Daily Market Update: Stocks Mixed, Gold Hits Record High

DAILY MARKET NEWSLETTER - April 4, 2024

MARKET WRAP: STOCKS, BONDS, COMMODITIES

• U.S. stocks were mostly flat on Wednesday. The Dow Jones dipped (-0.11%), S&P 500 inched up (+0.11%), and Nasdaq 100 rose slightly (+0.21%).

• Fed Chair Powell hints rate cuts won't happen soon.

• U.S. 10-year Treasury yield declined to 4.347%.

• Top Gainers: Energy, basic materials, and industrial stocks

• Top Losers: Utilities and consumer discretionary sectors

• Intel (INTC) down 8.22% on larger operating losses.

• Ulta Beauty (ULTA) falls 15.34% on CEO's demand slowdown warning.

• Boeing (BA) drops 1.66% due to slowed production after regulatory inspections.

• Wolfspeed (WOLF) loses 2.63% after Wells Fargo downgrade.

Other U.S. Economic News

• ISM services PMI decreased to 51.4 in March.

• March ADP jobs report showed the economy added 184,000 private jobs.

European Stocks

• European stocks finished higher: DAX 40 (+0.46%), CAC 40 (+0.29%), FTSE 100 (+0.03%)

Commodities

• WTI crude oil rose to a 5-month high of $85.61/barrel. OPEC+ kept oil supply policy unchanged.

• Gold surged $18, to a record high of $2,298/ounce.

MARKET WRAP: FOREX

• U.S. dollar weakened. Dollar index fell to 104.26.

• EUR/USD climbed 64 pips to 1.0832 as Eurozone inflation slowed to 2.4%.

• USD/JPY edged up 15 pips to 151.70.

• GBP/USD rose 70 pips to 1.2647, AUD/USD gained 44 pips to 0.6561.

• USD/CHF fell 50 pips to 0.9028, USD/CAD dropped 33 pips to 1.3531.

• Bitcoin stabilized after the previous session's selloff, holding $66,000.

Trading Central -  Directional Views

Here are today's highlights from Trading Central's research desks. Use these as starting points for your own research!

• GBP/USD: Upside trend continues. Consider long positions above 1.2620. Targets: 1.2670 & 1.2690.

• USD/JPY: Watch the 151.45 level. Short positions preferred below 151.80. Targets: 151.45 & 151.30.

• EUR/USD: Upside prevails. Look for long positions above 1.0805. Targets: 1.0860 & 1.0880

• Dow Jones (CME): Resistance at 39600.00. Consider short positions below with targets at 39315.00 & 39190.00.

Important Note:Market volatility can invalidate these scenarios. Be sure to adjust your strategies according to current conditions.