• US stocks indices recover some ground after registering minimal losses on Wednesday.
  • S&P Global PMIs indices missed expectations, dragging equities lower.
  • The Nasdaq Composite leads the pack, followed by the S&P 500 and the Dow Jones.
  • The greenback recovers some ground though US Treasury yields are falling as traders backpedaled against an aggressive Fed.

US equities opened in the green as Wall Street began within familiar ranges, though S&P Global PMIs where the three indices missed expectations, stocks seesawed and pullback from daily highs, but resumed the upward recovery.

The S&P 500 has regained composure, rising 0.53%, up at 3,777.04, though shy of Wednesday highs around 3800. Meanwhile, the tech-heavy index, the Nasdaq 100, again leads the pack to the upside, gaining 0.90%, up at 11,151.78, followed by the Dow Jones Industrial (DJIA) climbing 0.37%, advancing 30,595.05

Digging into the broader market index, the leading sectors are Consumer Staples, up by 1.60%, followed by Utilities, and Health, each recording gains of 1.148% and 1.46%, respectively. In negative territory stays commodity-related sectors like Energy, Materials, and Industrials, dropping by 1.12 %, 0.75%, and 0.68% each.

The greenback has recovered some territory and edges towards 104.374, up by 0.18%. Meanwhile, US Treasury yields remain on the defensive, with the US 10-year Treasury yield tumbling 14 bps, yielding 3.018%, retreating from weekly highs near 3.317%.

On Thursday, the S&P Global PMIs for the US missed expectations, showing that business activity in the manufacturing and services sector is expanding but at a weaker pace after sliding to 52.4 from 57 (Mfg.) and 51.6 from 53.4 (Services), with the latter readings in May. In the meantime, US Federal Reserve Chair Jerome Powell speaks at the US Congress for the second consecutive day.

At the time of writing, the Fed Board Governor Michelle Bowman stated that another 75 bps rate hike in July would be appropriate, followed by at least 50 bps at next subsequent meetings.

In the commodities complex, the US crude oil benchmark, WTI, slides 0.75%, exchanging hands at $105.47 BPD. At the same time, precious metals like gold (XAU/USD) rise 0.23%, trading at $1842.70 a troy ounce.

SP 500 Chart

Key Technical Levels

SP 500

Overview
Today last price 3791.05
Today Daily Change 36.24
Today Daily Change % 0.97
Today daily open 3754.81
 
Trends
Daily SMA20 3953.11
Daily SMA50 4066.99
Daily SMA100 4240.97
Daily SMA200 4408.07
 
Levels
Previous Daily High 3799.87
Previous Daily Low 3689.31
Previous Weekly High 3852.15
Previous Weekly Low 3636.65
Previous Monthly High 4305.91
Previous Monthly Low 3809.41
Daily Fibonacci 38.2% 3757.64
Daily Fibonacci 61.8% 3731.54
Daily Pivot Point S1 3696.12
Daily Pivot Point S2 3637.44
Daily Pivot Point S3 3585.56
Daily Pivot Point R1 3806.68
Daily Pivot Point R2 3858.56
Daily Pivot Point R3 3917.24

 

 

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