- The S&P 500 added around 8 points, or 0.3%, to end near 3,006.
- DJIA, climbed around 31 points, or 0.1%, to end near 27,108.
- The Nasdaq Composite ended near 8,186, adding 32 points, or 0.4%.
Wall Street benchmarks ended with modest gains Tuesday while investors get set for the Federal Reserve interest rate decision this week where a rate cut is already fully priced in. The Dow Jones Industrial Average, DJIA, climbed around 31 points, or 0.1%, to end near 27,108. The S&P 500 added around 8 points, or 0.3%, to end near 3,006. The Nasdaq Composite ended near 8,186, adding 32 points, or 0.4%.
An ‘initial’ trade agreement between the US and Japan has been agreed
"Trump advised Congress that this initial deal would be signed in the coming weeks. Details are yet to be released as to what this deal entails but agriculture products are expected to feature. There is also a glimmer of hope US relations with China will improve. Trade delegates will return to the negotiating table on Thursday for their 13th round of talks. Soybean exports to China have resumed with the USDA advising yesterday 260,000 tonnes of soybeans have been sold to China this month," analysts at ANZ Bank explained.
US data
US industrial production lifted 0.6% in August, its largest jump in over a year, with the manufacturing sub-index up 0.5%:
"This result was considerably better than expected and will provide the Fed Reserve with something to mull over as they discuss rate cuts this week. Fed Governor Powell previously stated ‘a slowdown in manufacturing did not send a clear signal to the Fed’s rate-setting committee’ but this data does provide further evidence that the Fed doesn’t need to aggressively cut rates. Capacity utilisation data was also positive lifting to 77.9%, and outperforming market expectations,"
analysts ANZ explained.
DJIA levels
Bulls could be out of luck at this juncture if obeying the bearish doji candle formation through the 27200s and should the risk profile of markets continue to deteriorate, bears can target the 21-DMA, the 50 and then the 200 DMA. Further below lies the May and Jun lows in the 24700s as a double-bottom target.
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.