(27 MAY 2020)DAILY MARKET BRIEF 1:Asian equities were mixed
<p>US equities followed up on Asian and European gains on Tuesday. Major US indices rallied to highest levels since March. The S&P500 (+1.23%) traded above the 3000 mark, but closed a touch below this level. Likewise, the Dow extended gains past 25’170, yet ended the session slightly below the 25K mark on the back of some profit taking into the end of the trading session. Nasdaq tested 9500.
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<p>Hope for a vaccine against coronavirus was a major catalyzer for the recent rally across world equities. The end of confinement measures has also contributed to the positive momentum, although the risk of seeing another vaccine fail and a potential second wave of contagion don’t appear to be priced in at their fair value. Hence, we see a mounting risk for a downside correction in the coming days.
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