DAILY MARKET NEWSLETTER March 4, 2024 : Market Update: Stocks Reach New Highs, Tech Leads the Charge

DAILY MARKET NEWSLETTERMarch 4, 2024

MARKET WRAP

Stocks, Bonds, Commodities

• U.S. stocks rose for a second session, with S&P 500 and Nasdaq 100 hitting record closes.

• Dow Jones Industrial Average also gained.

• U.S. 10-year Treasury yield declined.

• Fed Chairman Powell to deliver semiannual monetary policy report this week (focus on hawkish vs. dovish tone).

• Top Gainers: Tech, energy, healthcare, real estate

• Laggards: Utilities, financials

• Notable Movers:

• Nvidia, Meta Platforms (record closes)

• Dell Technologies (soars on upbeat outlook)

Forex

• U.S. dollar index declined.

• EUR/USD, GBP/USD, AUD/USD rose.

• USD/JPY gained, USD/CHF and USD/CAD fell.

• Bitcoin continued its strong momentum.

Key Economic Data

• U.S. ISM Manufacturing PMI declined in February (below expectations)

• University of Michigan Consumer Sentiment fell (below expectations)

• Eurozone inflation slowed in February, the jobless rate dipped.

Intraday Analysis & Strategies

• GBP/USD: Further upside potential.

• Pivot: 1.2635

• Long positions above 1.2635 (targets: 1.2675, 1.2695)

• Alternative: Below 1.2635, look for downside (targets: 1.2615, 1.2600)

  

• USD/JPY:Key resistance at 150.35

• Pivot: 150.35

• Short positions below 150.35 (targets: 149.80, 149.60)

• Alternative: Above 150.35, potential upside (targets: 150.60, 150.85)

  

• EUR/USD:Upside trend.

• Pivot: 1.0820

• Long positions above 1.0820 (targets: 1.0855, 1.0870)

• Alternative: Below 1.0820, look for downside (targets: 1.0805, 1.0795)

  

• Dow Jones (CME) Intraday:Support around 39000.00

• Pivot: 39000.00

• Long positions above 39000.00 (targets: 39210.00 & 39270.00)

• Alternative: Below 39000.00 look for further downside with 38910.00 & 38840.00 as targets.

  

   https://www.tradetaurex.com/ 

Important Notes:

• Disclaimer: This is for informational purposes, not investment advice.