (MMM) gained 3.60%.
Commodities
Gold price hit an all-time high of $2,135 before retreating to $2,029.
U.S. WTI crude-oil futures slipped to $73.31 a barrel.
The U.S. dollar stabilized after losing for three straight weeks.
EUR/USD declined 49 pips to 1.0835.
USD/JPY rebounded 40 pips to 147.22.
GBP/USD retreated 79 pips to 1.2631.
AUD/USD fell 56 pips to 0.6619.
USD/CHF rose 36 pips to 0.8728.
USD/CAD increased 40 pips to 1.3537.
Bitcoin broke above $40,000 before running up to $42,000.
Analyst Views
Dow Jones (CME) Intraday: bullish bias. Pivot: 36190.00.
EUR/USD Intraday: key resistance at 1.0865. Pivot: 1.0865.
GBP/USD Intraday: under pressure. Pivot: 1.2665.
USD/JPY Intraday: bullish bias above 146.70. Pivot: 146.70.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Kamala Harris makes history at the Democratic National Convention, while global markets react to central bank policies and geopolitical developments. Alibaba's listing upgrade and Japan's currency movements highlight Asia's financial dynamics. Meanwhile, Russia faces military and economic challenges as Ukraine escalates attacks. Key market players like Uber and Canadian rail companies respond to industry disruptions.
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Insights from Trading Central's Global Research Desks
U.S. stocks retreated from record highs on Monday, with technology stocks leading the decline.