MARKET ANALYSIS 07/05/2018 by IMBI (Apple all-time high lifts Wall Street)

Please note that due to market volatility, some of the scenarios may have already been played out and the information below is not an investment advice.

Oil passes $70 milestone: The black gold reached price levels not seen in 3 and a half years, passing the $70 milestone. The gains are attribute to concerns that the US might re-impose sanctions on Iran, coupled with an economic crisis in Venezuela, which is crippling the country’s oil exports.

Apple pushes Wall Street higher: The tech giant’s stock leaped 3.92% on Friday, reaching a new all-time high and sparking a tech rally. As a result, The Dow Jones, Nasdaq and S&P 500 all showed impressive gains. Several other companies reached all-time highs, including Visa, Mastercard and GoDaddy.

Asia follows Wall Street’s lead: Markets in the East were mostly higher this morning, as the China50 index was up more than 1.8% at the time of writing and gains were also seen in the Hang Seng index. In contrast, the Nikkei registered small losses.

Bitcoin nears $10,000 before reversing: The world’s largest crypto registered gains over the weekend, nearly hitting the $10,000 mark yesterday. However, the crypto market experienced a trend reversal, as all top 10 cryptos were on the decline over the past 24 hours.

Ferrari jumps 4.84%: After reporting better-than-expected earnings on Friday, the Italian supercar maker leaped as much as 7.7%, before correcting slightly to close 4.84% higher.

Europe opens higher: While UK markets are closed today due to a national holiday, the DAX and CAC opened 58 and 22 points higher respectively.

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