US equity markets have rallied during the last two weeks, to levels unseen since the beginning of April. First quarter US GDP and ADP employment reports are scheduled to be released next week. US GDP figures are expected to be between 1% and 1.5%.
“US equity markets have rebounded over the last two weeks heading into earnings for some of the biggest companies listed on NASDAQ including Apple, Facebook, Amazon, among others,” said David Krein, Head of Research, NASDAQ OMX Global Indexes.
INDEX MOVES THIS WEEK
- NASDAQ BIOTECHNOLOGY INDEX (NBI) was up 4.66% since Thursday’s close. Year-to-date performance for the index is up 2% after being up north of 20% at the end of February.
- PHLX GOLD/SILVER SECTOR (XAU) was up 2.54% as of noon on Wednesday. The price of gold is currently $1,283 per ounce, down $10 this week.
- NASDAQ-100 (NDX) was up 1.03% this week. 32 companies from the index are reporting earnings this week. Apple, Facebook and Qualcomm, among others, report today. 14 of the 32 are reporting tomorrow.
INDEX TO WATCH
- The price of coffee futures has exploded since the end of January rising to over $215 increasing from $120. Track the space by monitoring the NASDAQ Commodity Coffee Index ER (NQCIKCER). The index is up 4.6% this week and 87% year-to-date.