A Better-Than-Expected US GDP Read, Nvidia Extends Rally
Aa
Share
US equities rallied on Thursday, boosted by a decent rally in Tesla and Chevron stocks, and a better-than-expected GDP read in the US.
But be careful! The US growth number was good, but not necessarily for good reasons.
US data
The US will reveal another gauge of inflation, the PCE data, that is closely watched by the Federal Reserve (Fed). A slower than expected core PCE would be a cherry on top for closing a week where the S&P500 rallied past its 2022 bearish trend top, and which could soon confirm a cup and handle pattern above the 4100 mark.
But beware, Intel slumped 10% in the afterhours trading after revealing a worse-than-expected quarterly loss due to a steeper than expected fall in PC chip sales, and giving a weaker-than-expected forecast for the current quarter.
Forex
In the FX, the US dollar is better bid on the back of a strong GDP report, while gold is down from the $1950 resistance. The EURUSD is again below the 1.09 mark, while Cable consolidates below 1.24, with a clear resistance forming into the 1.2450 mark. The AUDUSD on the other hand extends gains above 71 cents level as the heated inflation report this week boosted the Reserve Bank of Australia (RBA) hawks. The market remains strongly short the Aussie, meaning that if the Aussie gains further momentum to the upside, we could see a short covering that could further emphasize the bullish trend.
Read next: GBP/USD Pair Is Struggling To Extend Previous Highs, EUR/USD Pair Continued Its Gains| FXMAG.COM
Watch the full episode to find out more!
- 0:00 Intro
- 0:25 S&P extends rally to bullish era
- 0:39 Tesla rallies 11% on record profits
- 1:41 Chevron jumps near 5% on stock buyback, pre-earnings
- 2:02 US GDP growth is good, but not for good reason
- 4:30 Luxury is the new Tech!
- 7:05 Watch US PCE data today!
- 7:40 Intel down 10% post-earnings, Nvidia extends rally
- 8:32 FX update: Aussie’s ascent could trigger a short squeeze!
Ipek Ozkardeskaya
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
#Intel #Nvidia #Tesla #Microsoft #Chevron #earnings #US #GDP #inflation #data #Fed #expectations #USD #EUR #GBP #AUD #crude #oil #XAU #China #Covid #reopening #luxury #rally #Burberry #Hermes #LVMH #Swatch #SPX #Dow #Nasdaq #investing #trading #equities #stocks #cryptocurrencies #FX #bonds #markets #news #Swissquote #MarketTalk #marketanalysis #marketcommentary
_____
Learn the fundamentals of trading at your own pace with Swissquote's Education Center. Discover our online courses, webinars and eBooks: https://swq.ch/wr
_____
Discover our brand and philosophy: https://swq.ch/wq
Learn more about our employees: https://swq.ch/d5
_____
Let's stay connected: LinkedIn: https://swq.ch/cH
