Sommario:Index / Stocks / Crypto / Metals / Commodity & Futures / Forex
U.S. stocks closed slightly higher on Friday. The Dow rose 75.86 points, or 0.22%, to 34576.59; the Nasdaq rose 12.69 points, or 0.09%, to 13761.53; it rose 6.35 points, or 0.14%, to 4457.49. The Nasdaq ended its four-day losing streak. All three major U.S. stock indexes recorded losses this week. The Dow fell 0.75%, the S&P 500 fell 1.29%, and the Nasdaq fell 1.93%. The market is concerned that the Fed may tighten monetary policy more than expected.
Investors continue to pay attention to U.S. stock earnings reports. Electronic signature company DocuSign announced that its second-quarter profit and revenue exceeded expectations, and issued an optimistic third-quarter performance guidance, but despite this, the stock still closed down 3.7%.
Some economic data released this week reaffirmed investors' fears of further rate hikes by the Federal Reserve. The number of Americans filing for unemployment benefits last week unexpectedly fell to 216,000, the lowest level since mid-February, and below the 230,000 expected by economists polled by Dow Jones. Many institutional investors are concerned that the momentum in the U.S. economy has been improving at a pace that could force the Federal Reserve to keep raising interest rates, analysts said.
Several Fed officials made it clear on Thursday that a rate hike in September is unlikely. But Dallas Fed President Lorie Logan said after Thursday's close that further rate hikes may be needed. New York Fed President John Williams said on Thursday that he was comfortable with current interest rate levels, but he would be watching data closely to make sure rates were high enough to keep inflation down.
Bank of America strategists led by Michael Hartnett wrote that the current general consensus is the probability of a hard landing is about 20%, but oil prices, the US dollar and bond yields are still high, tightness is the risk in September and October.
Nvidia(NASDAQ: NVDA)the world's leader in AI computing power, and Reliance Industries Group, owned by Asia's richest man Mukesh Ambani, issued a joint statement. The two giants will cooperate to set up supercomputing facilities and build local large-scale models to make AI technology better for 1.4 billion people. Indian service.
Ned Curic, head of technology at carmaker Stellantis(NYSE: STLA) said the company aims to develop lighter electric vehicle batteries that would cut their weight in half to improve sustainability. Stellantis held an inauguration ceremony for its battery technology center in Turin, Italy, on Friday. Curic said at the event that current electric vehicle batteries are too heavy, making the vehicles incompatible with sustainable development goals.
Lucid(NASDAQ: LCID)chief engineer Eric Bach confirmed in an interview that the electric car maker is looking to sell cars in China at some point in the future and has made initial investments buthas not determined when it will enter the world's largest electric car market. The company is said to be exploring pricing and manufacturing strategies into China to get the launch right.
Honda(TYO: 7267)issued a statement saying that it has reached an agreement with Tesla(NASDAQ: TSLA)that electric models launched in North America from 2025 will adopt the North American Charging Standard (NACS), allowing its customers to use Tesla Supercharging stations.
Bitcoin was up 1.1 percent for the week at $26,267. The worlds largest cryptocurrency by market capitalization has been trading below $30,000 since August 9, according to CoinMarketCap. After falling to a weekly low of $25,413 on Friday, Bitcoin briefly rose above $26,000 on Sunday and Monday before regaining support on Friday.
On Tuesday, lawyers for asset management firm Grayscale sent a letter to the U.S. Securities and Exchange Commission (SEC) requesting a meeting with the agency to discuss a path to convert the Grayscale Bitcoin Trust into an exchange-traded fund (ETF). Grayscale's attorneys said the SEC has no reason to continue blocking the conversion.
On Wednesday, asset management firms ARK Invest and 21Shares jointly submitted an application for an exchange-traded fund (ETF) that could invest directly in the world's second-largest cryptocurrency Ethereum. The two asset managers said in a filing with the SEC that the ETF, called the Ark 21Shares Ethereum ETF, will host assets with U.S. cryptocurrency exchange Coinbase, marking the first U.S. market listing of ethereum ETF attempts. Before the application of this ETF was submitted, a court ruled in favor of the Bitcoin spot ETF applied by the digital asset management company Grayscale, and the ETF had been rejected by the SEC. Submit an application to list a spot ETF, including a joint submission from ARK Invest and 21Shares. So far, the U.S. exchange has rejected all applications. The committee will announce whether the Ethereum ETF is approved in the next few months.
The global cryptocurrency market capitalization was $1.05 trillion on Friday. The value is unchanged from a week ago, according to CoinMarketCap data. Bitcoin has a market capitalization of $511 billion, or 48.5% of the market, while Ethereum has a market capitalization of $198 billion, or 18.8%.
