Smartproptrader - smartproptrader.com

[v1forex]

MARKET COMMENTARY


On Tuesday, U.S. stocks closed lower amid data that indicated a slowing economy. The Dow Jones Industrial Average dropped 198 points (-0.59%) to 33,402, the S&P 500 fell 23 points (-0.58%) to 4,100, and the Nasdaq 100 was down 48 points (-0.37%) to 13,100.

U.S. official data showed that the number of job openings dropped to 9.93 million (vs 10.80 million expected), the lowest level in nearly two years. Factory orders declined 0.7% on month in February (vs -0.6% expected).

The U.S. 10-year Treasury yield slipped 6.7 basis points to 3.344%.

Capital goods (-2.77%), banks (-1.9%), and energy (-1.72%) stock sectors led the market lower.

Nvidia (NVDA) fell 1.83%, Tesla (TSLA) slid 1.12%, and Apple (AAPL) was down 0.32%.

Meanwhile, Amazon.com (AMZN) rose 1.50%, and Meta Platforms (META) was up 0.77%.

Valero Energy (VLO) slumped 8.01%, Marathon Oil (MRO) retreated 7.24%, and Caterpillar (CAT) was down 5.40%.

World Wrestling Entertainment (WWE) rebounded 8.88%. Earlier the company agreed to a $9.3 billion deal to be bought by Endeavor Group.

In after-market hours, Johnson & Johnson (JNJ) gained over 3% after the company agreed to pay $8.9 billion to resolve all cancer lawsuits concerning its talc-based powder products.

European stocks closed mixed. The DAX 40 rose 0.14%, while the CAC 40 was little changed, and the FTSE 100 dropped 0.50%.

U.S. WTI crude futures settled flat at $80.56 a barrel.

Gold price jumped $36 to $2,021 an ounce, the highest level since March 2022.

The U.S. dollar declined against other major currencies, dragged by weak U.S. economic data. The dollar index fell to a two-month low of 101.57.

EUR/USD rose 58 pips to 1.0957. The Eurozone's data showed that producer-price growth slowed to 13.2% on year in February (vs +13.8% expected).

GBP/USD climbed 87 pips to 1.2501, a new 10-month high.

USD/JPY fell 79 pips to 131.67.

AUD/USD declined 35 pips to 0.6751. As expected, Australia's central bank kept its key interest rate unchanged at 3.60%.

USD/CHF slid 64 pips to 0.9061.

USD/CAD gained 12 pips to 1.3449. Canada's data showed that the number of building permits increased 8.6% on month in February (vs -2.3% expected).

Bitcoin rebounded to levels above $28,200.

 

[v1forex]

MARKET COMMENTARY


On Wednesday, U.S. stocks closed mixed with technology stocks seeing bigger losses. The Nasdaq 100 was down 132 points (-1.01%) to 12,967, and the S&P 500 fell 10 points (-0.25%) to 4,090, while the Dow Jones Industrial Average closed 80 points higher (+0.24%) at 33,482.

The U.S. Institute for Supply Management (ISM) services purchasing managers index declined to 51.2 in March (vs 54.0 expected). The ADP jobs report said the economy added 145,000 private jobs in March (vs +200,000 expected). U.S. trade deficit widened to $70.5 billion in February (vs $68.8 billion expected).

The U.S. 10-year Treasury yield declined a further 3.2 basis points to 3.307%, a near seven-month low.

Utilities (+2.57%), health-care equipment & services (+1.75%), and pharmaceuticals & biotechnology (+1.72%) stock sectors were market leaders, while automobiles (-3.35%), retailing (-2.25%), and semiconductors (-1.82%) sectors were under pressure.

Tesla (TSLA) sank 3.67%, Nvidia (NVDA) lost 2.08%, and Apple (AAPL) was down 1.13%.

Amazon.com (AMZN) fell 2.74%, and Microsoft (MSFT) declined 0.99%. Both tech-giants' cloud-service units could be facing an antitrust investigation by U.K. regulators.

Johnson & Johnson (JNJ) rose 4.49%. The company agreed to pay $8.9 billion to resolve all cancer lawsuits concerning its talc-based powder products.

