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S&P 500 Rallies As U.S. Dollar Pulls Back Towards Weekly Lows

Key Insights
The strong pullback in the U.S. dollar provided significant support to stocks.
Treasury yields have pulled back after touching new highs, which served as an additional positive catalyst for S&P 500.
A move above 3730 will push S&P 500 towards the resistance level at 3760.
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Pfizer Rallies After Announcing A Huge Price Hike For Its COVID-19 Vaccines
S&P 500 is currently trying to settle above 3730 as traders’ appetite for risk is growing. The U.S. dollar has recently gained strong downside momentum as the BoJ intervened to stop the rally in USD/JPY. Weaker U.S. dollar is bullish for stocks as it increases profits of multinational companies and makes U.S. equities cheaper for foreign investors.

The leading oil services company Schlumberger is up by 9% after beating analyst estimates on both earnings and revenue. Schlumberger’s peers Baker Hughes and Halliburton have also enjoyed strong support today.

Vaccine makers Pfizer and Moderna gained strong upside momentum after Pfizer announced that it will raise the price of its coronavirus vaccine to $110 – $130 per shot.

Biggest losers today include Verizon and Twitter. Verizon is down by 5% despite beating analyst estimates on both earnings and revenue. Subscriber numbers missed estimates, and traders pushed the stock to multi-year lows.

Twitter stock moved towards the $50 level as the U.S. may conduct a security review of Musk’s purchase of the company.

From a big picture point of view, today’s rebound is broad, and most market segments are moving higher. Treasury yields have started to move lower after testing new highs, providing additional support to S&P 500. It looks that some traders are ready to bet that Fed will be less hawkish than previously expected.

S&P 500 Tests Resistance At 3730

S&P 500 has recently managed to get above the 20 EMA and is trying to settle above the resistance at 3730. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

If S&P 500 manages to settle above 3730, it will head towards the next resistance level at 3760. A successful test of this level will push S&P 500 towards the next resistance at October highs at 3805. The 50 EMA is located in the nearby, so S&P 500 will likely face strong resistance above the 3800 level.

On the support side, the previous resistance at 3700 will likely serve as the first support level for S&P 500. In case S&P 500 declines below this level, it will move towards the next support level at 3675. A move below 3675 will push S&P 500 towards the support at 3640.

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US Markets in green on Friday; Dow 30 up over 345 points, Nasdaq Composite, S&P 500 up nearly 1%

US Markets were trading in the green on Friday with Dow 30 trading at 30,678.80, up by 1.14%. While S&P 500 was trading at 3,701.66, up by 0.98% and Nasdaq Composite 10,690.60 was also up by 0.71 per cent

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US Markets in green on Friday; Dow 30 up over 345 points, Nasdaq Composite, S&P 500 up nearly 1%
Earlier today, Indian stock markets ended the week on a winning note. It was the sixth straight gains for equity markets. Source: Reuters
US Markets were trading in the green on Friday with Dow 30 trading at 30,678.80, up by 345.25 points or1.14 per cent. While S&P 500 was trading at 3,701.66, up by 35.88 points or 0.98 per cent and Nasdaq Composite 10,690.60 was also up 75.75 points or 0.71 per cent. A Reuters report said that today’s strength was on the back of a report which said the Federal Reserve will likely debate on signaling plans for a smaller interest rate hike in December, reversing declines set off by social media firms after Snap Inc’s ad warning.

Source: Comex

Nasdaq Top Gainers and Losers

Source: Nasdaq

Earlier today, Indian stock markets ended the week on a winning note. It was the sixth straight gains for equity markets. The BSE Sensex ended at 59,307.15, up by 104.25 points or 0.18 per cent from the Thursday closing level. Meanwhile, the Nifty50 index closed at 17,590.00, higher by 26.05 points or 0.15 per cent. In the 30-share Sensex, 13 stocks gained while the remaining 17 ended on the losing side. In the 50-stock Nifty50, 21 stocks advanced while 29 declined.

Which Airline and Hotel Is the Best Choice for Your Asian Business Trip?

For foreigners that have a long business trip to Asia ahead of them, it’s crucial that you feel comfortable. A couple of tips for the business minded traveler going to Asia is travel light, book ahead of time and get in line early. No matter what airline you go through, the airport is going to be a nuthouse, so it’s always a good rule of thumb to be prepared by skipping the long lines, allowing for plenty of time and read that newspaper until it’s your turn to get your boarding pass. Once in Asia, you can find a cab easily from the airport and check in to your hotel. While there are many available hotels and airlines on the market, there are only a chosen few that offer customers luxury, cleanliness and with all the comforts of home.Our pick for one of best airlines for Asian business trips is Singapore Airlines. Not only does it offer luxury accommodations for First Class, Business and Economy seats, but the flight attendants are pleasant, charming and over accommodating. Who wants to sit on a long flight in teeny, tiny seats? Singapore Airlines must understand the need for spacious seats because they have more room than many other airlines out there. They also offer leather seats, dining room table and your choice of available DVDs. Another popular Asian business trip airline is Cathay Pacific Airlines. Cathay Airlines is comfortable with flat beds in business class and 81 inch beds in First Class. First class passengers can also enjoy champagne and freshly fried eggs while all passengers can enjoy a selection of snacks when the mood strikes.Asia has more hotels than you could keep up with, and the majority of them are stylish, clean, centrally located and affordable. For the top hotels for Asian business trips, consider one of the following: the Mandarin Oriental, the W Hotel and the Peninsula. The Mandarin Oriental is a comfortable and clean choice for travelers feeling fatigued after a long flight. It has a business center, stylish rooms and a beautiful bar/lounge which can be deemed a perfect location for wooing potential clients. The W Hotel in Hong Kong is another stylish hotel that is well staffed with accommodating employees who are eager to speak American to you or greet you with a smile at the door. When staying in Tokyo, guests love the Peninsula, which offers portable cell phones throughout the hotel and the Tokyo metro area. This is a great accessory to your stay when your regular Blackberry or iPhone won’t work.As business trips to Asia countries become more common, airlines and hotels in Asia are providing a comfortable alternative while you are away from home. There are endless DVDs during your flight, state of the art beds, portable phones and stylish restaurants and bars to schmooze clients. Best of all, the staff on your airline and hotel can accommodate all of your special requests and more. When on your next business trip to Asia, consider travelling with all the amenities you deserve!