Nasdaq 100 Continues to Make New Highs

After opening higher the Dow Jones declined through the first few hours of the session. It never recovered these losses and closed down 0.6%. It was a similar story for the S&P 500 although this only closed down 0.1%. The Nasdaq 100, on the other hand, made a new record high, closing up 0.4% at 7,131. Tesla (TSLA) was a standout performer with the share price climbing 5.6% on news that Model 3 production has been ramped up again after a temporary stoppage. The ASX 200 has come very close to breaking back through the 6,000 level at 5,996. Futures are up three points this morning.  

The bitcoin price has been declining over the last week, back near one-month lows. The decline has been blamed on the sale of approximately $400m by the trustee of the now defunct Mt. Gox bitcoin exchange. Fortunately for bitcoin holders, the sale appears to be finished for now although further selling by this trustee may resume in September.

Gold prices initially sold off by around $7 per ounce overnight but subsequently recovered the losses to close virtually unchanged. Gold has traded in a range between $1,300 and $1,350 so far this year with the price failing to break out in either direction.

Tonight US CPI data will be released. This will be an important data point for determining whether inflation is returning to the US economy. 

Data Releases:

-    US CPI 11:30pm AEDT

To view the Rivkin economic calendar and Local Markets matrix, members can click here.

This article was written by William O'Loughlin - Investment Analyst, Rivkin Securities Pty Ltd. Enquiries can be made via or by phoning +612 8302 3633.

Complex product warning

This article contains information about foreign exchange contracts, which are considered complex financial products. Please click here to read ASIC's foreign exchange trading article before considering an investment in foreign exchange contracts. 

This article contains information about CFDs, which are considered complex financial products. Please click here to read ASIC's "Thinking of trading contracts for difference?" document before considering an investment in CFDs.
comments powered by Disqus

DISCLAIMER: Rivkin aims to provide clear and simple information to those visiting our website. If any part of this disclaimer does not make sense, please phone Rivkin and ask to speak with a member of our Dealing and Relationship Management Team. Rivkin provides general advice, securities and derivatives dealing services and accounting administration services. Rivkin does not provide advice that takes into account your, or anybody else's, investment objectives, financial situation or needs. We strongly suggest that you consult an independent, licenced financial advisor before acting upon any information contained on this website. Investing in and trading securities (such as shares listed on the ASX) and/or derivatives (such as Contracts for Difference or 'CFDs') carry financial risks. CFDs carry with them various additional risks that differ from more simple securities such as fully-paid company shares. Some of these risks include not owning the underlying instrument from which a price is being derived, settling trades 'over the counter' with a financial institution rather than on a stock exchange, and using leverage to gain access to trades that may have a higher face value than your initial deposit. This risk of leverage means that it is possible to lose more than your initial investment. Our aim is to create more life choices for our clients, which means improving the wealth of clients throughout many market cycles by nurturing a relationship spanning many years. If you are not comfortable with your understanding of the risks involved before using a Rivkin product and service, please contact our office to seek further information or a Product Disclosure Statement, or make an appointment to sit with one of our friendly financial experts. It is in our interest for your Rivkin experience to be a rewarding and comfortable one. Rivkin is a trading name of Rivkin Securities ABN 87123290602, which holds Australian Financial Services Licence No. 332 802.