US premarket on August 24: US stocks surge
August 24, 2023 12:22 pmVideo
Latest News
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
- Hot forecast for EUR/USD on April 19, 2024 April 19, 2024
- We’ve Donated Books in Vietnam for Children’s Day April 19, 2024
- Week Ahead – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Technical Analysis – GBPJPY range trading continues April 19, 2024
- Overview of the GBP/USD pair on April 19th. The Bank of England may lower the rate in May April 19, 2024
- Overview of the EUR/USD pair on April 19th. Jerome Powell crushed all euro growth prospects April 19, 2024
- Key events on April 19: fundamental analysis for beginners April 19, 2024
- Trading plan for GBP/USD on April 19. Simple tips for beginners April 19, 2024
- Trading plan for EUR/USD on April 19. Simple tips for beginners April 19, 2024
- Forecast for EUR/USD on April 19, 2024 April 19, 2024
- Forecast for GBP/USD on April 19, 2024 April 19, 2024
- Forecast for USD/JPY on April 19, 2024 April 19, 2024
- Technical Analysis of Intraday Price Movement of Litecoin Cryptocurrency, Friday April 19 2024. April 19, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 19 2024. April 19, 2024
- Michelle Bowman reiterated Jerome Powell’s opinion April 19, 2024
- The ECB has finally made up its mind April 19, 2024
- The dollar is in control April 19, 2024
Futures on US stock indices started the day with gains, extending yesterday’s rally. S&P 500 futures rose by 0.5%, while the high-tech NASDAQ surged by 1.0%. Positive forecasts from Nvidia Corp. gave a fresh boost to the buzz around artificial intelligence, further supporting tech company stocks this spring.
Nvidia shares saw a 7.9% increase in premarket trading after the chip manufacturer posted its third consecutive sales forecast, surpassing analysts’ estimates. Shares of tech giants like Apple Inc. and Microsoft Corp. also saw growth.
Yesterday’s Nvidia report indicates sustained demand for artificial intelligence technologies, regardless of developments in other sectors. This suggests that AI-related companies, such as Nvidia, might continue their growth in the future, presenting a relatively safer haven amid volatile assets. Nvidia projected sales of around $16 billion over the next three months, surpassing analysts’ estimates of $12.5 billion.
The European Stoxx 600 index is on track to hit a new swing high, and the MSCI Emerging Markets index jumped by 1.5%, marking the largest increase in a month. Investors responded positively to news that the leaders of Brazil, Russia, India, China, and South Africa (BRICS) agreed to expand their alliance to include countries like the UAE, Saudi Arabia, and Iran, amplifying their economic influence.
Investors are also eagerly awaiting the meeting of top central bank officials in Jackson Hole. Against this backdrop, Treasury bonds edged down, and German bonds remained largely stable after a broad rally on Wednesday prompted by weak economic data.
Meanwhile, China’s $2.9 trillion trust industry is displaying signs of strain, adding pressure to the economy. Insiders are concerned that efforts to improve local government funding mechanisms might fall short of expectations. The People’s Bank of China continues to support the yuan, setting a new daily exchange rate above estimates.
As for commodities, European natural gas prices fell as signs of resolution in a labor dispute at Australia’s largest liquefied natural gas export facility eased concerns about potential strikes in this key exporting country.
As for the S&P 500, demand for the index has resurfaced, keeping the door open for bulls to initiate a correction. Bulls need to take control of $4,469. Only from this level bulls can push the price to $4,488. Another critical target for bulls is settling the price above $4,515, which would cancel a bearish market. In the event of a downturn due to decreased risk appetite, bulls will have to protect $4,447. A breakthrough of this level may send the trading instrument back to $4,427 and $4,405.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: