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Abstract:U.S. stocks closed mixed. Dow Jones Industrial Average fell 118 points (-0.31%) to 37,592, S&P 500 gained 3 points (+0.08%) to 4,783, and Nasdaq 100 edged up 12 points (+0.07%) to 16,832.
DAILY MARKET NEWSLETTER January 15, 2024
🌐 MARKET WRAP: STOCKS, BONDS, COMMODITIES
On Friday, U.S. stocks closed mixed. Dow Jones Industrial Average fell 118 points (-0.31%) to 37,592, S&P 500 gained 3 points (+0.08%) to 4,783, and Nasdaq 100 edged up 12 points (+0.07%) to 16,832.
U.S. data showed producer prices grew 1.0% on year in December (as expected). U.S. 10-year Treasury yield edged down to 3.941%.
Telecom services (+1.33%), energy (+1.26%), and software & services (+0.93%) sectors outperformed, while automobiles & components (-3.43%), banks (-1.26%), and health-care equipment & services (-1.19%) sectors closed with losses.
Microsoft (MSFT) advanced 1.00% to $388.47, reaching a record closing level, overtaking Apple (AAPL) as the most valuable public company.
Tesla (TSLA) slid 3.67% to $218.89, below its 200-day moving average. The electric-vehicle maker said it could suspend production at its Berlin factory due to Red Sea-related supply chain issues.
UnitedHealth (UNH), a private health insurance provider, fell 3.37%, and Wells Fargo (WFC), one of the big-five U.S. banks, dropped 3.34%.
Delta Air Lines (DAL) tumbled 8.97% after providing a disappointing 2024 earnings guidance.
Other airline stocks also lost ground, with United Airlines (UAL) sliding 10.63%, Jetblue Airways (JBLU) down 5.60%, and Southwest Airlines (LUV) down 4.26%.
U.S. markets will be closed Monday (January 15) for the Martin Luther King Jr. Day holiday.
European stocks closed higher, with the DAX 40 rising 0.95%, the CAC 40 up 1.05%, and the FTSE 100 up 0.64%.
U.S. WTI crude-oil futures gained $0.77 (+1.07%) to $72.79 a barrel, boosted by escalating tensions in the Middle East due to U.S. and U.K. airstrikes against targets in Yemen.
Gold price advanced $19 to $2,047 an ounce.
📉 MARKET WRAP: FOREX
🌐 FOREX MARKET REPORT
The U.S. dollar index remained stable at 102.43. 💹
EUR/USD fell 21 pips to 1.0949. 📉
USD/JPY dropped 42 pips to 144.86. 📉
GBP/USD declined 14 pips to 1.2746. U.K. data showed GDP grew 0.3% on month in November (vs +0.1% expected), and industrial production rose 0.3% (vs +0.2% expected). 📉📊
AUD/USD dipped 3 pips to 0.6684. 📉
USD/CHF added 6 pips to 0.8524, and USD/CAD climbed 12 pips to 1.3403. 📈
Bitcoin remained subdued in the second trading session of all-new spot Bitcoin ETFs, testing support at $42,000 over the weekend. 📉💰
📊 CURRENCY PAIRS
Pair | Intraday Trend | Pivot | Trading Strategy | Alternative Strategy |
AUD/USD | No Clear Trend | 0.6710 | Below 0.6710, bearish with targets at 0.6675, then 0.6660 | Above 0.6710, bullish with targets at 0.6725, then 0.6740 |
GBP/USD | Anticipating 1.2720 | 1.2765 | Below 1.2765, bearish with targets at 1.2720, then 1.2700 | Above 1.2765, bullish with targets at 1.2785, then 1.2800 |
USD/JPY | Rebound Expected | 144.65 | Above 144.65, bullish with targets at 145.30, then 145.55 | Below 144.65, bearish with targets at 144.35, then 144.10 |
EUR/USD | Short-Term Resistance | 1.0970 | Below 1.0970, bearish with targets at 1.0930, then 1.0915 | Above 1.0970, bullish with targets at 1.0985, then 1.1000 |
Please note that due to market volatility, some key levels may have already been reached and scenarios played out.
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.
The Australian Dollar (AUD) traded sideways against the US Dollar (USD) on Tuesday, staying just below the seven-month high of 0.6798 reached on Monday. The downside for the AUD/USD pair is expected to be limited due to differing policy outlooks between the Reserve Bank of Australia (RBA) and the US Federal Reserve. The RBA Minutes indicated that a rate cut is unlikely soon, and Governor Michele Bullock affirmed the central bank's readiness to raise rates again if necessary to combat inflation.
Bitcoin traded above $60,000 on Friday, gaining over 4% this week but staying within a $57,000 to $62,000 range for the past 15 days. On-chain data reveals mixed signals, with institutions accumulating while some large holders are selling. Inflows into US spot Bitcoin ETFs and potential volatility from ongoing Mt.Gox fund movements could impact Bitcoin's price in the coming days.
JPY strengthened against the USD, pushing USD/JPY near 145.00, driven by strong inflation data and BoJ rate hike expectations. Japan's strong Q2 GDP growth added support. However, USD gains may be limited by expectations of a Fed rate cut in September.
Gold prices remain above $2,500, near record highs, as investors await the Federal Open Market Committee minutes for confirmation of a potential Fed rate cut in September. The Fed's dovish shift, prioritizing employment over inflation, has weakened the US Dollar, boosting gold. A recent revision showing the US created 818,000 fewer jobs than initially reported also strengthens the case for a rate cut.