Here are today's directional views from the global research desks of Trading Central! These are starting points for your own research to identify opportunities that make sense for you.
On Friday, U.S. technology stocks rallied sharply for a second session, pushing the Nasdaq 100 Index up by 359 points (+2.58%) to 14,298, the highest close since April 2022.
The S&P 500 rose 54 points (+1.30%) to 4,205, and the Dow Jones Industrial Average gained 328 points (+1.00%) to 33,093.
Semiconductors (+4.81%), automobiles (+4.53%), and retailing (+2.9%) stock sectors gained the most.
Nvidia's (NVDA) share price advanced a further 2.54% after rocketing over 24% Thursday.
Marvell Technology (MRVL) soared 32.42%. The semiconductor producer reported better-than-expected quarterly earnings, and said sales growth should accelerate in the second half.
Meanwhile, Broadcom Inc (AVGO) surged 11.52%, Micron Technology (MU) jumped 6.21%, Advanced Micro Devices (AMD) rose 5.55%, and Intel (INTC) rebounded 5.84%.
Tesla (TSLA) rose 4.72%, and Ford Motor (F) climbed 6.24%. Both companies reached an agreement such that Ford electric-vehicles could be charged at more than 12,000 Tesla Superchargers across the U.S. and Canada.
Workday (WDAY) gained 10.01%. The enterprise cloud applications provider's quarterly earnings exceeded expectations.
Gap (GPS) jumped 12.4%. The apparel retailer announced a strong improvement in quarterly margins.
Also, Costco Wholesale (COST) rose 4.26%.
Regarding U.S. economic data, the core personal consumption expenditure price growth ticked up to 4.7% on year in April (vs 4.5% expected). Durable goods orders rose 1.1% on month in April (vs -1.1% expected).
The U.S. 10-year Treasury yield eased 1.9 basis points to 3.798%.
European stocks also closed higher. The DAX 40 rose 1.20%, the CAC 40 gained 1.24%, and the FTSE 100 was up 0.74%.
U.S. WTI crude futures increased $1.00 to $72.80 a barrel.
Gold price added $5 to $1,946 an ounce.
In late Saturday, U.S. President Joe Biden and House Speaker Kevin McCarthy reached a deal to raise the nation’s debt ceiling, which could be a bullish factor for the stock market.
U.S. markets will be closed on Monday for the Memorial Day holiday.
Market Wrap: Forex
The U.S. dollar index was relatively stable at 104.20.
EUR/USD added 5 pips to 1.0730. France's official consumer confidence index remained stable at 83 in May (as expected).
USD/JPY climbed 54 pips to 140.60, the highest level since November 2022.
GBP/USD gained 30 pips to 1.2351. U.K. retail sales grew 0.5% on month in April (vs +0.3% expected).
AUD/USD climbed 15 pips to 0.6520.
USD/CHF eased 7 pips to 0.9050, and USD/CAD declined 27 pips to 1.3615.
Bitcoin surged over 4% to $28,100 after U.S. politicians agreed to a debt-ceiling deal.
Gold Intraday: key resistance at 1952.00
Crude Oil (WTI) (N3) Intraday: intraday support around 72.35.
EUR/USD Intraday: the downside prevails.
Bitcoin / Dollar intraday: the upside prevails as long as 27210 is support
Hang Seng (HKFE) (HK50) Intraday: under pressure.
*VSTAR.com is not a financial advisor and not responsible for any damages or losses arising from any use of this information.
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