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Abstract:Fed policy, European data, and commodity prices drive market moves A look at today's key market news and Trading Central's insights Your snapshot of the day's market action
DAILY MARKET NEWSLETTER - April 4, 2024
MARKET WRAP: STOCKS, BONDS, COMMODITIES
U.S. stocks were mostly flat on Wednesday. The Dow Jones dipped (-0.11%), S&P 500 inched up (+0.11%), and Nasdaq 100 rose slightly (+0.21%).
Fed Chair Powell hints rate cuts won't happen soon.
U.S. 10-year Treasury yield declined to 4.347%.
Top Gainers: Energy, basic materials, and industrial stocks
Top Losers: Utilities and consumer discretionary sectors
Intel (INTC) down 8.22% on larger operating losses.
Ulta Beauty (ULTA) falls 15.34% on CEO's demand slowdown warning.
Boeing (BA) drops 1.66% due to slowed production after regulatory inspections.
Wolfspeed (WOLF) loses 2.63% after Wells Fargo downgrade.
Other U.S. Economic News
ISM services PMI decreased to 51.4 in March.
March ADP jobs report showed the economy added 184,000 private jobs.
European Stocks
European stocks finished higher: DAX 40 (+0.46%), CAC 40 (+0.29%), FTSE 100 (+0.03%)
Commodities
WTI crude oil rose to a 5-month high of $85.61/barrel. OPEC+ kept oil supply policy unchanged.
Gold surged $18, to a record high of $2,298/ounce.
MARKET WRAP: FOREX
U.S. dollar weakened. Dollar index fell to 104.26.
EUR/USD climbed 64 pips to 1.0832 as Eurozone inflation slowed to 2.4%.
USD/JPY edged up 15 pips to 151.70.
GBP/USD rose 70 pips to 1.2647, AUD/USD gained 44 pips to 0.6561.
USD/CHF fell 50 pips to 0.9028, USD/CAD dropped 33 pips to 1.3531.
Bitcoin stabilized after the previous session's selloff, holding $66,000.
Trading Central - Directional Views
Here are today's highlights from Trading Central's research desks. Use these as starting points for your own research!
GBP/USD: Upside trend continues. Consider long positions above 1.2620. Targets: 1.2670 & 1.2690.
USD/JPY: Watch the 151.45 level. Short positions preferred below 151.80. Targets: 151.45 & 151.30.
EUR/USD: Upside prevails. Look for long positions above 1.0805. Targets: 1.0860 & 1.0880
Dow Jones (CME): Resistance at 39600.00. Consider short positions below with targets at 39315.00 & 39190.00.
Important Note:Market volatility can invalidate these scenarios. Be sure to adjust your strategies according to current conditions.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.