Archives of “September 2, 2021” day

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Major European indices close moderately higher

  
Analysis, Global Indices

Modest gains/changes for most of the major indices

The major European indices are closing moderately higher.

Provisional closes are showing:
  • German DAX, +0.1%
  • France’s CAC, +0.1%
  • UK’s FTSE 100, +0.2%
  • Spain’s Ibex, unchanged
  • Italy’s FTSE MIB, +0.2%
In other markets as London/European traders look to exit:
  • Spot gold is down $-2.40 or -0.13% at $1810.81.
  • Spot silver is down $0.26 or -1.06% $23.85
  • WTI crude oil futures are up $1.86 or 2.71% at $70.45
  • The price of bitcoin has dipped back below the $50,000 level but is still up $844 on the day at $49,720 (the high price reached $50,190 today)
Looking at the US stock market, the major indices are higher. The S&P and NASDAQ are on pace for a record close:
  • Dow industrial average up 150 points or 0.43% at 35463.60
  • S&P is up 18.5 points or 0.41% at 4542.56
  • NASDAQ is up 64 points or 0.42% at 15373.37
The US dollar moved lower in the North American morning session, but the CHF and JPY are even weaker (although only modestly).

China requires all foreign ships entering the South China Sea register with Chinese maritime authorities

  
Analysis, Politics

China says the new rule will apply to the South China Sea, the East China Sea, and the islands and reefs dotted across those waters. China claims these as its territory.

As you’d expect, the US is having none of it.
Pentagon spokesperson comments:
  • “The United States remains firm that any coastal state law or regulation must not infringe upon navigation and overflight rights enjoyed by all nations under international law” 
  • “Unlawful and sweeping maritime claims, including in the South China Sea, pose a serious threat to the freedom of the seas, including the freedoms of navigation and overflight, free trade and unimpeded lawful commerce, and the rights and interests of South China Sea and other littoral nations” 
Tensions continue between the US and China.
China says the new rule will apply to the South China Sea, the East China Sea, and the islands and reefs dotted across those waters. China claims these as its territory.

WHO is monitoring a new coronavirus variant, “Mu”, a risk of resistance to vaccines

  
  Analysis

World Health Organization is tracking Mu, a strain of SARS-CoV-2

  • First detected in Colombia at the start of the year
  • Mu has been reported in sporadic outbreaks in parts of South America and Europe
  • scientists are studying whether it could have properties that would help it get past immune protections built up by vaccination or past infection
  • WHO has listed it as one of five variants of interest
So far it has not spread widely. So far.
World Health Organization is tracking Mu, a strain of SARS-CoV-2

China requires all foreign ships entering the South China Sea register with Chinese maritime authorities

  
Analysis, Politics
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China says the new rule will apply to the South China Sea, the East China Sea, and the islands and reefs dotted across those waters. China claims these as its territory.

As you’d expect, the US is having none of it.
Pentagon spokesperson comments:
  • “The United States remains firm that any coastal state law or regulation must not infringe upon navigation and overflight rights enjoyed by all nations under international law” 
  • “Unlawful and sweeping maritime claims, including in the South China Sea, pose a serious threat to the freedom of the seas, including the freedoms of navigation and overflight, free trade and unimpeded lawful commerce, and the rights and interests of South China Sea and other littoral nations” 
Tensions continue between the US and China.
China says the new rule will apply to the South China Sea, the East China Sea, and the islands and reefs dotted across those waters. China claims these as its territory.

NASDAQ closes at a record high for the 33rd time this year

  
Analysis, US Market
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S&P fails on attempt to close at record

Selling into the close today pushed the S&P index into the red after trading higher for most of the day. However it is still ending the day with a small gain.

The NASDAQ index is also closing near it’s session lows but had a more solid gain for the day, and is closing at a record level.
The Dow industrial average spent most the day negative and is closing down for the day.

Highlights of the day:
  • NASDAQ traded at a new intraday record high of 15379.50
  • NASDAQ index closed at a record level for the 33rd time this year
  • S&P index fell just short of reaching a new all-time high and could not hold onto a record closing level either.
  • NASDAQ is up for the second consecutive day
The final numbers are showing:
  • Dow industrial average felt -47.51 points or -0.13% at 35313.22
  • S&P index rose 1.49 points or 0.03% at 4524.17
  • NASDAQ index rose 50.15 points or 0.33% 15309.38
  • Russell 2000 rose 13.28 points or 0.58% at 2287.06
Looking at the S&P sectors, the gains were led by:
  • Real estate, +1.7%
  • Utilities, +1.3%
  • Consumer staples, +0.5%
  • Communications +0.5%
The decliners were led by:
  • Energy, -1.5%
  • Financials, -0.6%
  • Industrials -0.4%
  • Material -0.3%
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