Also, both healthcare companies UnitedHealth (UNH) and Cigna (CI) gained over 3% after being upgraded to "strong buy" at Raymond James.

European stocks closed mixed. The DAX 40 fell 0.53%, the CAC 40 dropped 0.39%, while the FTSE 100 was up 0.37%.

U.S. WTI crude futures slipped $0.14 to $80.47 a barrel. The U.S. Energy Department reported a reduction of 3.74 million barrels in crude-oil stockpiles (vs -2.33 million barrels expected).

Gold price was stable at $2,020 an ounce.

The U.S. dollar rebounded from a two-month low against other major currencies. The dollar index rose to 101.93.

EUR/USD fell 52 pips to 1.0901. Germany's data showed that factory orders jumped 4.8% on month in February (vs +0.5% expected). France's industrial production grew 1.2% on month in February (vs +0.3% expected).

NZD/USD was up 6 pips to 0.6316. New Zealand's central bank unexpectedly raised its key interest rate by 50 basis points (vs +25 basis points expected) to 5.25%, the highest level in over 14 years.

GBP/USD dropped 44 pips to 1.2457, and AUD/USD slid 31 pips to 0.672.

USD/JPY declined 36 pips to 131.35, while USD/CHF added 7 pips to 0.9068, and USD/CAD gained 13 pips to 1.3458.

Bitcoin traded lower along with other risk assets, but managed to hold the $28,000 level.

 

[v1forex]

Payout

 

[v1forex]

MARKET COMMENTARY


On Thursday, U.S. stocks closed higher before the Easter long weekend. The Dow Jones Industrial Average edged up 2 points to 33,485, the S&P 500 rose 14 points (+0.36%) to 4,105, and the Nasdaq was up 100 points (+0.74%) to 13,062.

The U.S. 10-year Treasury yield dipped 1 basis point to 3.301%.

Media (+2.16%) and software & services (+1.52%) stock sectors were top performers, while energy (-1.47%) and telecoms services (-1%) sectors were under pressure.

Alphabet (GOOGL) advanced 3.78%, Microsoft (MSFT) rose 2.55%, Meta Platforms (META) climbed 2.18%, Amazon.com (AMZN) added 0.95%, and Apple (AAPL) was up 0.55%.

Alibaba (BABA) rose 4.25% on reports that the Chinese e-commerce giant will launch its own version of ChatGPT-like artificial intelligence (AI) tool this month.

On the other hand, Costco Wholesale (COST) fell 2.24% after the warehouse store chain reported lower comparable sales in March.

Mosaic Co (MOS) dropped 5.66%. The stock was downgrade to "neutral" at JPMorgan.

European stocks also closed higher Thursday. The DAX 40 rose 0.50%, the CAC 40 gained 0.12%, and the FTSE 100 was up 1.03%.

U.S. WTI crude futures were little changed at $80.47 a barrel.

Gold price was down $12 to $2,007 an ounce.

On Friday, the U.S. official jobs report showed that the economy added 236,000 non-farm payrolls in March (vs +250,000 expected) with the jobless rate declining to 3.5% (as expected). Meanwhile, the average hourly earnings grew 0.3% on month (vs +0.2% expected) and 4.2% on year (vs +4.5% expected).

This morning (Easter Monday), U.S. stock index futures were little changed.

This week, the most important economic data will be the U.S. Inflation Report due Wednesday, which is expected to slow further to 5.8% on year in March.

On Easter Monday, trading in U.S. markets will resume, while most European markets will remain closed.

This morning (Monday), the U.S. dollar index was relatively stable at 102.06..

EUR/USD was steady at 1.0917. Germany's data showed that industrial production grew 2.0% on month in February (vs -0.3% expected).

GBP/USD showed signs of stabilization at 1.2439 after falling for three sessions. The U.K. Halifax house price index increased 0.8% on month in March (vs -0.6% expected).

USD/JPY stayed elevated at levels above 132.00.

AUD/USD still lacked upward momentum while trading at 0.6672.

USD/CHF was still subdued at 0.9043.

USD/CAD continued its recent rebound trading at 1.3505. Canada's jobless rate remained steady at 5.0% in March (vs 5.2% expected).

Bitcoin jumped back to levels above $28,300.

