Another day another record. The S&P500 hit a fresh high as the cyclical stocks and industrials led yesterday’s gains, while technology stocks paused and took a breath. We saw some profit-taking in Google, Amazon and Facebook, but Apple and Netflix eked out gains, and Netflix even hit a fresh record as it traded close to $600 per share for the first time.
All eyes are on the US jobs data today, with the strength of the data could tint the Fed expectations and trigger a certain price move across equities, especially given that we expect to see low volumes at a time when New York is dealing with severe floods. Also, Monday is closed for the US Labor Day. Therefore, thin trading volumes could lead to sharp price moves across equities if there is any positive or negative surprise on the data front.
In commodities, US crude shortly stepped above the $70pb on Hurricane Ida-led supply shortage and gold steadies a touch above the $1800 per oz, with little upside potential.
In cryptocurrencies, Cardano hits record ahead of Alonzo update, and look promising for cementing its top three ranking after Bitcoin and Ethereum.