Wallstreet
US Markets traded positive on Monday’s session on the back of news that the country’s lawmakers were negotiating for yet another stimulus package to help cushion against the economic impact of the virus. Top performers were led by pharmaceutical companies including Nasdaq listed Moderna Inc. which rose by more than 9% while Alexion Pharmaceuticals was up by more than 5%.
Major News
Google Extends Work From Home Till Summer of 2021
Google has reportedly extended its work from home scheme until July 2021. According to the Wallstreet Journal, the move will affect approximately 200,000 of the company’s workers in most of its major offices in the United States, the United Kingdom, India, Brazil, and other countries, as well as its headquarters in Mountain View, California.
IATA Criticizes UK Quarantine
Global airline body International Air Transport Association (IATA) on Monday criticized the United Kingdom for imposing a mandatory quarantine for all travellers coming from Spain.
“A unilaterally decided blanket quarantine order for everybody returning to the UK from Spain does not accurately reflect the risk of a regional spike in one corner of the country,” IATA said in a statement.
Gold Hits All Time High
The price of spot gold surged on Monday and broke the $1,950 psychological mark after hitting an all-time high during the day’s session. Demand for the safe-haven asset has been driven by virus uncertainties as well as the ongoing geopolitical tensions between the US and China.
Silver
On the other hand, the price of silver on Monday touched a seven-year high against the dollar as traders now shift their attention to precious metals given the current uncertainties. Spot silver topped $25 per ounce for the first time since August 2013.
Bitcoin Prices Surge
The price of bitcoin on Monday rose by more than 8% and topped psychological limit of $10,500 following a ruling by a US judge that the virtual currency is a “form of money”. This is in addition to a recent clarification by the US Office of the Comptroller of the Currency noting that US banks can provide custody services for customers’ crypto assets.
Bitcoin Performance as of 28 June 2020
| 1 Week | +17.38% |
|---|---|
| 1 Month | +20.90% |
| 3 Months | +41.91% |
| YTD | +53.56% |
| 1 Year | +15.63% |
| 3 Years | +296.95% |
| 5 Years | +3649.32% |
