Daily Update 04/05/2021 : A good start to May on Wall Street - Kakiforex.com - Financial Market Media No. 1 in the World Daily Update 04/05/2021 : A good start to May on Wall Street Daily Update 04/05/2021 : A good start to May on Wall Street
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May 4, 2021

Daily Update 04/05/2021 : A good start to May on Wall Street

 Today’s highlights


  • US markets climb slightly
  • Ethereum reaches $3,400
  • UK markets set to return from holiday


 

Markets start May on a positive note


The major US stock indices were flat to marginally negative last week, but both the SPX500 and DJ30 started off May on a positive note yesterday. The DJ30 led the way, adding 0.7% after falling by 0.5% last week. There were no standout performers driving that, but six of the index’s 30 constituent names added more than 2% yesterday, including oil giant Chevron and DIY retailer Home Depot. In the SPX500, oil field services firm Baker Hughes, flooring company Mohawk Industries, and fashion retailer Gap all added more than 7%. This morning, futures point to slight declines when markets open.


A new record high for Ethereum


The crypto market was mixed over the past 24 hours, as some top 10 cryptos registered gains while the others were in the red. Ethereum continued its incredible bullish run, climbing above $3,400 for the first time in history. Dogecoin,  led the top 10 with gains of nearly 15%. In contrast, Bitcoin slipped around 3% since yesterday, trading around $56,000 at time of writing.


UK bank stocks led the way last week


UK markets were closed yesterday due to a public holiday. Last week, the UK100 added 0.5%, taking its year-to-date gain to 7.9%. That trails well behind its American counterpart the SPX500, which has added 11.6% in 2021 so far. Bank stocks enjoyed a standout last week, with HSBC, Standard Chartered, and Lloyds Banking Group up 8.1%, 8.3%, and 6.6% respectively. Of the three, Lloyds is in the lead in 2021 so far, with a share price gain of around 25%.


Other highlights


Dogecoin (DOGE) Inspired by an internet meme, and known as "the people's crypto" according to Elon Musk, Dogecoin's origins lie on social media. Represented by pet dog Shiba Inu, with captions representing its thoughts in broken English ("Much wow, such doge!"), the meme was picked up by software engineers Jackson Palmer and Billy Markus, who put the pet's face on a digital coin as a tongue-in-cheek joke. Learn more here.


Oil corrects slightly: After yesterday climbing above $64 once again, the black gold took a step back this morning. However, oil prices held above the mark at time of writing.


Asian markets seen lower: Markets in the East registered declines this morning, as the JPN225, China50 and HKG50 indices were all in the red at time of writing. Banks in Japan and China are closed today due to national holidays.


Volatility expected for NZD: Quarterly employment data will be released in New Zealand tonight at 22:45 GMT, potentially generating volatility for the Kiwi dollar.


Ocugen jumps on vaccine news: The healthcare company yesterday announced that the Covid-19 vaccine it is developing can potentially protect against the “Brazilian variant” of the coronavirus. As a result, the Ocugen stock soared nearly 24% yesterday. For the most recent and significant price movements in markets, check out the Market Movers page.


Happy Star Wars day! Fans around the world are celebrating “May the Fourth” today. Read more about the financial impact of one the world’s most popular movie franchises here.


Europe opens lower: The UK100 opened 3 points lower, the GER30 was down 34 points and the FRA40 opened 18 points lower.