 

[v1forex]

MARKET COMMENTARY


On Monday, the tech-heavy Nasdaq 100 once lost over 200 points before climbing back to close just 11 points lower (-0.09%) at 13,051. The Dow Jones Industrial Average rose 101 points (+0.30%) to 33,586, and the S&P 500 was up 4 points (+0.10%) to 4,109.

Semiconductors (+1.82%), capital goods (+1.25%), and consumer durables & apparel (+1.15%) stock sectors were the top performers, while technology hardware & equipment (-1.08%) and media (-0.77%) were under pressure.

Nvidia (NVDA) staged an intraday reversal to close 2.00% higher. Also, Micron Technology (MU) rose 8.04%, and Western Digital (WDC) jumped 8.22%, after competitor Samsung Electronics said it would cut production of memory chips.

Apple (AAPL) fell 1.60% after research firm IDC said the company's Mac computer sales dropped 40.5% on year in the first quarter.

Alphabet (GOOGL) fell 1.83%, Microsoft (MSFT) slipped 0.76%, and Tesla (TSLA) was down 0.30%.

The U.S. 10-year Treasury yield rebounded 2.6 basis points to 3.417%

Last Friday, the U.S. official jobs report showed that the economy added 236,000 non-farm payrolls in March (vs +250,000 expected) with the jobless rate declining to 3.5% (as expected). Meanwhile, the average hourly earnings grew 0.3% on month (vs +0.2% expected) and 4.2% on year (vs +4.5% expected).

And U.S. wholesale inventories added 0.1% on month in February (vs +0.2% expected).

This week, the most important economic data will be the U.S. Inflation Report due Wednesday, which is expected to slow further to 5.8% on year in March.

Major European markets remained closed on Easter Monday

U.S. crude futures declined $0.80 to $79.85 a barrel.

Gold price retreated a further $16 to $1,991 an ounce.

The U.S. dollar strengthened against other major currencies. The dollar index climbed to 102.54.

The Japanese yen sank against the dollar after new Bank of Japan Governor Kazuo Ueda said the central bank should maintain its ultra-loose monetary policy for now. USD/JPY jumped 143 pips to 133.59.

EUR/USD fell 43 pips to 1.0862, and GBP/USD declined 35 pips to 1.2383.

AUD/USD fell 30 pips to 0.6642. This morning, Australia's Westpac consumer confidence index rose to 85.8 in April (vs 79.7 expected).

USD/CHF gained 43 pips to 0.9097, while USD/CAD slipped 6 pips to 1.3506.

Bitcoin jumped over 4% to $29,650, a level not seen since June 2022.

 

[v1forex]

MARKET COMMENTARY


On Tuesday, U.S. stocks closed mixed. The Dow Jones Industrial Average rose 98 points (+0.29%) to 33,684, the S&P 500 was little changed at 4,108, while the Nasdaq 100 fell 87 points (-0.67%) to 12,964.

The U.S. 10-year Treasury yield gained 1.3 basis points to 3.43%.

Investors awaited the closely-watched U.S. inflation report due later today. It is widely expected that the inflation rate slowed further to 5.8% on year in March.

Consumer durables & apparel (+1.76%), banks (+1.21%), and automobiles & Components (+1.05%) stock sectors were the top performers, while software & services (-1.43%), retailing (-0.85%), and semiconductors (-0.82%) sectors lagged behind.

Microsoft (MSFT) slid 2.27%, Amazon.com (AMZN) fell 2.20%, Alphabet (GOOGL) dropped 1.02%, Nvidia (NVDA) lost 1.49%, and Apple (AAPL) was down 0.76%.

On the other hand, Tesla (TSLA) gained 1.24%.

CarMax (KMX) jumped 9.64%. The retail chain of cars and light trucks reported better-than-expected quarterly earnings.

Whirlpool (WHR) added 3.83% after the stock was upgraded to "buy" at Goldman Sachs.

Bitcoin crossed back above $30,000 for the first time since June 2020, boosting prices of crypto-related stocks. MicroStrategy (MSTR) rose 6.26%, Riot Platforms (RIOT) surged 17.01%, Marathon Digital (MARA) jumped 12.42%, and Coinbase Global (COIN) was up 6.14%.

