Abstract:Nvidia Soars, European Markets Gain, and Key Forex Trends
DAILY MARKET NEWSLETTER - February 23, 2024
Insights from Trading Central's Global Research
Here are key takeaways to fuel your trading strategy today:
Market Wrap: Stocks, Bonds, Commodities
US stocks surge to record highs: Dow Jones, S&P 500, and Nasdaq 100 all closed at record levels.
Nvidia drives market: The company's stock soared 16.40%, adding a record $277 billion in market value.
Tech, consumer discretionary, and communication services lead gains: Meta, Amazon, Microsoft, Tesla, Apple, and Alphabet also performed well.
Moderna jumps on strong earnings: Biotech firm's quarterly profit exceeded expectations.
Disappointments in the EV sector: Rivian Automotive and Lucid Group tumbled, joined by e-commerce company Etsy.
Key Market Data
US 10-year Treasury yield: +1 basis point to 4.333%
Initial jobless claims: Fell to 201,000
US Manufacturing PMI: Rose to 51.5
Existing home sales: +3.1% in January
WTI Crude Oil: +$0.53 to $78.44/barrel
Gold: Flat at $2,024/ounce
European Markets
European stocks closed higher (DAX 40, CAC 40, FTSE 100)
Japan's Nikkei 225 hit a record intraday high, closing at a record level since 1989. (Market closed today for Emperor's Birthday)
Market Wrap: Forex
US Dollar Index: Stable at 103.94.
EUR/USD: +3 pips to 1.0820
GBP/USD: +22 pips to 1.2656
USD/JPY: +22 pips to 150.50
AUD/USD: +6 pips to 0.6556
USD/CHF: +6 pips to 0.8800
USD/CAD: -24 pips to 1.3481
Bitcoin: -1% to $51,270
Trading Central's Featured Analysis
GBP/USD: Caution advised. Look for short positions below 1.2670.
USD/JPY: Rebound expected. Consider long positions above 150.30.
EUR/USD: Key resistance at 1.0840. Short positions are preferred below this level.
Dow Jones (CME): Intraday support at 39030.00. Long positions are favored above this level.
Important Notes
Market volatility can lead to rapid price changes.
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.
A Recap of Thursday's Market Trends and Notable Performances
Insights from Trading Central's Global Research Desks
On Wednesday, U.S. stocks rebounded, recovering a part of losses caused by the prior session's sell-off. The Dow Jones Industrial Average rose 75 points (+0.20%) to 38,661, the S&P 500 climbed 26 points (+0.51%) to 5,104, and the Nasdaq 100 was up 119 points (+0.67%) to 18,017.
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