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US indices rallied on Monday, with Dow gaining 0.7%, NASDAQ rising 1.2% and S&P 500 increasing by 0.6%.
Asian markets, on the other hand, showed multidirectional dynamics this morning. Japan indices climbed 1.8%, while China indices fell 0.5%.
As for oil, it remained near December highs, with Brent trading at $ 79. However, the gas crisis in Europe continues, and there was no update on supplies from Gazprom.
With regards to the coronavirus, the total number of new cases all over the world hit 1.35 million. 460,000 of it came from the United States. Fortunately, the severity and mortality of omicron is much lower than that of the delta strain.
Going back to the US market, the S&P 500 closed at 4.796 points, with a range of 4.760 - 4.820 points.
Reportedly, Tesla's capitalization exceeded $ 300 billion, thanks to a strong sales report. Tesla stocks rose $ 143 to $ 1,200 yesterday.
At the same time, Apple hit $ 3 trillion, the first American company to reach that level. But by the end of the day its stocks declined, and capitalization fell slightly below 3 trillion.
On a different note, US President Biden was forced to personally tackle meat prices. He decided to impose stricter rules on meat wholesale campaigns, as inflation in the United States hurts consumers. Both farmers and consumers blame wholesalers for inflating the cost of meat.
An important report will be released today, that is, the ISM industrial index, which is expected to fall to 60%.
Talking about dollar, there was a slight rally yesterday, so USDX hit 96.20 points, with a range of 95.90 - 96.50. The upcoming Fed minutes will decide the direction of the currency.
Accordingly, USD/CAD traded at 1.2730, with a range of 1.2650 - 1.2850. The pair will move depending on the news in both dollar and oil.
Conclusion: Although the US market is up again, it is overheated, which means a correction is necessary. Purchases are obviously not profitable at the moment.
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