Market Wrap: Stocks, Bonds, Commodities.
On Wednesday, U.S. stocks charged higher, pushing the three major indexes to record closes again. The Dow Jones Industrial Average rose 156 points (+0.40%) to 38,677, the S&P 500 climbed 40 points (+0.82%) to 4,995, and the Nasdaq 100 was up 182 points (+1.04%) to 17,755.
Technology, consumer cyclicals and industrial stock sectors led the market higher.
Microsoft (MSFT) rose 2.11% to $414.05, and Nvidia (NVDA) climbed 2.75% to $700.99, both marking record closing levels.
Ford Motor (F) gained 6.05%. The major car-maker announced a special dividend of $0.18 per share.
Chipotle Mexican Grill (CMG) jumped 7.21%, as the fast-food restaurant chain's quarterly earnings topped expectations.
On the other hand, Snap (SNAP) plummeted 34.61%, the social media's quarterly sales missed expectations.
Also posting lower-than-expected quarterly results, Gilead Sciences (GILD) lost 4.25%, and VF Corp (VFC) slid 9.68%.
Walt Disney (DIS), Fox (FOXA) and Warner Bros. Discovery (WBD) said they agreed to form a new joint venture on streaming sports. Disney dipped 0.15%, Fox fell 6.48%, and Warner Bros was down 3.18%.
The 10-year Treasury yield gained 2.3 basis points to 4.115%.
European stock indexes closed lower, with the DAX 40 down 0.65%, the CAC 40 down 0.36%, and the FTSE 100 down 0.68%.
U.S. WTI crude-oil futures gained $0.75 (+1.02%) to $74.06 a barrel.
Gold price eased $1 to $2,034 an ounce.
Market Wrap: Forex
The U.S. dollar index dipped to 104.05.
EUR/USD gained 18 pips to 1.0772. Germany's industrial production declined 1.6% on month in December (vs -0.3% expected).
USD/JPY rose 21 pips to 148.15.
GBP/USD climbed 30 pips to 1.2627. In the U.K., the Halifax house price index added 1.3% on month in January (vs +0.5% expected).
AUD/USD eased 5 pips to 0.6518.
USD/CHF climbed 48 pips to 0.8743.
USD/CAD dropped 32 pips to 1.3460. Canada recorded a trade deficit of C$310 million (vs a trade surplus of C$1.8 billion expected), the first trade deficit since September 2023.
Bitcoin eventually broke out its recent trading range, trading 2.5% higher to $44,200.
GBP/USD Intraday: the upside prevails.
Pivot:
1.2600
Our preference:
Long positions above 1.2600 with targets at 1.2645 & 1.2665 in extension.
Alternative scenario:
Below 1.2600 look for further downside with 1.2580 & 1.2560 as targets.
Comment:
The RSI calls for a bounce.
USD/JPY Intraday: bullish bias above 147.75.
Pivot:
147.75
Our preference:
Long positions above 147.75 with targets at 148.25 & 148.45 in extension.
Alternative scenario:
Below 147.75 look for further downside with 147.60 & 147.40 as targets.
Comment:
A support base at 147.75 has formed and has allowed for a temporary stabilisation.
EUR/USD Intraday: further advance.
Pivot:
1.0755
Our preference:
Long positions above 1.0755 with targets at 1.0790 & 1.0805 in extension.
Alternative scenario:
Below 1.0755 look for further downside with 1.0740 & 1.0725 as targets.
Comment:
The RSI is bullish and calls for further upside.
Crude Oil (WTI) (H4) Intraday: intraday support around 73.20.
Pivot:
73.20
Our preference:
Long positions above 73.20 with targets at 74.40 & 75.05 in extension.
Alternative scenario:
Below 73.20 look for further downside with 72.85 & 72.40 as targets.
Comment:
The next resistances are at 74.40 and then at 75.05.
Gold Intraday: intraday support around 2030.00.
Pivot:
2030.00
Our preference:
Long positions above 2030.00 with targets at 2042.00 & 2046.00 in extension.
Alternative scenario:
Below 2030.00 look for further downside with 2022.00 & 2014.00 as targets.
Comment:
The RSI has just landed on its neutrality area at 50% and is turning up.
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