February 22, 2024， Global Markets Update：Nvidia's Boost, HSBC's Dip, and Key Strategies

DAILY MARKET NEWSLETTER | February 22, 2024

Here's the latest from Trading Central's global research desks. Use these insights to kickstart your research and find the best opportunities for your trading strategy.

MARKET WRAP

Stocks, Bonds, Commodities

• US indexes saw mixed results as the market awaited Nvidia's earnings report.

• Dow Jones rose 0.13% to 38,612

• S&P 500 added 0.13% to 4,981

• Nasdaq 100 dipped 0.38% to 17,478

• Nvidia (-2.85% in regular trading) rebounded 10% after-hours on strong earnings and optimistic guidance.

• The Fed minutes show policymakers are concerned about premature rate cuts.

• US 10-year Treasury yields gained 4.6 basis points to 4.321%.

• Bright spots included the Energy, Utilities, and Materials sectors.

• Toll Brothers surged 3.95% on upbeat earnings.

• Palo Alto Networks dropped 28.44% on weak guidance.

• European indexes were mixed. DAX 40 and CAC 40 saw slight gains, FTSE 100 declined.

• HSBC stock fell 8.39% despite strong profits, impacted by an impairment charge in a Chinese bank holding.

• WTI crude futures increased 1.27% to close at $78.02/barrel.

• Gold prices remained steady at $2,024/ounce.

Forex

• The US dollar weakened, with the dollar index slipping below 104.

• EUR/USD +13 pips to 1.0816

• USD/JPY +28 pips to 150.27

• GBP/USD +15 pips to 1.2633

• AUD/USD stable at 0.6551

• USD/CHF -22 pips to 0.8796

• USD/CAD -15 pips to 1.3505

• Bitcoin saw volatility, swinging between $50,630 and $51,600.

KEY STRATEGIES

(Reminder: Market volatility can shift prices and change scenarios quickly)

• GBP/USD

• Intraday: Bullish trend

• Pivot: 1.2615

• Preference: Long positions above 1.2615. Targets: 1.2665, then 1.2680.

• If below 1.2615, look for the downside at 1.2600 and 1.2580.

  

• USD/JPY

• Intraday: Further gains are likely

• Pivot: 150.10

• Preference: Longs above 150.10. Targets: 150.60, then 150.75.

• If below 150.10, watch for downside at 149.95 and 149.80.

  

• EUR/USD

• Intraday: Potential for more upside

• Pivot: 1.0805

• Preference: Longs above 1.0805. Targets: 1.0835, then 1.0850.

• If below 1.0805, potential decline to 1.0790 and 1.0775.

  

• Dow Jones (CME) (H4)

• Intraday: Rebound continues

• Pivot: 38540.00

• Preference: Longs above 38540.00. Targets: 38810.00, then 38890.00.

• If below 38540.00, watch for drops to 38450.00 and 38400.00.