Market Wrap: Weekly Overview of Stocks, Bonds, and Commodities

MARKET WRAP

Market Wrap: Stocks, Bonds, Commodities

• On Friday, U.S. stocks concluded on a higher note following a volatile trading session.

• Dow Jones Industrial Average: +247 points (+0.73%) to 34,346

• S&P 500: +29 points (+0.67%) to 4,405

• Nasdaq 100: +125 points (+0.85%) to 14,941

• Both S&P 500 and Nasdaq 100 posted weekly gains after three straight weeks of losses.

• Federal Chair Jerome Powell, speaking at the Jackson Hole conference, suggested the possibility of further interest rate hikes to curb inflation, though less hawkish than last year.

• U.S. 10-year Treasury yield down 0.8 basis point to 4.23%.

• Top performing stock sectors: Automobiles (+3.23%), Software & Services (+1.41%), Technology Hardware & Equipment (+1.16%).

• Lagging sectors: Semiconductors (-0.46%), Banks (-0.32%).

• Affirm Holdings (AFRM) surged 28.82% to $17.79 on exceeding earnings expectations.

• Intuit (INTU) rose 4.12% to $519.05, projecting strong earnings for fiscal year 2024.

• Workday (WDAY) marked a 5.38% increase to $236.97 with higher-than-expected Q2 earnings.

• Marvell Technology (MRVL), a semiconductor developer, fell 6.62% to $53.50 due to uninspiring profit guidance.

• Nvidia (NVDA) dropped 2.43% to $460.18.

European Markets

• DAX 40: +0.07%

• CAC 40: +0.21%

• FTSE 100: +0.07%

Commodities

• U.S. WTI crude futures: +$0.90 to $79.94 a barrel

• Gold price: -$2 to $1,914 an ounce

Market Wrap: Forex

• U.S. dollar index: 104.19

• EUR/USD: 1.0793 (-17 pips) | Germany's Ifo business climate index: 85.7 in August (vs 86.9 expected)

• GBP/USD: 1.2578 (-24 pips) | U.K. Gfk consumer confidence index: -25 in August (vs -32 expected)

• USD/JPY: 146.44 (+61 pips)

• AUD/USD: 0.6404 (-13 pips)

• USD/CHF: 0.8847 (+2 pips)

• USD/CAD: 1.3606 (+24 pips)

• Bitcoin held steady at $26,000.

EUR/USD Intraday Analysis

• Key resistance at 1.0815.

• Pivot: 1.0815.

• Preference: Short positions below 1.0815 with targets at 1.0780 & 1.0765 in extension.

• Alternative scenario: Above 1.0815 look for further upside with 1.0830 & 1.0845 as targets.

• Comment: The upward potential is likely to be limited by the resistance at 1.0815.

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GBP/USD Intraday Analysis

• Key resistance at 1.2620.

• Pivot: 1.2620.

• Preference: Short positions below 1.2620 with targets at 1.2570 & 1.2545 in extension.

• Alternative scenario: Above 1.2620 look for further upside with 1.2650 & 1.2680 as targets.

• Comment: As long as the resistance at 1.2620 is not surpassed, the risk of a break below 1.2570 remains high.

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USD/JPY Intraday Analysis

• Expecting a further advance.

• Pivot: 146.20.

• Preference: Long positions above 146.20 with targets at 146.75 & 147.10 in extension.

• Alternative scenario: Below 146.20 look for further downside with 145.90 & 145.70 as targets.

• Comment: The RSI is bullish and calls for further advance.

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Dow Jones (CME)‎ Intraday Analysis

• Intraday support around 34230.00.

• Pivot: 34230.00.

• Preference: Long positions above 34230.00 with targets at 34590.00 & 34710.00 in extension.

• Alternative scenario: Below 34230.00 look for further downside with 34070.00 & 33910.00 as targets.

• Comment: The RSI is above its neutrality area at 50%.

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