European stocks closed higher. The DAX 40 rose 0.37%, the CAC 40 gained 0.89%, and the FTSE 100 was up 0.57%.

U.S. WTI crude futures climbed $1.80 to $81.50 a barrel.

Gold price rebounded $11 to $2,003 an ounce.

The U.S. dollar softened against other major currencies ahead of inflation data due Wednesday. The dollar index declined to 102.14.

EUR/USD climbed 54 pips to 1.0913. The Eurozone's data showed that retail sales dropped 0.8% on month in February (vs -0.5% expected).

GBP/USD gained 43 pips to 1.2425.

USD/JPY rose 13 pips to 133.74. This morning, Japan's data showed that producer-price growth slowed to 7.2% on year in March (vs +7.5% expected). Machinery orders fell 4.5% on month in February (vs -6.0% expected).

AUD/USD added 12pips to 0.6653. The National Australia Bank business confidence index climbed to -1 in March (vs -2 expected).

USD/CHF decreased 65 pips to 0.9031.

USD/CAD fell 41 pips to 1.3468.

 

[v1forex]

MARKET COMMENTARY


On Wednesday, U.S. stocks closed lower following inflation data and minutes of the Federal Reserve's last meeting. The Dow Jones Industrial Average fell 38 points (-0.11%) to 33,646, the S&P 500 declined 16 points (-0.41%) to 4,091, and the Nasdaq 100 slid 115 points (-0.89%) to 12,848.

U.S. inflation rate slowed further to 5.0% on year in March (vs 5.3% expected), but the core inflation rate, which excludes food and energy prices, ticked up to 5.6% on year (vs 5.5% expected).

Minutes of the Fed's monetary-policy meeting in March showed that officials expected a "mild recession" later this year due to stress in the banking sector.

The U.S. 10-year Treasury yield dropped 2.4 basis points to 3.402%.

Automobiles (-2.93%), semiconductors (-1.86%), and food & staples retailing (-1.70%) stock sectors lost the most.

Tesla (TSLA) fell 3.35%, Nvidia (NVDA) slid 2.48%, Amazon.com (AMZN) lost 2.09%, and Apple (AAPL) was down 0.44%.

American Airlines (AAL) shed 9.22% after the company said first-quarter profit would miss expectations.

Jefferies Financial Group (JEF) declined 2.80% as the stock was downgraded to "underweight" at Morgan Stanley.

European stocks closed higher. The DAX 40 rose 0.31%, the CAC 40 edged up 0.09%, and the FTSE 100 was up 0.50%.

U.S. WTI crude futures settled $1.80 higher at $83.32 a barrel. The U.S. Energy Department reported an addition of 597,000 barrels in crude-oil stockpiles (vs a reduction of 583,000 barrels expected).

Gold price increased $11 to $2,014 an ounce.

The U.S. dollar got softer against other major currencies. The dollar index eased further to 101.55.

EUR/USD rose 77 pips to 1.0989, while USD/JPY fell 48 pips to 133.20.

GBP/USD added 58 pips to 1.2482. This morning, the Royal Institute of Chartered Surveyors house price balance improved to -43% in March (vs -53% expected).

USD/CAD declined 26 pips to 1.3441. As expected, Canada's central bank kept its key interest rate unchanged at 4.50%.

AUD/USD increased 38 pips to 0.6692.

USD/CHF slid 70 pips to 0.8963.

Bitcoin lacked momentum to advance further, and fell back to levels below $30,000.

 

[v1forex]

 

[v1forex]

MARKET COMMENTARY


On Friday, U.S. stocks gave up some gains made in the prior session. The Dow Jones Industrial Average fell 143 points (-0.42%) to 33,886, the S&P 500 dropped 8 points (-0.21%) to 4,137, and the Nasdaq 100 was down 29 points (-0.23%) to 13,079.

The U.S. 10-year Treasury yield gained 6.6 basis points to 3.511%.

Banks (+3.51%), and transportation (+0.44%) stock sectors gained the most, while real estate (-1.73%), health-care equipment & services (-1.13%), and utilities (-1.11%) sectors were under pressure.

Big U.S. banks JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC) posted better-than-expected quarterly results on rising interest rates. JPMorgan share price jumped 7.55%, Citigroup rose 4.78%, while Wells Fargo was little changed.

