Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, has been passionate about serving its unique niche, as a one-stop shop for recreational farmers, ranchers and all those who enjoy living the rural lifestyle, for more than 80 years. Shares of Tractor Supply Co. TSCO, -0.57% rose more than 5% in the extended session on Tuesday after the company said it expects "record-breaking sales and earnings" for its second quarter.
A recent deterioration in US-China relations spilled into the stock market in second week of May after the US Senate passed a bill that would require additional oversight for Chinese stocks listed on US exchanges. The crux of the possible legislature is a stipulation that would require Chinese companies to delist from the likes of the Nasdaq 100 or other US exchanges if certain requirements are not met in a given time period. As a result, Chinese stocks like Alibaba and Baidu fell under pressure while the FXI ETF a basket of Chinese companies on US exchanges also declined.
Gold markets continue to show a lot of tight trading in this general vicinity as the $1750 level has offered too much in the way of resistance. On the other hand, there is a lot of support underneath, extending all the way down to the $1690 region, which coincides quite nicely with the 50 day EMA. So, any pullback to this mark may be a nice buying opportunity as the gold markets have been extraordinarily strong.
Gold prices on Thursday moved lower, unable to break out to new highs, after hitting a fresh 7.5-year high.
Oil prices were little up on Wednesday as concerns over the lasting economic fallout from the coronavirus pandemic outweighed signs of improving demand and production cuts by major oil producers. Brent crude futures for July delivery were trading up 12 cents, or 0.35%, at $34.77 per barrel in the early morning.
US West Texas Intermediate (WTI) crude futures for July were up just 2 cents, or 0.06%, at $31.98 per barrel. The July contract became the front-month after WTI futures for June expired on Tuesday, avoiding the chaos of last month's May expiry when prices slid into negative territory.
Dow Jones futures turned higher vs. fair value Sunday along with S&P 500 futures and Nasdaq futures. The coronavirus stock market rally eased last week, but rebounded from key support levels and finishing strong. The action allowed Apple (AAPL), Facebook (FB) and Google parent Alphabet (GOOGL) to carve new buy points while Advanced Micro Devices (AMD) and Tesla (TSLA) showed constructive action in their handles.
Dow Jones Industrial Average futures last week climbed 214 points from the bottom to 23,685.42, or 0.25% last Friday alone, implying an opening gain of 0.5%.
Asian stocks opened higher on Friday as investors await data that may show China’s post-lockdown economic recovery is picking up steam. Treasuries kept gains. Meantime, some Asian economies that had enjoyed success quelling the coronavirus, including South Korea and China, are now facing a fresh rise in cases that underscore the tough path ahead. Meanwhile, the Malaysian benchmark index added 0.6% and was set for a third straight session of gains, helped by industrial stocks.
Gold markets have rallied a bit during the trading session on Tuesday reaching towards the $1700 level. Beyond that, the market even rose to the $1710 level during the US session and continued to bounce around in a large symmetrical triangle. The biggest problem with the symmetrical triangle is it does not tell us which direction the market is most likely to break. However, using trend analysis it is easy to see that we are at a much higher level than we were just Feb 2020.
The cryptocurrency market has stabilized following a gruesome weekend session, especially on Sunday. Bitcoin dropped like a stone in the air from levels close to $10,000 to the extent that it tested $8,100. The devastating fall rubbed off on other cryptos such as Ethereum and Ripple, which spiralled to $180 and $0.1750 respectively.
Bitcoin bulls quickly took charge of the price following the breakdown and forced a considerable reversal towards $9,000. However, the upward momentum has fizzled out at under $8,900 with the intraday high on Monday forming at $8,812.
Asian stocks were set to track Wall Street gains on Friday after upbeat corporate earnings took the focus off upcoming data that is expected show the worst US unemployment rate in more than 70 years.
Australian shares are set to inch higher on Friday, tracking gains in US stocks, which rose after a number of upbeat earnings reports led by PayPal. The positive economic data from China is also likely to boost sentiment. All major indices on Wall Street clocked in gains with the Nasdaq erasing all losses accrued in 2020.
Oil prices soared overnight as some European and Asian countries along with several US states began to ease coronavirus lockdown measures. The rally extended Brent crude's gains to six straight days while US benchmark West Texas Intermediate has rallied for five consecutive sessions. Fuel demand worldwide was down roughly 30% in April, but demand is rising modestly due to efforts to lift travel and production restrictions.