13.08.2021 MARKET WRAP: Stocks, Bonds, Commodities

 

Trade Now                             MARKET WRAP: Stocks, Bonds, Commodities On Thursday, both the Dow Jones Industrial Average (at 35,499) and the S&P 500 (at 4,460) edged up to record closes again. And the tech-heavy Nasdaq 100 rose 61.22 points (+0.41%) to 15,088. U.S. official data showed that the latest number of initial jobless claims declined slightly to 375,000 (as expected), showing the continuous improvement in the labor market. Meanwhile, producer prices rose 1.0% (vs +0.6% expected) and 7.8% on year (vs +7.2% expected) in July. The technology hardware, automobiles and pharmaceutical & biotechnology sectors gained the most, while the semiconductor, energy and consumer durables & apparel sectors showed losses. Palantir Technologies (PLTR) surged 11.36% on strong results. Tesla (TSLA) rose 2.0%, and Apple (AAPL) gained 2.1%. On the other hand, Micron Technology (MU) slid 6.37% after it was downgraded by Morgan Stanley to "equal-weight". The U.S. 10-year Treasury Yield gained 2.9 basis points to 1.359%. European stocks closed mixed. The DAX 30 rose 0.70%, and the CAC 40 gained 0.36%, while the FTSE 100 slid 0.37%. U.S. WTI crude futures decreased $0.28 to $68.97 a barrel. Gold price edged up $1 to $1,753 an ounce. Trade Now   MARKET WRAP: Forex   The U.S. dollar index was relatively stable at 92.99. EUR/USD dipped 4 pips to 1.1735. Official data showed that the eurozone's industrial production declined 0.3% on month in June (vs -0.2% expected). GBP/USD slid 62 pips to 1.3806. U.K. official data showed that the second-quarter gross domestic production increased by 4.8% on quarter (as expected). Industrial production declined 0.7% on month in June (vs +0.3% expected). AUD/USD fell 37 pips to 0.7337. USD/JPY was flat at 110.44. USD/CHF added 15 pips to 0.9234, and USD/CAD gained 18 pips to 1.2522. Bitcoin dropped 2.5% to $44,400, and Ether lost 3.7% to $3,050. Download MFM Securities MetaTrader plugin for Trading Central     EUR/USD Intraday: capped by a negative trend line.   Pivot: 1.1745 Our preference: Short positions below 1.1745 with targets at 1.1720 & 1.1705 in extension. Alternative scenario: Above 1.1745 look for further upside with 1.1760 & 1.1775 as targets. Comment: The upward potential is likely to be limited by the resistance at 1.1745.     Trade Now AUD/USD Intraday: choppy. Pivot: 0.7360 Our preference: Short positions below 0.7360 with targets at 0.7315 & 0.7300 in extension. Alternative scenario: Above 0.7360 look for further upside with 0.7375 & 0.7390 as targets. Comment: As long as 0.7360 is resistance, look for choppy price action with a bearish bias.