US Stock Market rose a bit after equities recoup losses from yesterday's sell-off

Stock market was on fire today as investors reconsidered the effects of the COVID-19 variant on the economy, allowing Wall Street to rally and recover some losses from yesterday.
CENTRAL, Hong Kong - July 26, 2021 - PRLog -- A lot of traders went on a bargain-hunting-spree, giving the stock market an optimal environment to reverse losses which dub as the worst trading day of 2021. The before all benchmark equities dropped by a large margin, along with Treasuries, starting a sell-off as investors look for a steadier shelter.

Today, more information was processed regarding the variant COVID-19 and was indicated that the Delta variant, although it is more communicable, has not caused deaths or hospitalization as much as the worst days of COVID-19 pandemic. Analysts even say that the pessimism was an overreaction that was fueled further by the market movement. Hence, traders went bargain hunting, allowing a strong turnaround for the stocks to claw back up and recover.

Although the market recovered, it is still visible that the ongoing breakout of the variant COVID-19 is still difficult to control, even with the vaccination. The fear of investors lies in the possibility of infection rates rising and resulting to another round of quarantine and new restrictions.

Tuesday's reversal can be summarized with:
  • The Dow Jones Industrial Average up to 34,511.99 after gaining 549.95 points or 1.62%.
  • The S&P 500 Index moved higher by 64.57 points or 1.52% and closed at 4,323.06.
  • NASDAQ Composite Index inflated at 14,498.88 after getting pumped with 1.57% or 223.89 points.
  • U.S. 10 Year Treasury yield is up by 2.8 basis points and at 1.2090%.
  • Crude is at $67.32 per barrel after gaining 1.36% or $0.90.
  • Gold is currently at $1,810.40 an ounce after gaining 0.07% or $1.20.
All benchmark managed to gain more than 1% today, with the Dow managing to record almost 2% gains on its intraday peak.

Another batch of earnings are expected to be released this week, which includes bigshots like Netflix and Johnson & Johnson, which both are expected to show higher-than-expected results.

Crypto Currency on the other side is having a rough fight as volumes in trading market are falling down. Bitcoin is holding almost below 30,000 per US dollar, which is expected by most Technical Analyst.

For more latest news in US Stock Market, you may also visit us at Millennium Capital Management (Hong Kong) Limited through our website or contact us via email.

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