• The three major US equity indices advanced between 0.97% and 1.88%.
  • A risk-on impulse since last Wednesday underpinned US equities, lifted by US corporate earnings of Amazon and Apple.
  • The US Dollar Index fell below 106.000, while the US 10-year T-note yield finished around 2.654%.

US equities finished the week on a higher note, as Amazon and Apple soared as earnings from both companies exceeded analysts’ estimates after the US Federal Reserve hiked rates 75 bps in the week, spurring a rally that carried on until the end of the week/month.

The S&P 500 closed the week gaining 1.42%, at 4,130.28, while the tech-heavy Nasdaq rose 1.88%, up to 12,390.69. Additionally, the Dow Jones Industrial followed suit and climbed 0.97%, finishing at 32,845.13.

Sector-wise,  the leading sectors are Energy, up by 4.51 %, followed by Consumer Discretionary and Industrials, each recording gains of 4.27% and 2%, respectively. The biggest losers were Consumer Staples and Health, diving 0.72% and 0.35% each.

Shares fell due to Walmart cutting its earnings forecast, complaining about double-digit food prices and elevated energy prices. Additionally, the US Federal Reserve monetary policy decision is looming, and Europe’s escalating energy crisis re-ignited recession fears amongst traders, which turned to safe-haven assets, namely the greenback.

Global equities remain to trade positively, reflecting an upbeat sentiment. Data-wise, the US Department of Commerce revealed that June’s Personal Consumption Expenditure rose 1% MoM, higher than 0.9% estimations. Annually based, edged higher by 6.8%, vs. 6.7% foreseen by analysts.

Late, the University of Michigan reported that Consumer Sentiment on its final reading for July beat expectations and rose 51.5. In the same survey, inflation expectations for a 5-year horizon, from 2.8% (preliminary) to 2.9%, though less than June’s readings.

In the meantime, Fed speakers began to cross wires. The first one was Atlanta’s Fed President Raphael Bostic, who said that the Fed is “going to have to do more in terms of interest-rate moves” and added that he does not think the country is in a recession. In the meantime, Christopher Waller said that “a soft landing is a plausible outcome for the labor market going forward.”

Elsewhere, the US Dollar Index (DXY), a measurement of the greenback’s value against some currencies, fell 0.67% to 105.828, while the 10-year US Treasury yield dropped two bps, yielding 2.654%.

In the commodities complex, WTI gained 1.95%, exchanging hands at $98.30 BPD. Meanwhile, precious metals like gold (XAU/USD) increased by 0.78%, trading at $1764.00 a troy ounce.

SP 500 Chart

Key Technical Levels

SP 500

Overview
Today last price 4130.28
Today Daily Change 60.48
Today Daily Change % 1.49
Today daily open 4069.43
 
Trends
Daily SMA20 3893.98
Daily SMA50 3915.32
Daily SMA100 4113.38
Daily SMA200 4339.59
 
Levels
Previous Daily High 4077.73
Previous Daily Low 3991.58
Previous Weekly High 4011.65
Previous Weekly Low 3817.67
Previous Monthly High 4181.86
Previous Monthly Low 3636.65
Daily Fibonacci 38.2% 4044.82
Daily Fibonacci 61.8% 4024.49
Daily Pivot Point S1 4014.76
Daily Pivot Point S2 3960.1
Daily Pivot Point S3 3928.61
Daily Pivot Point R1 4100.91
Daily Pivot Point R2 4132.4
Daily Pivot Point R3 4187.06

 

 

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