SHANGHAI, Aug 25 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The US dollar index, which tracks the greenback against a basket of its peers, rebounded 0.11% to 93.306 on Monday after data showed a strong uptick in US business activity.

US business activity snapped back to the highest since early 2019 this month as companies in both the manufacturing and services sectors saw a resurgence in new orders even as new COVID-19 cases remain stubbornly high across the country.

On Wall Street, the S&P 500 rose 1% to 3,431.28 and hit an all-time high, with Monday also marking the index’s first-ever close above 3,400. The Dow Jones Industrial Average gained 378.13 points, or 1.4%, to end its trading day at 28,308.46. The Nasdaq Composite added 0.6% to close at 11,379.72 and also reached a record.

The moves upward came on the back of positive sentiment surrounding the coronavirus pandemic situation in the US, with data compiled by Johns Hopkins University showing newly confirmed virus infections falling under 37,000 and have been below 50,000 since mid-August.

The Food and Drug Administration also approved the use of convalescent plasma as a treatment for coronavirus patients, though scientists and public health officials have raised doubts over its effectiveness as a treatment. US President Donald Trump’s administration is also reportedly considering fast-tracking an experimental vaccine from the UK.

Gold prices fell on Monday as optimism over a US health regulator’s authorization of a COVID-19 treatment lifted Wall Street stocks to record highs.

Spot gold fell 0.5% to $1,929.12 an ounce, having jumped 1% to $1,961.40. U.S. gold futures settled down 0.4% at $1,939.20.

“Gold is just consolidating right now with stock indexes at record highs. It really needs a bigger catalyst, it needs additional fiscal stimulus, it needs inflation to pick up, in order to get really going,” said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

Investors are awaiting US Federal Reserve Chair Jerome Powell’s address to the bank’s annual symposium in Jackson Hole, Wyoming, on Thursday for signs of how aggressively it will seek to handle the long-term recovery from the pandemic.

Two storms are barreling toward the Gulf Coast, forcing a shutdown in oil operations, but the muted reaction in oil prices demonstrates just how closely the market is tied to a global recovery from Covid-19.

Marco, which is expected to make landfall first, has weakened as it approaches the coast and was downgraded to a tropical storm on Sunday night. The other storm Laura, however, is strengthening and “could be more menacing,” according to Kilduff.

“Given that both storms appear modest based on current forecasts we see lower potential for a sustainable impact on crude ... We expect the elevated storm activity to offer modest but short lived support for both oil prices and refining margins,” added Bank of America’s Doug Leggate.

West Texas Intermediate crude, the U.S. oil benchmark, gained 28 cents, or 0.66%, to settle at $42.62 per barrel. International benchmark Brent crude advanced 78 cents, or 1.76%, to $45.13.

Shanghai base metals rose across the board in overnight trading. Copper added 0.12%, aluminium advanced 0.2%, zinc strengthened 0.33%, lead rose 0.35%, nickel climbed 0.77% and tin inched up 0.01%.

Nonferrous metals closed mixed on the LME on Monday. Copper rose 0.42%, aluminium added 0.11%, lead gained 0.94% and nickel increased 0.95%, while zinc weakened 0.02% and tin declined 1.05%.

Economic data slated for release today include second-quarter gross domestic product (GDP) and August IFO business climate index for Germany and US new home sales for July.