Asia Morning June 30

Asia Morning: U.S. Stocks Rebound, Boeing Jumps on Test Flight

On Monday, U.S. stocks rebounded recouping a large part of losses made last Friday. The Dow Jones Industrial Average jumped 580 points (+2.32%) to 25595, the S&P 500 rose 44 points (+1.47%) to 3053, and the Nasdaq 100 was up 111 points (+1.14%) to 9961.

S&P 500 Index: Daily Chart

Source: GAIN Capital, TradingView

Capital Goods (+3.58%), Consumer Durables & Apparel (+3.25%) and Consumer Services (+2.98%) sectors gained the most. Boeing (BA +13.85%) shares soared after authorities started the first test flight on the company's 737 MAX jet. Meanwhile, Tesla (TSLA +5.17%) and Apple (AAPL +2.30%) also rallied.

On the technical side, about 34.9% (38.7% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average, and 12.5% (20.0% in the prior session) were trading above their 20-day moving average.

European stocks also rebounded. The Stoxx Europe 600 Index increased 0.4%. Germany's DAX 30 gained 1.2%, France's CAC 40 added 0.7%, and the U.K.'s FTSE 100 was up 1.1%.

The benchmark 10-year Treasury yield settled unchanged at 0.636%.

Spot gold price inched up $1.00 to $1,772 an ounce.

U.S. WTI crude oil futures (August) settled 3.1% higher at $39.70 a barrel.

On the forex front, the ICE U.S. Dollar Index was little changed at 97.46.

EUR/USD gained 0.2% to 1.1247. Official data showed that the eurozone's Economic Confidence Index climbed to 75.7 in June (80.0 expected) from 67.5 in May.

GBP/USD fell 0.3% to 1.2308, the lowest level in more than a month. U.K. Prime Minister Boris Johnson said his government will expand the 5 billion pounds spending on infrastructure to rebuild the economy.

USD/JPY advanced 0.3% to 107.58. This morning, government data showed that Japan's industrial production declined 8.4% on month in May (-5.7% expected), while jobless rate rose to 2.9% (2.8% expected) from 2.6% in April.

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