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Markets Update: Benchmark S&P 500 and Dow rise. Euro reaches a two-year low due to weak data and increased gas prices. Gold is set for its biggest weekly gain in over a year. Bitcoin approaches $100,000.
Global Markets Roundup: 15 November 2024
FESX1! | Z1! | NI225 | NQ1! | ES1! | EURUSD | USDJPY | DXY | GOLD | CL1! | ZC1! | ZS1! HG1!
Global stocks were poised for a significant weekly increase on Friday, while U.S. yields declined as markets focused on the future policies of President-elect Donald Trump and their potential impact on the U.S. economy, with bitcoin trading near the $100,000 mark. Traders are preparing for Trump's agenda after his January inauguration, which is anticipated to include tariffs, tax reductions, and deregulation. Trump has been appointing senior officials to his administration, and markets are waiting for his choice for Treasury secretary. The benchmark S&P 500 and the Dow were rising and expected to end the week higher. Gains were driven by consumer discretionary, industrials, consumer staples, and financials stocks, while communication services and technology stocks were the biggest losers. The Nasdaq was down in volatile trading, although it was set for a weekly gain.
Nvidia (NVDA.O), opens new tab, the world's most valuable company, dropped 2.5% after the AI chipmaker reported strong quarterly results but gave subdued sales forecasts. The Dow Jones Industrial Average (.DJI) , opens new tab increased 0.51% to 44,093.82, the S&P 500 (.SPX), opens new tab gained 0.10% to 5,954.64, and the Nasdaq Composite (.IXIC), opens new tab decreased 0.18% to 18,938.67. Europe's Stoxx 600 (.STOXX), opens new tab share index rose 1% for the week, breaking a four-week losing streak. MSCI's global stock gauge (.MIWD00000PUS), opens new tab increased 0.16% to 852.80.
In the foreign exchange markets, Expectations of a lighter regulatory approach by Trump's administration also pushed bitcoin close to $100,000 for the first time. The largest cryptocurrency reached a new record high above $99,000, then eased and was up 0.63% to $98,698. The euro EURUSD hit a two-year low while the dollar strengthened after business activity indices were released in each region. The dollar index DXY, which measures the dollar against a basket of currencies, rose 0.57% to 107.67, with the euro down 0.73% at $1.0397 after reaching $1.0333, its lowest since November 30, 2022. EURUSD | USDJPY | AUDUSD | DXY | NZDUSD
In commodities, Oil prices were on track for their largest weekly increase in nearly two months, driven by the escalating Russia-Ukraine conflict. Brent crude futures increased 0.92% to $74.91 per barrel. U.S. West Texas Intermediate crude futures rose 1.1% to $70.87 a barrel. Gold prices surpassed the $2,700 mark for the first time in two weeks, heading for their biggest weekly rise in over a year. Spot gold rose 1.21% to $2,701.95 an ounce. U.S. gold futures increased 0.76% to $2,692.30 an ounce.
In agricultural commodities, On Friday, wheat for March delivery decreased by 0.9% to $5.64 1/2 a bushel on the Chicago Board of Trade. The initial overnight boost in wheat due to short-covering lost steam throughout the day, as France's agricultural agency announced that wheat harvesting was progressing faster than last year. Corn for March delivery dropped 0.2% to $4.35 1/2 a bushel. Meanwhile, soybeans for January delivery increased by 0.7% to $9.84 3/4 a bushel. December ICE NY cocoa (CCZ24) closed up +448 (+5.30%), and December ICE London cocoa #7 (CAZ24) rose by +413 (+5.62%). Cocoa prices surged on Friday, with NY cocoa reaching a 2-1/2 month high and London cocoa hitting a 4-1/4 month high. The sharp rise in cocoa prices is driven by recent heavy rains in the Ivory Coast, which have reportedly caused high mortality rates of cocoa buds on trees. BRN1! | CL1! | GOLD | HG1! | KC1! | RC1! | CC1! | LEI
Looking forward refer to the economic calendar below to see the upcoming events scheduled for today and the rest of the week.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team