Daily Market Digest - January 19, 2024: U.S. Stocks Hit Record Highs, Currency Movements, and Sector Insights

DAILY MARKET NEWSLETTERJanuary 19, 2024

MARKET WRAP: STOCKS, BONDS, COMMODITIES

On Thursday, U.S. stocks rebounded, pushing the Nasdaq 100 to a record close of 16,982 (+1.47%). The S&P 500 rose by 0.88% to 4,780, and the Dow Jones climbed 0.54% to 37,468. The U.S. 10-year Treasury yield increased to 4.140%.

Sector Performance:

• Leaders: Technology hardware & equipment (+2.88%), semiconductors (+2.56%), transportation (+1.81%).

• Laggards: Automobiles & components (-1.64%), utilities (-1.05%), household & personal products (-0.79%).

Highlighted Stocks:

• Microsoft (MSFT): +1.13% to $393.87.

• Nvidia (NVDA): +1.88% to $571.07.

• Apple (AAPL): +3.26% to $188.63.

• Tesla (TSLA): -1.70%.

• Taiwan Semiconductor (TSM): +9.79%.

Economic Data:

• U.S. initial jobless claims: 187,000 (vs 205,000 expected).

• Housing starts: 1.46 million units (vs 1.43 million expected).

• Building permits: 1.50 million units (vs 1.48 million expected).

European Markets:

• DAX 40: +0.83%

• CAC 40: +1.13%

• FTSE 100: +0.17%

Commodities:

• WTI Crude Oil: +1.96% to $73.98.

• Gold: +$16 to $2,022/ounce.

MARKET WRAP: FOREX

Currency Market:

• U.S. Dollar Index: 103.43.

• EUR/USD: 1.0872.

• USD/JPY: 148.13.

• GBP/USD: 1.2705.

• AUD/USD: 0.6570.

• USD/CHF: 0.8679.

• USD/CAD: 1.3488.

• Bitcoin: -3.5% to $41,240.

GBP/USD Intraday: the upside prevails.

• Pivot: 1.2670

• Long positions above 1.2670 with targets at 1.2725 & 1.2750.

• Alternative: Below 1.2670, look for further downside with targets at 1.2650 & 1.2635.

• Comment: RSI is above its neutrality area at 50.

USD/JPY Intraday: bullish bias above 147.85.

• Pivot: 147.85

• Long positions above 147.85 with targets at 148.70 & 149.00.

• Alternative: Below 147.85, look for further downside with targets at 147.55 & 147.25.

• Comment: Support base at 147.85 has formed for temporary stabilization.

EUR/USD Intraday: continuation of the rebound.

• Pivot: 1.0860

• Long positions above 1.0860 with targets at 1.0905 & 1.0920.

• Alternative: Below 1.0860, look for further downside with targets at 1.0845 & 1.0830.

• Comment: RSI calls for a rebound.

Dow Jones (CME) Intraday: intraday support around 37530.00.

• Pivot: 37530.00

• Long positions above 37530.00 with targets at 37730.00 & 37820.00.

• Alternative: Below 37530.00, look for further downside with targets at 37410.00 & 37310.00.

• Comment: Next resistances at 37730.00 and then at 37820.00.

Please note that due to market volatility, some key levels may have already been reached, impacting the effectiveness of strategies.