The U.S. dollar dropped to a four-month low on Friday after a weaker-than-expected employment report for July raised expectations that the Federal Reserve will cut interest rates by 50 basis points in September as the economy sours.
Boeing named aerospace industry veteran Kelly Ortberg as its CEO to turn around the struggling planemaker after a quarter where it lost more than $1 billion. Ortberg will start on Aug. 8 with the monumental task of rebuilding trust with regulators, the industry and the public during a quality crisis
The Nasdaq and the S&P 500 jumped around 2%, as investors hoped for hints from the Federal Reserve on the timing of rate cuts, a bullish forecast from AMD boosted chip stocks and Microsoft slipped after a higher spending forecast.
Oil prices rose more than 4%, rebounding from seven-week lows, as the killing of a Hamas leader in Iran ratcheted up tensions in the Middle East and overshadowed a drawdown in U.S. crude stockpiles driven by robust exports.
The Oil-Dollar pair exploded 4.3% in the last session. The ROC is giving a positive signal.
WTI/USD exploded 4.3% in the last session.
The ROC is currently in the positive zone.
Support: 74.5633 | Resistance: 77.2833
The Euro-Dollar pair saw a minor dip of 0.2% in the last session. The RSI is giving a negative signal.
EUR/USD corrected downwards by 0.2% in the last session.
The RSI is giving a negative signal.
Support: 1.0843 | Resistance: 1.0869
The S&P 500 closed barely higher after choppy trading session as investors held their breath ahead of a raft of big technology company earnings, a Federal Reserve policy decision on interest-rate cuts and key US labor data, all due this week.
A bruising selloff in U.S. stocks is putting a sharper focus on valuations of the tech names such as Nvidia and Microsoft that have driven markets higher for most of this year. Despite a recent pullback, the S&P 500 tech sector is trading near a two-decade high reached earlier this month.
