Oil Is Below $70 Levels

market news summary

Nvidia’s stock rose by about 3% yesterday, Tuesday, marking a new record closing after rising for the third consecutive session. The company’s market value briefly reached a trillion dollars during the session when the stock traded above $404.86 levels. However, it failed to stay at those levels, and the market value closed at around $991 billion.

European stock indices declined at the end of Tuesday’s session on May 30, led by food and beverage companies, while monitoring the latest developments related to the debt ceiling crisis.

At the end of the session, the STOXX600 index declined by about 0.9% to 456 points. The German DAX also fell by 0.27% to 15,908 points, and the UK’s FTSE declined by about 1.38% to 7,522 points. Additionally, the French CAC ended the session down by approximately 1.29% at 7,209 points.

Dollar Index (USDX)

The US dollar started trading higher yesterday, Tuesday, before turning downwards. The dollar traded near a two-month peak at the beginning of the session as traders priced in the possibility of a Federal Reserve interest rate hike, along with the passage of the US debt ceiling deal through Congress.

However, some news reports indicate complications in the US debt ceiling crisis, which caused the index to decline by 0.31% to 103.815.

Pivot Point: 104.05

Resistance level	Support level
104.35	103.67
104.70	103.40
104.95	103.00

Spot Gold (XAUUSD)

Gold futures rose during Tuesday’s May 30th session as US Treasury bond yields declined, and the most active contract touched its lowest level since March.

At the close, gold futures increased by about $14 or 0.7% to $1977.1 per ounce after reaching $1931 per ounce during the session.

Pivot Point: 1951

Resistance level	Support level
1970	1939
1982	1920
1993	1908

Dow Jones Index (DJ30ft – US30)

US stock indices closed with mixed results in Tuesday’s session amid concerns over opposition from US lawmakers to a $31.4 trillion debt ceiling deal. However, they were supported by the continued momentum in Nvidia’s shares, which briefly entered the trillion-dollar club during today’s session.

In other news, data showed that consumer confidence rose more than expected in May, which may fuel speculation that the Federal Reserve could raise interest rates further to combat inflation. Fedwatch data indicated that the likelihood of a 25-basis point rate hike reached 65% at the Federal Reserve meeting on June 13th and 14th.

In Tuesday’s session, the Dow Jones index declined by about 0.15%, equivalent to 50 points, remaining below the 50-day moving average.

Pivot Point: 33070

Resistance level	Support level
33215	32915
33375	32765
33525	32605

US Crude (USOUSD)

Oil prices declined at the close of Tuesday’s May 30th session to the lowest level in 4 weeks, with US crude reaching levels below $70.

Upon settlement, Brent crude futures fell by about 4.6% or $3.53 per barrel to $73.54 per barrel, while US crude futures dropped by 4.4% to $69.46 per barrel.

Pivot Point: 70.60

Resistance level	Support level
72.25	67.90
74.95	66.30
76.55	63.55

Risk Warning

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