Hello traders everywhere. After a weak Tuesday open the stock market was bailed out by a surge in the tech and energy sectors. The tech sector has shrugged off growing concerns over trade and federal regulation led by the FAANG stocks which are all in positive territory led by Apple which is posting a +2% gain. The jump by Apple is related to analysts at UBS raised their price target to $250 from $215, citing the potential growth of the company's services business.
Trade worries continue to linger as President Trump's threat on Friday to slap tariffs on nearly all Chinese imports was met with a statement from China that said it would approach the World Trade Organization next week for permission to slap sanctions on the United States due to its non-compliance with a ruling in a dispute over U.S. dumping duties.
The energy sector is getting a hurricane boost as hurricane Florence is bearing down on North and South Carolina. Florence is expected to make landfall on Thursday and will be the largest hurricane to make landfall in that region in over 60 years. With that news, traders jumped on crude oil and gasoline pushing oil up +2.5% and gasoline up +2.3%.
Key Levels To Watch This Week:
S&P 500 (CME:SP500): 2,850.62
Dow (INDEX:DJI): 25,608.02
NASDAQ (NASDAQ:COMP): 7,787.90
Gold (NYMEX:GC.Z18.E): 1,203.80
Crude Oil (NYMEX:CL.V18.E): 67.33
U.S. Dollar (NYBOT:DX.U18.E): 96.30
Bitcoin (CME:BRTI): 6,117.30