The Nasdaq Index Closes Above 15,000 Points for the First Time in a Month
market news summary
In a statement issued by the artificial intelligence chip giant Nvidia, the company clarified that the US administration has expanded export restrictions to include other regions, including countries in the Middle East. However, the company did not specify the names of these countries. The United States has not only imposed restrictions on exporting advanced artificial intelligence chips to its rival, China.
European stocks declined on Wednesday as shares of the Danish company ORSTED plummeted, while yields on Eurozone bonds rose due to bets on the European Central Bank raising interest rates in September.
The STOXX 600 European index closed down 0.2%, after having risen earlier by up to 0.3%, reaching its highest daily level in three weeks
Dollar Index (USDX)
The dollar declined to its lowest level in two weeks after US Gross Domestic Product (GDP) data showed a slowdown in the economy in the second quarter. The decrease in employment opportunities in the United States also dampened spirits.
Investors are now awaiting the Personal Consumption Expenditures (PCE) Price Index today, Thursday, and the Non-Farm Payrolls (NFP) report tomorrow, Friday.
Pivot point: 103.20
Resistance level | Support level |
103.50 | 102.75 |
103.95 | 102.40 |
104.30 | 101.95 |
Spot Gold (XAUUSD)
Gold recorded its highest levels in about a month on Wednesday, as a new set of weak economic readings in the United States reinforced the perspective that the Federal Reserve may need to temporarily halt interest rate hikes.
The spot price of gold increased by 0.4% to $1943.92 per ounce, after reaching its highest levels since August 2nd earlier in the session. The settlement of US gold futures rose by 0.4% to $1973.00.
Pivot point: 1942
Resistance level | Support level |
1949 | 1935 |
1956 | 1927 |
1963 | 1920 |
Dow Jones Index (DJ30ft – US30)
US indices closed with collective gains in Wednesday’s session, marking their fourth consecutive daily gains as Treasury bond yields continued to decline due to increasing bets on interest rate stability at the upcoming September meeting.
The ADP National Employment Report showed that private jobs increased by 177,000 in August, compared to estimates of 195,000, indicating labor market weakness. Additionally, new Gross Domestic Product (GDP) figures revealed that the US economy expanded by 2.1% in the second quarter, slower than the initial estimate of 2.4%.
The Dow Jones index rose by 0.11%, equivalent to 37 points, extending its streak of daily gains to four sessions and achieving its longest daily winning streak in a month. The S&P 500 index increased by 0.38%, recording its highest close in three weeks. The NASDAQ index also rose by 0.5%, closing above 15,000 points for the first time in a month.
Pivot point: 34985
Resistance level | Support level |
35125 | 34885 |
35225 | 34745 |
35365 | 34645 |
US Crude (USOUSD)
Pivot point: 81.50
Resistance level | Support level |
82.20 | 81.00 |
82.70 | 80.35 |
83.35 | 79.85 |
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