09.08.2021 MARKET WRAP: Stocks, Bonds, Commodities

 

Trade Now On Friday, the Dow Jones Industrial Average rose 144.26 points (+0.41%) to a record close of 35,208, and the S&P 500 gained 7.42 points (+0.17%) to 4,436, also a record high. Meanwhile, the tech-heavy Nasdaq 100 slipped 72.28 points (-0.48%) to 15,109. The official July jobs report came in stronger than expected. The U.S. economy added 943,000 nonfarm payrolls in July, more than an addition of 870,000 expected. The jobless rate declined to 5.4% (vs 5.7% expected). The banks, financials, and materials sectors gained the most. Monster Beverage (MNST) jumped 5.46%, Wells Fargo (WFC) rose 3.79% and Corteva (CTVA) climbed 8.01%. On the other hand, Expedia (EXPE) lost 7.92% and Twitter (TWTR) dipped 2.76%. The U.S. 10-year Treasury Yield gained 7.8 basis points to 1.302%. On Saturday, Berkshire Hathaway (BRKA) reported that second-quarter operating earnings increased 21.0% on year to $6.69 billion. In Europe, the DAX 30 gained 0.11%, and the CAC 40 increased 0.53%, while the FTSE 100 was little changed. Commodity prices came under pressure amid a stronger U.S. dollar. U.S. WTI crude futures fell $1.01 to $68.08 a barrel. Gold price sank $42 to $1,761 an ounce. Trade Now   MARKET WRAP: Forex   The U.S. dollar strengthened against other major currencies. The dollar index advanced to 92.785 EUR/USD dropped 74 pips to 1.1760. Official data showed that Germany's industrial production declined 1.3% on month in June (vs +0.5% expected). GBP/USD slid 52 pips to 1.3879, and AUD/USD declined 53 pips to 0.7352. USD/JPY jumped 47 pips to 110.24. USD/CHF rose 83 pips to 0.9153, and USD/CAD jumped 51 pips to 1.2557. Over the weekend, Bitcoin exceeded $45,000, and Ether approached $3,200. Download MFM Securities MetaTrader plugin for Trading Central     EUR/USD Intraday: under pressure.   Pivot: 1.1780 Our preference: Short positions below 1.1780 with targets at 1.1720 & 1.1700 in extension. Alternative scenario: Above 1.1780 look for further upside with 1.1800 & 1.1820 as targets. Comment: The RSI has broken down its 30 level.     Trade Now AUD/USD Intraday: the downside prevails.   Pivot: 0.7360 Our preference: Short positions below 0.7360 with targets at 0.7310 & 0.7290 in extension. Alternative scenario: Above 0.7360 look for further upside with 0.7380 & 0.7400 as targets. Comment: The RSI has broken down its 30 level.   Trade Now