The S&P 500 index futures soared higher on Monday before the official opening of the U.S stock market, as stock traders awaited outlooks for the week from major blue-chip brands. The outlooks are supposed to give investors and stock analysts more insights about America’s economic performance.

Futures on the Dow Jones Industrial Average gained 223 points or 0.8%. The move implied an increase of 244 points at Monday’s open. S&P 500 futures added 0.7%. Nasdaq-100 futures contracts rose 0.9%.

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“We think earnings are likely to recover in the second half of the year and excess liquidity will continue to support risk assets,” said Julie Fox at UBS Private Wealth Management told Bloomberg News. “We see further potential in global equities and think there’s some upside in segments of the market that have underperformed during the crisis.

Quick fact; American Stock futures are simply standardized contracts that global traders use in purchasing or selling the U.S stock in a future date. This means  that the U.S stock futures give an insight into what global  investors see before the market opens, or after it closes

READ MORE: Gold rises above $1,800 amid COVID-19 surge, weaker dolla

However, Milan Cutkovic, Market Analyst at AxiCorp in a note to Nairametrics explained the growing concerns global stock traders are facing presently. He said;

“There is no need to fear summer doldrums. With a global pandemic, on-going Brexit negotiation, increasing tensions between the United States and China, and the US election campaigns, there is no shortage of topics to keep market participants occupied.”

The exchange rate between the naira and the US dollar on Monday 13th July currently stands at ₦460/US$1 in the parallel market. The exchange rate closed at ₦465/$1 on Friday 10th July 2020.

• Naira: ₦460
• Dollar: $1
• Date: July 13th 2020

The exchange rate between the naira and the British pounds sterling also stands at  ₦550/₤1 on Monday 13th of July as against N555/$1 on Friday 10th of July.

• Naira: ₦550
• Pounds Sterling: ₤1
• Date: July 13th 2020

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The exchange rate between the naira and the European euro also stands at ₦495/€1 on Monday 13th of July as against N520/€1 on Friday 10th of July. 

• Naira: ₦495
• Euro: €1
• Date: July 13th 2020

Activity: The US dollar currently sells for an average of N460 while its being bought for N450.

READ ALSO: The risk of buying Forex at black market rate of N460/$1 

Data is collated from various black market dealers on the mainland and island of Lagos State where forex is sold. The price quoted daily on this page represents the average price obtained by our Research Team. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. This is a daily tracker and updated close of business. See table below for parallel market exchange rate dating to 2019.

Tether, the world’s most valuable stable coin by market capitalization, has been gaining a lot of traction lately. The latest development is that Tether whales moved about 100 million USDT to unknown wallets in less than a day, as seen on Whale Alert, an advanced blockchain tracker, and analytics system.

Data from Conimarketcap shows that Tether is ranked as the 3rd most valuable cryptocurrency by market cap of $9.165 billion, with a daily volume of about $20 billion as at the time this report was drafted.

Quick fact: Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.

READ ALSO: Fastest growing cryptocurrency, Compound (COMP) up over 143% in 24 hours

The “Tether Treasury’s” USDT wallet has grown in recent times in becoming the top holder of the stablecoin, meaning that some crypto traders, investors may have managed to successfully withdraw their stakes from circulation. The removal of about 29% of the total volume of Tether in circulation has recently coincided with a huge depletion in the amount of Tether held in 2 USDT wallets separately owned by Huobi and Binance.

Recall about a month ago, Nairametrics, outlined a report talking about the organic growth of Tether’s market capitalization as one of the major reasons for the gain Bitcoin (BTC) is presently having in the mid-term. “Interest in digital links to the dollar represents the need to handle and store value in the world’s reserve currency without an intermediary.”

READ ALSO: 13,000 BTC wallets are now worth more than $1,000,000

Tether expected to surpass Ethereum, based on strength of the U.S dollar