The Global Market Wrap

DAILY MARKET NEWSLETTER | February 16, 2024

Global Research Insights from Trading Central

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MARKET WRAP

Stocks, Bonds, Commodities

• US stocks continued their rally, with the S&P 500 closing at a new record high (5,029). Dow Jones and Nasdaq 100 also saw gains.

• Weaker-than-expected US retail sales and industrial production data.

• Jobless claims held steady.

• Energy and real estate sectors outperformed.

• Meta Platforms and Tesla saw stock price gains.

• Cisco Systems stock fell on lowered revenue forecast and job cuts.

• European markets followed US gains.

• WTI crude oil price increased to $78.18 a barrel.

• Gold price rebounded to $2,004 an ounce.

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Forex

• US dollar weakened on soft retail sales data.

• EUR/USD gained to 1.0769.

• USD/JPY declined to 149.92, impacted by Japan's GDP contraction (signaling a recession).

• GBP/USD increased to 1.2596 as the UK also entered a recession.

• Other currency pairs: AUD/USD, USD/CHF, USD/CAD movements noted.

• Bitcoin traded steadily around $52,000.

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MORNING TRADING

• Asian markets showed mixed sentiment.

• UK retail sales beat expectations.

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EXPECTED TODAY

• France Inflation Data

• US Producer Price Index (PPI)

• US Housing Data

• Michigan Consumer Sentiment

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Directional Outlooks from Trading Central

• GBP/USD: Bullish above 1.2570 (targets: 1.2605, 1.2620)

• EUR/USD: Cautious trading expected (targets: 1.0780, 1.0795 if bullish)

• USD/JPY: Upside bias seen (targets: 150.45, 150.75)

• Dow Jones (CME): Bullish above 38630.00 (targets: 39010.00, 39150.00)

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  Important Note:The provided levels and scenarios are dynamic.  Monitor closely due to market volatility.