Daily Outlook

Stocks Climb After Wall Street Record; Gold Drops

U.S. stock futures pushed higher with European equities in a show of optimism after the S&P 500 hit an all-time high. Gold slipped below $2,000 an ounce.

Asia stocks were mixed. Sentiment was dampened after President Donald Trump said he called off last weekend’s trade talks. The State Department is also asking colleges and universities to divest from Chinese holdings in their endowments.

Investors searching for fresh catalysts to risk assets are keeping watch on U.S. fiscal stimulus talks and waiting for the Federal Reserve to release minutes of a July committee meeting, which may give clues about inflation targeting.

Elsewhere, crude oil eased in New York after a report signaled surging U.S. gasoline stockpiles, suggesting faltering demand.

Stocks

Futures on the S&P 500 Index increased 0.1% as of 6:39 a.m. New York time.Nasdaq 100 Index futures climbed 0.1%.The Stoxx Europe 600 Index gained 0.2%.The MSCI Asia Pacific Index was little changed.

Currencies

The Bloomberg Dollar Spot Index decreased 0.1%.Sterling weakened 0.2% to 0.9028 per euro.The Japanese yen strengthened 0.1% to 105.29 per dollar.New Zealand’s dollar increased 0.7% to $0.6647.

Bonds

The yield on 10-year Treasuries decreased two basis points to 0.65%.The yield on two-year Treasuries fell less than one basis point to 0.14%.Britain’s 10-year yield declined two basis points to 0.195%.Germany’s 10-year yield dipped two basis points to -0.49%.

Commodities

West Texas Intermediate crude declined 0.9% to $42.50 a barrel.Gold weakened 0.7% to $1,987.88 an ounce.Silver weakened 0.8% to $27.44 per ounce.LME zinc gained 1.2% to $2,487.50 per metric ton.

Stocks Climb After Wall Street Record; Gold Drops, Bloomberg, Aug 19

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