FX.co ★ US stock market on October 26, 2021

S&P500

The US market continues to rise.

The main US indexes rose at the opening of the week. The Dow added 0.2%, the NASDAQ gained 0.9% and the S&P500 rose 0.5%.

On Thursday, Asian stock markets were trading mixed. Japanese stock indices showed strong growth of +1.8%. Chinese stock indices dropped by 0.3%.

Energy. The price of Brent crude remains at the highs of the year, at $85.90. The US State Department has said that Russia must deliver gas to Europe beyond its contractual obligations. However, for some reason the State Department does not demand such deliveries to Europe from US gas producers. There is no progress in European energy crisis.

Covid-19 worldwide: The daily global infection rate has decreased to +335K cases. In the US, there were +48K cases. However, high numbers of infections are now being recorded in Eastern Europe.

The S&P 500 is trading at 4,566. It remains in the range of 4,520-4,580.

Tesla surpassed a market value of $1 trillion on Monday after Hertz Global Holding announced a deal to buy 100,000 of its electric cars. As a result, Elon Musk currently has a net worth of over $250 bn.

The Federal Reserve Bank of Dallas' general business activity index for manufacturing in Texas rose by 10 points to +14.6 in October 2021, up from the previous month's 14-month low of +4.6.

Democratic leaders in Congress say they hope to pass an infrastructure bill and have a deal in hand on the social policy bill by the end of the week.

Moderna, the second largest producer of COVID-19 vaccines, said its tests showed a strong immune response in children ages 6 to 11. The US government plans to start a vaccination program for children in the near future.

Facebook's net profit rose 1.6 times in nine months to $29bn. The company plans to buy back $50bn worth of its shares from the marketplace.

US market rises ahead of important data at the end of the week. On Thursday and Friday there will be Q3 GDP reports. There will also be data on US income/spending patterns and the RCE inflation report for September.

The US dollar index is trading at 93.80. It is trading in the range of 93.50-94.10. The dollar hit the euro hard yesterday. The currency fell to 1.1600. The market awaits news on the US later in the week and of course the Fed's decisions on November 3.

The USD/CAD pair is trading at 1.2380. It remains in the range of 1.2300-1.2450. The strengthening of the dollar stopped the decline of the pair. The pressure of high oil prices persists.

The market is waiting for important US data on Thursday and Friday.