{"id":149090,"date":"2019-06-06T06:23:16","date_gmt":"2019-06-06T10:23:16","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=149090"},"modified":"2019-06-06T06:23:16","modified_gmt":"2019-06-06T10:23:16","slug":"sp500-logs-back-to-back-gains-on-fed-rate-cut-hopes","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/06\/sp500-logs-back-to-back-gains-on-fed-rate-cut-hopes\/","title":{"rendered":"SP500 logs back-to-back gains on Fed rate-cut hopes"},"content":{"rendered":"
June 6, 2019<\/div>
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By IFCMarkets<\/a><\/p>\n

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Dollar strengthened on strong ISM services data<\/h2>\n<\/div>\n<\/div>\n

US stock market <\/b> extended gains on Wednesday despite mixed data. The S&P 500<\/a> gained 0.8% to 2826.15. The Dow Jones <\/em> industrial average rose 0.8% to 25539.57. Nasdaq <\/em> composite index advanced 0.6% to 7575.48. The dollar strengthening resumed as the Institute for Supply Management services sector index came in at above expected 56.9% after 55.5% April reading, while ADP payroll data firm reported that the U.S. economy added just 27,000 private-sector jobs in May. The live dollar index<\/a> data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, added 0.2% to 97.30 but is lower currently. Futures on US stock indices point to higher openings today.<\/p>\n

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CAC 40 outperforms European indexes<\/h2>\n<\/div>\n<\/div>\n

European stocks <\/b> rebound continued on Wednesday despite reports European Commission threatened disciplinary measures on Italy over the country\u2019s rising public deb. Both the EUR\/USD <\/em> and GBP\/USD <\/em> turned lower and are sliding currently. The Stoxx Europe 600 gained 0.3% led by utility stocks. Germany\u2019s DAX 30 <\/em> added 0.1% to 11980.81 as German PMI index\u2019s services sector final reading was upgraded. France\u2019s CAC 40<\/em> rose 0.5% and UK\u2019s FTSE 100 <\/em> edged up 0.1% to 7220.22. The European Central Bank is expected to keep interest rates unchanged today while ECB president Dragi is widely expected to maintain a dovish stance in his news conference scheduled for 13:30 CET today.<\/p>\n

\"GB100<\/p>\n

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Shanghai Composite decline accelerates<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b> are mixed today. Nikkei <\/em> slipped 0.01% to 20774.04 as yen resumed advancing against the dollar. Chinese stocks are mixed : the Shanghai Composite Index <\/em> is down 1.2% while Hong Kong\u2019s Hang Seng Index <\/em> is 0.1% higher. Australia\u2019s All Ordinaries Index added another 0.4% despite Australian dollar turning higher against the greenback.<\/p>\n

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Brent <\/a> falls after US crude inventories jump<\/h2>\n<\/div>\n<\/div>\n

Brent futures prices <\/b> are extending losses today. Prices fell yesterday. The Energy Information Administration reported Wednesday US crude inventories jumped by above expected 6.8 million barrels last week while gasoline inventories climbed by 3.2 million. August Brent crude lost 2.2% to $60.63 a barrel on Wednesday.<\/p>\n

\nMarket Analysis provided by IFCMarkets<\/a><\/p>

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Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets Dollar strengthened on strong ISM services data US stock market extended gains on Wednesday despite mixed data. The S&P 500 gained 0.8% to 2826.15. The Dow Jones industrial average rose 0.8% to 25539.57. Nasdaq composite index advanced 0.6% to 7575.48. The dollar strengthening resumed as the Institute for Supply Management services sector index […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-149090","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/149090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=149090"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/149090\/revisions"}],"predecessor-version":[{"id":149100,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/149090\/revisions\/149100"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=149090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=149090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=149090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}