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Your Daily Market Brief
June 17, 2024
 
   
  Market Wrap: Stocks, Bonds, Commodities  
 
 
On Friday, the tech-heavy Nasdaq 100 extended its winning streak to a fifth session, gaining 82 points (+0.42%) to another record close of 19,659.

Meanwhile, the S&P 500 dipped 2 points (-0.04%) to 5,431, and the Dow Jones Industrial Average was down 57 points (-0.15%) to 38,589.

The U.S. 10-year Treasury yield eased a further 2 basis points to 4.213%.

While the technology stock sector performed the best, basic materials and industrial sectors posted losses.

Adobe (ADBE) surged 14.51%, as the company raised its full-year revenue forecast considering growing demand for its artificial-intelligence-related software. 

Broadcom (AVGO) advanced a further 3.34% after jumping 12% Thursday. Citigroup increased its price target on the stock to $1,750.

Nvidia (NVDA) added 1.75% to close at a record level of $131.88.

French stocks were dragged by political uncertainty in France, with the CAC 40 sliding 2.66%. France's finance minister warned that the country could face financial-crisis risks in case the far right or left wins in the coming parliamentary election because of their heavy spending plans.

The DAX 40 fell 1.44%, and the FTSE 100 dropped 0.21%.

U.S. WTI crude-oil futures declined $0.17 to $78.45 a barrel.

Gold price jumped $46 (+2.03%) to $2,347 an ounce.
 
 
  Market Wrap: Forex  
 
 
The U.S. dollar held its strength against other major currencies. The dollar index rose to 105.50.

EUR/USD fell 105 pips to 1.0708.

USD/JPY gained 56 pips to 157.36. As expected, the Bank of Japan kept its key interest-rate unchanged at 0.10%. The central bank also announced plans to reduce its purchase of Japanese government bonds.

GBP/USD slid 108 pips to 1.2687, AUD/USD dropped 46 pips to 0.6616.

USD/CHF declined 40 pips to 0.8902, while USD/CAD added 9 pips to 1.3731.

Bitcoin kept facing selling pressure, as it once dipped below $66,000.
 
 
  Morning Trading  
 
 
In Asian trading hours, USD/JPY was firm at 157.40. This morning, Japan's data showed that machinery orders dropped 2.9% month on month in April (vs -0.5% expected).

USD/CNH dipped to 7.2682. This morning, China's data showed that industrial production increased 5.6% year on year in May (vs +6.3% expected), and retail sales were up 3.7% (vs +2.6% expected).

EUR/USD was little changed at 1.0702, and GBP/USD was flat at 1.2682.

Gold retreated to $2,322 an ounce.

Bitcoin slipped back to $66,200.
 
 
  Expected Today  
 
 
In the U.S., the New York State manufacturing index is expected to improve to -10.0 in June.
 
 
 
 
Web TV from Trading Central
 
 
 
WTI Crude Oil Futures: Expecting to test $77.35
 
Crude Oil WTI dropped below both 20-period and 50-period moving averages. As long as $78.35 acts as intraday resistance level, the technical outlook is still bearish.
 
WATCH NOW
 
 
     
 
 

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