Sommario:Volatility Persists as Cryptocurrencies React to Regulatory Developments
Market Wrap: Stocks, Bonds, Commodities
In Monday's trading session, U.S. stocks started the week on a positive note. The Dow Jones Industrial Average rose by 314 points (+0.93%) to 33,984, the S&P 500 climbed 45 points (+1.06%) to 4,373, and the Nasdaq 100 jumped 177 points (+1.18%) to 15,172.
All sectors in the S&P 500 ended higher, with retailing (+2.01%), transportation (+1.61%), and media (+1.50%) leading the gains.
Major tech stocks saw significant increases, with Amazon.com (AMZN) rising by 2.13%, Meta Platforms (META) climbing by 2.05%, Microsoft (MSFT) gaining 1.50%, Nvidia (NVDA) advancing by 1.39%, and Tesla (TSLA) up by 1.12%. However, Apple (AAPL) dipped slightly by 0.07% due to reports of subdued iPhone 15 sales in China.
Lululemon Athletica (LULU) surged by 10.31% and will replace Activision Blizzard (ATVI) in the S&P 500 effective from October 18. Charles Schwab (SCHW) rose by 4.66% after reporting higher-than-expected third-quarter bank deposits. Pfizer (PFE) gained 3.61%, while Moderna (MRNA) fell by 6.47%. Albemarle Corp (ALB) climbed by 2.66% after abandoning its $4.2 billion takeover of Australian miner Liontown Resources.
The U.S. 10-year Treasury yield rebounded by 8.30 basis points to 4.700%. In economic news, the Empire State manufacturing index declined to -4.6 in October (vs -1.1 expected).
European stocks also closed higher, with the DAX 40 rising by 0.34%, the CAC 40 climbing by 0.27%, and the FTSE 100 up by 0.41%.
In the commodities market, oil prices dropped due to growing expectations of eased sanctions on Venezuela's crude exports. U.S. WTI crude futures declined by $0.60 to $87.07 a barrel, while the price of gold retreated by $12 to $1,920 an ounce.
Market Wrap: Forex
The U.S. dollar weakened against major currencies, reflecting investors' belief that the Federal Reserve is done with interest-rate hikes. The dollar index fell to 106.21.
EUR/USDrose by 50 pips to 1.0560.
GBP/USDgained 75 pips to 1.2218.
USD/JPYdipped by 6 pips to 149.51.
AUD/USDadded 47 pips to 0.6343.
NZD/USDwas up by 42 pips to 0.5927. New Zealand's data showed that the inflation rate slowed to 5.6% on year in the third quarter (vs 5.8% expected).
USD/CHFdropped by 18 pips to 0.9002.
USD/CADdeclined by 48 pips to 1.3612. Canada's data revealed that wholesale sales increased by 2.3% month-on-month in August (vs +0.4% expected).
Bitcoin surged to touch $30,000 following a media report about BlackRock's approval for a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). However, BlackRock denied the report, causing Bitcoin to retreat to $28,598.
Technical Analysis (Intraday):
Dow Jones (CME):Upside momentum prevails. Long positions above 34065.00 with targets at 34300.00 & 34410.00. Below 34065.00, look for further downside with 33940.00 & 33840.00 as targets.
EUR/USD:Bullish bias remains. Long positions above 1.0530 with targets at 1.0565 & 1.0580. Below 1.0530, look for further downside with 1.0515 & 1.0495 as targets.
GBP/USD:Bullish sentiment persists. Long positions above 1.2180 with targets at 1.2230 & 1.2250. Below 1.2180, look for further downside with 1.2160 & 1.2140 as targets.
USD/JPY:Bullish bias above 149.35. Long positions above 149.35 with targets at 149.75 & 149.90. Below 149.35, look for further downside with 149.20 & 149.05 as targets.
(Note: Due to market volatility, key levels and scenarios might have already been reached.)
FXTM
FOREX.com
Exness
DBG Markets
XM
TMGM
FXTM
FOREX.com
Exness
DBG Markets
XM
TMGM
FXTM
FOREX.com
Exness
DBG Markets
XM
TMGM
FXTM
FOREX.com
Exness
DBG Markets
XM
TMGM