18.01.2021: US stocks in thin market (DJIA, USDX, USD/CAD)
Futures on the US stock indices are trading quietly in the holiday-thinned market. Emerging market currencies are trading lower in tune while the US dollar ix extending gains from the previous session.
Today on January 18, the US is celebrating a national holiday, Martin Luther King Day. So, the US stock indices are trading quietly. In other words, they are almost flat amid the lack of market catalysts.
The Dow Jones inched down 0.04%. The Nasdaq dipped 0.02%. The S&P 500 showed a 0.02% uptick.
The stock indices are trading sideways as American marketplaces are closed for the national holiday.
On Friday, the US stock market closed in the red as investors were discouraged by downbeat financial records from large US banks as they reported contraction in net profits for the whole year.
As soon as US trading floors reopen tomorrow, traders will get to know another batch of corporate earnings reports from top American companies.
The highlight of the week is the inauguration ceremony of President-elect Joe Biden. The event is scheduled for January 20. Investors are worried about what stimulus measures the new President will launch to prop up the ailing domestic economy.
Global markets seem to be entering the corrective phase due to headwinds caused by the coronavirus. Europe is dealing with protracted lockdowns. The US and Asia are facing surging coronavirus cases. Global central banks differ in their stance on further monetary stimulus. Investors doubt efficiency of such measures and the feasibility of expanding ongoing stimulus programs. Amid such uncertainty, emerging market currencies are losing ground in parallel. On the contrary, the US dollar is extending gains from the previous session. Its index hit a fresh one-month high. At the moment of writing this material, the US dollar index rose 0.31% to trade at the level slightly below 91 points.
The greenback is holding the upper hand over its Canadian counterpart. Having climbed 0.34%, the USD/CAD pair is trading at 1.2777.
New US President Joe Biden is going to issue a series of directives as soon as he takes office. Apparently, he pursues the aim of revising Donald Trump’s policy with his executive orders. First, Joe Biden wants the US to re-enter the Paris Climate Agreement. Besides, he intends to lift the ban on entrance to the US for those who come from the countries with the Muslim majority. He also wants to impose a mandatory mask order nationwide, including travelling across states either by car or by railway or by air. Among his urgent plans is to expand testing for COVID-19.
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