On Friday, the spot gold market opened lower and moved slightly higher after the opening, setting a new intraday high of US$1,929.61 per ounce. However, the price later fell back and closed at the slightly higher daily line, closing down at US$1,918.65 per ounce, with a decrease of 0.83.
COMEX October silver futures closed down 0.27% at $22.978 per ounce, down 5.56% this week. Today's gold market has experienced a series of factors that have caused gold prices to fall. First, Bank of America analysts pointed out that overall U.S. inflation is expected to rise to 0.6% from 0.2% in July, with rising energy prices largely driving overall inflation. Second, some Fed officials expressed different views. Dallas Fed President Lori Logan said a rate hike may need to be skipped at the September meeting but warned that more tightening may be needed to bring inflation down to 2%. New York Fed President Williams said he was satisfied with the current level of interest rates but would keep a close eye on the data to ensure rates are high enough to curb inflation. These differing views have cast doubt on the future direction of the Fed's policy.Third, data from the U.S. Department of Labor showed that the number of people applying for unemployment benefits for the first time fell in the latest week.
The U.S. Commodity Futures Trading Commission (CFTC) COMEX gold futures speculative net long position increased by 8,206 lots to 66,340 lots; the COMEX silver futures speculative net long position decreased by 3,501 lots. to 13,978 lots. Investors will also need to keep an eye on China's inflation data, as continued deflation there may increase the dollar's appeal.
International crude oil futures generally maintained a downward trend. On Friday, U.S. WTI crude oil fell to $86.39 and Brent crude oil fell to $89.46, both falling during the day about 1.3%.
Among commodities, gold continued to fall under the pressure of a stronger U.S. dollar. Although the U.S. Department of Energy announced that U.S. EIA crude oil inventories dropped significantly by more than 6.3 million barrels last week, international crude oil still turned lower during the session, falling from nearly ten consecutive record levels this week. At a monthly high, U.S. oil ended its longest streak of gains in more than four years, and Brent oil closed below the $90 mark for the first time in the past three days; while European natural gas, which has been repeatedly shaken by the danger of strikes at Chevron's Australian plants, performed best on Wednesday. Prices fell sharply after a strike at Chevron's Australian liquefied natural gas (LNG) plant was postponed for one day. Negotiations between Chevron and the union, which sought to avoid a strike, ended in vain on Thursday, and gas prices rebounded sharply.
U.S. crude oil broke through the 1-hour level line 88.00, forming a partial downward trend and then fluctuating downwards. At present, the daily line has not reversed the short trend and short-term range oscillation repair. Friday, the bullish market did not break the new high 88.00 resistance level, and the resistance was strong. Therefore, the shock retracement support level game rebounds to a new low to do long defense. The short-term structural small pressure level is around 87.70. The second pressure level is around 88.50.
On Friday, the dollar's continuous upward trend seemed unstoppable, with traders betting that the Federal Reserve would maintain a higher interest rate policy for longer. Despite the poor global economic conditions, the United States appears to be exhibiting strong economic conditions in contrast.
The U.S. dollar spot index rose for an eighth consecutive week, its longest winning streak since 2005. The rise pushed its 14-day relative strength index above 70, which some on Wall Street viewed as a sign that the market was overbought. The dollar was little changed on Friday. Stocks showed only minor moves, with the S&P 500 move higher after three days of losses. Nvidia and Tesla weighed on giant stocks, while Apple rebounded on Friday after plunging in the days ahead of the launch of the iPhone 15, new smartwatches and latest AirPods, wiping $190 billion off its market value.
All major currencies have declined against the dollar over the past month, with emerging market heavyweights such as the Chinese yuan and the Indian rupee hovering near record lows. The dollar's recent gains reflect emerging cracks in the global economy, with reports that the U.S. economy is accelerating despite slower growth in Europe and China.
Matt Maley, chief market strategist at Miller Tabak + Co said: “The dollar has become quite overbought. Therefore, the time is ripe for a pullback. Sentiment on the dollar has reached extreme levels, so at least in the short term, there will not be more buyers to pushing U.S. dollar go higher. Short-term traders should be cautious about holding long U.S. dollar positions.”
OnePro Special Analyst
Buy or sell or copy trade crypto CFDs atwww.oneproglobal.com
The foregoing is a personal opinion only and does not represent any opinion of OnePro Global, nor is there any guarantee of reliability, accuracy or originality in the foregoing.
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Neex
GO MARKETS
EC Markets
IQ Option
HFM
OANDA
Neex
GO MARKETS
EC Markets
IQ Option
HFM
OANDA