Archiv für den Monat: August 2023
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Stocks making the biggest moves in the premarket: Nvidia, Boeing, Splunk and more
These are the stocks posting the largest moves in the premarket
China’s deflation could spill over into a global concern, economists say
China’s economic challenges have given rise to deflationary pressures that present a „global concern“ and are likely to accelerate in the coming quarters, economists have suggested.
Stocks making the biggest moves after hours: Nvidia, Splunk, Autodesk, Guess and more
These are the stocks posting the largest moves in extended trading.
Stocks making the biggest moves midday: Nvidia, Peloton, Foot Locker, Dick’s Sporting Goods and more
These are the stocks posting the largest moves in midday trading.
Australia’s Qantas delivers record profit, reveals plans to increase international fleet
Australia’s Qantas announced a record annual profit on Thursday, and announced a share buyback and a multi-billion dollar order for 24 new aircrafts.
Nvidia tops estimates and says sales will jump 170% this quarter, driven by demand for AI chips
Revenue in the second quarter doubled from $6.7 billion a year earlier and increased 88% from the prior period.
Nasdaq Composite Technical Analysis – Watch this key resistance
The
selloff that started at the beginning of August is starting to show signs of
weakness. Although nothing changed fundamentally, the Nasdaq Composite started
to rise as the market was just probably overstretched. This looks more like a
pullback as the miss in yesterday’s US PMIs doesn’t
support the bullish case.
Nasdaq Composite Technical
Analysis – Daily Timeframe
On the daily chart, we can see that the Nasdaq
Composite bounced from a key support level at
13174 and rallied back strongly into the broken trendline and the
red 21 moving average. This is
where we can expect the sellers to pile in with a defined risk above the
trendline to target a break below the 13174 support.
Nasdaq Composite Technical
Analysis – 4 hour Timeframe
On the 4 hour chart, we can see more closely the
strong bounce on the 13174 support and the strong resistance that we have
around the 13820 level where we can also find the confluence with the
Fibonacci retracement levels
and the previous support now turned resistance.
Nasdaq Composite Technical
Analysis – 1 hour Timeframe
On the 1 hour chart, we can see the
resistance zone with the market likely to open today around those levels as
Nvidia yesterday after the close crushed expectations across the board. So, at
the open we might see a “sell the fact” but more conservative sellers may want
to wait for the price to fall below the black counter-trendline first before
positioning for more downside.
Upcoming
Events
Today we will have the latest US Jobless Claims
report where the market will want to see if the labour market is still holding
or starting to weaken. Strong data may cause some hawkish repricing in
expectations and it’s unclear if the market will take it as good news because
of the resilient labour market or bad news because the Fed will keep at it.
Weak data should be more straight forward as it’s likely to cause recessionary
fears given the yesterday’s PMIs and send the market lower. Tomorrow we will
hear from Fed Chair Powell who is set to speak at the Jackson Hole Symposium,
although the expectations are for him to just repeat their data dependency and
keep all the options on the table.
This article was written by FL Contributors at www.forexlive.com.
ForexLive European FX news wrap: Dollar steady, equities higher led by tech after Nvidia
Headlines:
- Mixed flows so far in European morning trade
- Aussie finds it tough to build on recent bounce
- US data in focus later today
- France August business confidence 99 vs 100 prior
- UK August retailing reported sales -44 vs -25 prior
- China announces suspension of all aquatic products from Japan
- Australian bank CEO says Australia unlikely to enter recession, housing market holding up
Markets:
- USD leads, NZD lags on the day
- European equities higher; S&P 500 futures up 0.6%
- US 10-year yields up 1.6 bps to 4.213%
- Gold up 0.2% to $1,917.66
- WTI crude up 0.2% to $79.07
- Bitcoin down 0.3% to $26,509
It was a quiet session for the most part but there were some decent albeit mixed flows in markets today.
Equities are buoyed since Asia trading, after Nvidia’s earnings beat helped to boost sentiment. US futures are holding higher, led by tech shares, with Nasdaq futures up by 1.1% and S&P 500 futures up by 0.6%. However, Dow futures are slightly lower now and down by 0.1% so perhaps not everything is bright and rosy in the equities space.
The less enthusiastic mood is also shared by the antipodean currencies today with both the aussie and kiwi keeping lower. Both were initially little changed against the dollar but AUD/USD is now down 0.5% to 0.6445 and NZD/USD down 0.7% to 0.5940 at the lows for the day.
The dollar is overall keeping steadier, with USD/JPY holding higher by 0.5% to 145.50 levels again as Treasury yields nudge a little higher. 10-year yields were down to around 4.18% earlier but have now recovered to around 4.21% on the day.
Besides that, the euro is little changed against the dollar while cable is down 0.4% to 1.2670 as the pound struggles to maintain yesterday’s rebound.
The thing to watch now is to see if tech shares can hold their head above water later today, with US weekly jobless claims coming up as well. If not, we might be set for a bit of an uglier end to the week if stock investors truly do go with the buy the rumour, sell the fact play after Nvidia.
This article was written by Justin Low at www.forexlive.com.