Blackrock (BLK) rose 3.07% as the investment-management firm's quarterly earnings exceeded expectations.

Boeing (BA) fell 5.56% as the airplane-maker warned of delayed 737 Max deliveries over production issue.

Lucid Group (LCID) slid 6.30% after the electric-vehicle maker reported lower-than-expected first-quarter vehicle deliveries. Peer Rivian Automotive (RIVN) dropped 6.89%.

U.S. data showed that retail sales declined 1.0% on month in March (vs -0.9% expected). Industrial production gained 0.4% on month in March (vs -0.1% expected).

The University of Michigan consumer sentiment index advanced to 63.5 for April (vs 62.4 expected).

European stocks also closed higher. The DAX 40 rose 0.50%, the CAC 40 added 0.52%, and the FTSE 100 was up 0.36%.

U.S. WTI crude futures were little changed at $82.64 a barrel.

Gold price slid $35 to $2,004 an ounce.

The U.S. dollar rebounded against other major currencies. The dollar index rose to 101.56 after marking a one-year low of 100.78 Thursday.

According to Fed funds futures, there is an 81% probability that the Federal Reserve will raise interest rates by an additional 25 basis points in May.

EUR/USD fell 49 pips to 1.0997, and GBP/USD dropped 106 pips to 1.2417.

USD/JPY jumped 118 pips to 133.76.

AUD/USD slid 72 pips to 0.671.

USD/CHF added 43 pips to 0.8939.

USD/CAD gained 29pips to 1.3366. Canada's data showed that manufacturing sales fell 3.6% on month in February (vs -2.8% expected).

Bitcoin continued to trade at levels above $30,300.

 

[v1forex]

MARKET COMMENTARY


On Monday, U.S. stocks pared losses within the session to close higher. The Dow Jones Industrial Average rose 100 points (+0.30%) to 33,987, the S&P 500 climbed 13 points (+0.33%) to 4,151, and the Nasdaq 100 edged up 8 points (+0.06%) to 13,087.

U.S. data showed that the Empire State manufacturing index jumped to 10.8 in April (vs -16.0 expected), the first positive reading since November 2022. The National Association of Home Builders housing market index rose for a fourth straight month to 45 in April, the highest level since September.

The U.S. 10-year Treasury yield continued its rally gaining 9 basis points to 3.602%.

Real estate (+2.23%), banks (+2.1%), and insurance (+1.36%) stock sectors were the top performers, while media (-1.49%) and energy (-1.27%) sectors traded lower.

Alphabet (GOOGL) dropped 2.66% after the New York Times reported that Microsoft's (MSFT) Bing may replace Google as the default web search engine on Samsung Electronics devices. Microsoft rose 0.93% following the news.

Charles Schwab (SCHW) rose 3.94%. The investment brokerage group reported that deposits tumbled 30%, in line with expectations, and announced a halt in share buyback.

State Street (STT) slumped 9.18% as the investment services firm's quarterly earnings missed expectations.

Roblox (RBLX) sank 12.01%. The online video-game platform posted weaker-than-expected user metrics in March.

European stocks closed mixed. The DAX 40 eased 0.11%, the Cac 40 fell 0.28%, while the FTSE 100 was up 0.10%.

U.S. WTI crude futures declined $1.60 to $80.97 a barrel.

Gold price slipped $9 to $1,995 an ounce.

The U.S. dollar rose along with Treasury yields, as upbeat economic data boosted expectations that the Federal Reserve will keep raising interest rates in May. The dollar index rebounded to 102.09.

EUR/USD dropped 65 pips to 1.0927. On a daily chart, the pair remains supported by the ascending 20-day moving average.

USD/JPY gained 67 pips to 134.46. The pair has climbed back to levels above both 20-day and 50-day moving averages.

GBP/USD fell 37 pips to 1.2376.

AUD/USD edged down 4 pips to 0.6703. Later today, China is expected to report a higher gross domestic growth rate of 3.2% on year in the first quarter.

USD/CHF added 50 pips to 0.8987, and USD/CAD increased 19 pips to 1.3393.

Bitcoin failed to regain the $30,000 level as it traded lower to $29,480.