After kicking off the first day of February with session wins, the big US indices are mostly higher early on Wednesday.
Halfway through the session, the Dow Jones Industrial Average is hovering between small gains and losses, the S&P 500 is around 0.31% in the green, while the Nasdaq Composite is roughly 0.04% higher.
During trading on Tuesday, the Dow went up 272 points, or 0.77%, the S&P went 0.68% higher, and the Nasdaq improved 0.75%.
Winners & losers: Bank withdrawal
In banking, shares JPMorgan are off approximately 1.41%, Goldman Sachs is down around 0.51%, while Bank of America is almost 0.60% in red territory.
Ride-sharing apps are down on Wednesday as Alibaba fell roughly 2.82, Lyft slipped around 1.73%, and Uber dropped near 1.98%
In other stocks, shares of AMC Entertainment Holdings are around 2.55% lower and GameStop is approximately 4.87% down.
Oil: Pulls back
Oil futures are down on Wednesday as West Texas Intermediate crude for March delivery lost 42 cents, or 0.5%, to $87.78 a barrel on the New York Mercantile Exchange, while April Brent crude, the global benchmark, was down 53 cents, or 0.6%, at $88.63 a barrel on ICE Futures Europe after trading as high as $90.52.
In the energy sector, shares of Diamondback Energy are near 0.26% lower, Chevron is off approximately 0.60%, while ConocoPhillips is down around 1.28%, and Hess is roughly 0.92% in the red.
Gold: Yellow metal rises
Gold futures are moving higher midweek as April gold added $2.20, or 0.1%, to trade at $1,803.70 an ounce, while silver for March delivery was trading a half cent higher at $22.605 an ounce.
Crypto: Monero U-turn
Prominent cryptocurrencies are mostly lower Wednesday with bitcoin down 3.17%, ethereum down 4.03%, while litecoin is 3.73% lower, and monero is 2.17% in the green, after trading in decline on Tuesday.
In other digital assets, bitcoin cash is off 0.16% and dogecoin is down 1.50%.
Forex: Yield falls
On Wednesday, one US dollar remains $0.89 of the euro, $1.27 of the Canadian dollar, and $0.74 of the Pound sterling.
Meanwhile, the US greenback is $114.30 of the Japanese Yen and $0.92 of the Swiss Franc, as the yield on the benchmark 10-year Treasury note slipped to 1.767% from 1.799% on Tuesday.
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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.
