13 Dec 2024 Global Index Futures

 Crude, Gold, Dow, S&P 500 and Nasdaq

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E-Mini Dow

US benchmark equity indexes dropped Thursday after official data showed that producer prices increased more than Wall Street's projections in November.

In economic news, the US producer price index increased 0.4% last month as wholesale costs of goods climbed amid a jump in the food component, the Bureau of Labor Statistics reported. Year over year, producer prices were up 3% in November, outpacing the 2.6% gain analysts were expecting.

While the headline PPI surprised to the upside, the report's details support another 25-basis-point cut in interest rates by the Federal Reserve next week, Oxford Economics said.

(News Source: MTNews)

Plan A: Short if market resisted below 44,120. Targets are 44,032/43,982. 

Plan B: Long if market retraced but supported firm above 44,120. Targets are 44,198/44,206.

E-Mini S&P500

The chipmaker reported a 220% increase in artificial intelligence revenue for the year and issued stronger-than-expected revenue guidance for its fiscal first quarter.

RH also posted impressive gains, jumping 18% after providing robust revenue growth projections for the upcoming period.

A hotter-than-expected inflation report dampened market sentiment, with the November producer price index rising 0.4%, double the forecasted 0.2%.

(News Source: Tradingeconomics)

Plan A: Short only if market failed to support above 6,080. Targets are 6,064/6048. 

Plan B: Long if market retraced but supported firm above 6,080. Targets are 6,099/6,119.

E-Mini Nasdaq

Stock fell Thursday, weighed down by a hotter-than-expected U.S. inflation report, as tech shares failed to keep the momentum seen earlier in the week.

The tech-heavy Nasdaq Composite slid 0.66%, dipping back below the 20,000 thresholds to end at 19,902.84. 

Tech names were among the notable decliners, with Nvidia losing more than 1%. Software giant Adobe declined more than 13% following the company's weaker -than-expected 2025 outlook. Meta Platforms, Alphabet and Amazon ended the session lower as well.

The producer price index, which tracks wholesale prices, increased 0.4% last month. Economists polled by Dow Jones expected a 0.2% increase on a monthly basis. The 10-year Treasury yield jumped to the highest level in 2 weeks following the data.

This follows November's consumer price index report, which came in line with economists' estimates and has prompted investors to anticipate another interest rate cut from the Federal Reserve at its policy meeting next week.

(News Source: Reuters)

Plan A: Long only if market retraced but supported firm above 21,699. Targets are 21,850/22,010. Take reasonable stop loss for each trade. 

Plan B: Short only if market rebounded but failed to support above 21,699. Targets are 21,430/21,138.  Take reasonable stop loss for each trade. 

WTI Crude Oil

WTI crude oil futures hovered around $70 per barrel on Friday, trading within a narrow range, as forecasts of ample oil supply next year weighed on prices.

The IEA slightly raised its demand forecast for 2025 but still expects the oil market to remain well-supplied. Adding to the pressure, OPEC reduced again its demand growth forecast for 2024 for the fifth consecutive month.

Still, oil prices are set for its first weekly gain in three, supported by prospects of tighter sanctions, as well as hopes of improved Chinse demand following Beijing's pledge for looser monetary policy next year.

The EU approved additional sanctions on Russia over its war in Ukraine, and US officials signaled the possibility of stricter measures targeting Russian and Iranian oil exports. 

(News Source: Trading Economics)

Plan A: Long if prices retraced but supported above 69.06. Targets are 69.88/70.49.

Plan B: Consider short if break down 69.88, Targets are 69.06/67.66

Gold

Gold prices edged higher on Friday and were set for a weekly gain, driven by reports of top consumer China resuming gold purchases, and heightened expectations of an interest rate reduction by the Federal Reserve at its Dec. 17-18 meeting.

Spot gold was up 0.3% at $2,688.29 per ounce, as of 0320 GMT. Bullion is headed for a weekly gain and has added more than 2% so far this week.

U.S. gold futures were steady at $2,711.30.

Traders' attention is now on the Fed's decision on interest rates, and they see a 96.4% chance of a 25-basis-point (bp) cut, CME's FedWatch Tool showed.

(News Source: CNBC)

Plan A: Consider long if market supported firm above 2682, Targets are 2720/2758.

Plan B: Short if market price resilient to 2723. Targets are 2682/2636.

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 the investment.