Wall Street benchmarks end higher ahead of FOMC meeting


 

  • The DJIA climbed by 22.92 points to 26,112.53.
  • Nasdaq Composite Index put on 48.37 points, or 0.6%, to close at 7,845.02.
  • The S&P 500 index added 2.69 points to 2,889.67.

Benchmarks on Wall Street closed the day higher on Monday while large gains in social media and entertainment shares such as Facebook Inc. and Netflix Inc. For the DJIA, the stand-out performer was Boeing Co. BA, +0.03% which gained 2.2%. - The index climbed by 22.92 points to 26,112.53, while the S&P 500 index added 2.69 points to 2,889.67 and the Nasdaq Composite Index put on 48.37 points, or 0.6%, to close at 7,845.02. The focus for the week is the FOMC and a dovish outcome would be expected to support the benchmarks higher.

US data

The Empire manufacturing survey surprised significantly to the downside in June, dropping sharply to -8.6 from 17.8 (consensus: 11.0). Analysts at TD Securities explained that this was the largest monthly decline on record and its lowest level since October 2016:

"The report was weak all across, with all key indices declining vs May. New orders tanked to -12 from 9.7 and employment slipped to -3.5 from 4.7 before. The ISM-adjusted version of the index declined to 48.4 in June from 52.7 in May — the index's first drop below the 50 level since Dec 2016. This is an all-around weak report that suggests the manufacturing sector's outlook remains dim under a context of increased trade uncertainties."

DJIA levels

The technical outlook remains sideways leading into the FOMC while the index is consolidating above the 61.8% Fibo retracement level of April to June swing highs and lows. The 78.6% mark in the 26200s with a confluence of the 12th April gap is a key upside objective. However, a break below the 20/50-D EMA cross over guards a run towards the 200 D EMA and then the 25200 level, as being around the 11th March swing lows. 25000 guards a run towards 24500s and then 50% of the upside run made at the end of Dec at 24150.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD remains depressed but off daily lows

The EUR/USD pair is recovering from a daily low of 1.1216, although holding in negative territory for the day. US preliminary Michigan Consumer Sentiment Index improved by less-than-anticipated in July, coming in at 98.4 vs. the 98.5 expected.

EUR/USD News

GBP/USD trading marginally lower daily basis but above 1.2500

The Pound gave back some of its Thursday’s gain on dollar’s relief. The GBP/USD pair broke a daily descendant trend line coming from June’s high and holds above it, leaving little room for sellers to act.

GBP/USD News

USD/JPY: bears pausing, still in control

Japanese National Inflation steady at 0.7%YoY in June. US Michigan Consumer Sentiment Index expected at 98.5 in July. USD/JPY corrective advance falling short of signaling an interim bottom in place.

USD/JPY News

Gold consolidates around $ 1440, eyes US data for fresh direction

Gold (futures on Comex) extends its side-trend around the 1440 mark into the mid-European session, having stalled its retreat from 2019 highs of 1454 near 1437 region.

Gold News

Something has spooked the Fed

We wish we knew what it is. Wild talk of the US joining Japan and Europe with zero or negative return on the 10-year is or should be very frightening.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •