Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
On Wednesday, U.S. stock index futures were flat to slightly higher as investors refrained from taking excessive risks in anticipation of Nvidia, the AI darling, releasing its quarterly results report.
Since the beginning of the week, the major indexes on Wall Street have largely fluctuated between little gains and losses, with the Dow DJI close to all-time highs and the S&P 500 SPX Just 1% away from a new high, investors are anticipating the chip giant's NVDA results are expected after the markets close.
Prior to the bell, trading saw a 0.4% increase in shares of the second-most valuable corporation in terms of market capitalization.
Plan A: Long positions may be opened above 41309. Targets at 41347/41447 and stop-loss below 41290
Plan B: Consider short position may be opened below 41300. Targets at 41228/41100 and stop loss above 41320
E-Mini S&P 500
Tom Westbrook's outlook for the day's markets in Europe and around the world
Ahead of its earnings announcement later today, which could disappoint investors used to market-moving outperformance even if it shows the anticipated doubling of second-quarter revenue, Nvidia NVDA is enthralling the finance community.
Just over two years ago, on the eve of the release of ChatGPT, an AI chatbot, the chipmaker's market worth was estimated to be over $390 billion.
Plan A: Short if market supported firm below 5633. Targets at 5621/5597 and stop-loss at 5640
Plan B: Long if market break the resistance at 5635. Targets at 5659/5673 and stop loss at 5630
E-Mini Nasdaq
A preview of the day's events in the US and worldwide markets from Mike Dolan
The stock markets are in a holding pattern following Nvidia's post-bell earnings announcement on Wednesday, but the U.S. Treasury markets seem to be handling the most recent wave of debt sales fairly well.
The early part of the week has been completely devoid of oxygen due to the anticipation of the world's most prominent artificial intelligence chipmaker's earnings. This is because the $3.1 trillion corporation has a significant influence on larger stock indices.
Equity options traders anticipate that Nvidia's NVDA report will cause its shares to fluctuate by more than $300 billion during the course of the next day.
Plan A: Short if market retraced but resisted firm 19560. Targets at 19498/19343 and stop-loss at 19680
Plan B: Long if market rise above 19596. Targets at 19751/19849 and stop loss at 19550
HSI
Hong Kong exported goods valued at HK$390.4 billion in July, up 13.1% from the same month last year, thanks to demand from Asia and the US, the Census and Statistics Department of the special administration area announced on Monday.
June had a 10.7% year-over-year increase in goods exports, though not as much as in May.
July imports into Hong Kong totaled HK$412.3 billion, up 9.9% year over year, according to the C&SD. Hong Kong's imports of products increased by 9% year over year in June.
Hong Kong's goods exports surged by 12.4% during the first seven months of 2024 compared to the same period in 2023, while imports increased by 8.0%.
Plan A: Consider long only if the market stays above 17768. Target at 17875/18040 and stop-loss at 17640
Plan B: Remain short if the market stays below 17768. Targets at 17603/17496 and stop loss at 17810
WTI Crude
In its Monthly Energy Review for May, which was made public on Tuesday, the U.S. Energy Information Administration stated that carbon dioxide (CO2) emissions from the country's energy consumption increased by 2% on an annual basis to 375 million metric tons in May.
According to the EIA, coal made up 14%, natural gas made up 33%, and petroleum made up 52% of all CO2 emissions.
Regarding sector use, 43% of all CO2 emissions from energy use came from the transportation sector. 97% of the emissions from the transportation sector came from petroleum.
According to the organization, natural gas accounted for 42% of total CO2 emissions, while the industrial sector contributed 29%. Thirteen percent came from the residential sector and fourteen percent from the business sector.
Plan A: Remain long as long as oil price stays above 76.14. Targets at 76.87/78.22 and stop loss at 75.88
Plan B: Consider short only if oil price stays below 75.80. Targets at 74.79/74.06 and stop-loss at 76.50
Gold
On Wednesday, gold fell below $2,520 an ounce as traders awaited more indications regarding the extent of the Federal Reserve's impending interest rate reduction.
This week, the markets are anticipating a plethora of economic data, such as the PCE index, preliminary corporate earnings, second estimates of Q2 GDP statistics, and initial jobless claims. According to CME FedWatch Tool, traders are pricing in a 71% possibility of a 25 bps cut and a 29% chance of a more significant 50 bps reduction in the expected September rate cut.
Markets are also accounting for a 100bps reduction in cuts overall for the rest of the year, which would reduce the opportunity cost of keeping non-interest bearing assets.
Plan A: Remain short as long as gold price stays below 2550. Targets at 2540/2528 and stop-loss at 2552
Plan B: Attempts long only if gold price stays above 2554. Targets at 2563/2573 and stop loss at 2540
Disclaimer: This information is intended to assist professional investors. News are credit courtesy of Reuters, Nasdaq.com, Bloomberg, CNN, Market Watch, FT.com, the Star online, forbes.com, mining.com and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correction, completion and amendment without notice.As with all investments, there are associated risks and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment.