• support@capitalstreetfx.in     0124.400.4440

About Us

Capital Street Inter markets Limited is a Global Business Company (GBC1) incorporated and regulated by the Financial Services Commission, Mauritius. It is fully licensed and regulated by the FSC Mauritius, as a Full Services Investment Dealer....

Contact Info

  • 9th Floor, Ebene Tower, 52 Cybercity Ebene, Republic of Mauritius

  • +1-949-335-4314

  • support@capitalstreetfx.in

  • Sunday: Closed

NASDAQ 100 RISES ABOVE MA5 ON RATE CUT OPTIMISM - Capital Street FX

    • Home
    • News
    • NASDAQ 100 RISES ABOVE MA5 ON RATE CUT OPTIMISM
13-Jul
00:44 IST

Nasdaq 100 futures are currently trading at 7951-higher by 0.43% as compared to the previous close. The index Futures, however, closed in negative territory in the last trading session.

In the cash markets, the benchmark index added 0.46% to 7,933.09 at the time of writing.

U.S. equities advanced today as traders looked to end a record-setting week on a high note after testimony from the Fed chief indicated that a rate cut was coming.

Federal Reserve Chairman Jerome Powell testified in front of congressional leaders this week that crosscurrents from weaker overseas economic activity and mounting trade tensions are dampening the outlook on the U.S. economy.

Meanwhile, China announced earlier today that it will issue sanctions against the U.S. companies involved in the latest arms sale to Taiwan after Washington approved the sale of $2.2 billion worth of military equipment to the country.

J.B. Hunt Transport Services was among the top index gainers, surging 5.8%, and leading a 1.33% gain in the industrials sector.

Stocks of Illumina crashed 15.75% after the biotechnology company reported preliminary revenue figures that were below the market expectation.

The corporate earnings season will begin from next week as major banks are scheduled to release their quarterly results in the coming week. Transport companies will also report their quarterly earnings next week, which will help traders in measuring the impact of the trade tensions on the transportation sector.

According to market sources, S&P 500 companies are expected to report a 0.4% fall in profits from a year earlier.

Official data released earlier today showed that U.S. producer prices rose slightly in June. Core PPI (MoM) for June released earlier today came in at 0.3%. The PPI growth was above the market expectation of 0.2%.

On the technical front, the RSI is currently at 66.09% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger bands and is heading upwards.

Overall Bias is Positive and Short-term trades can be initiated with tight Stop Loss and Take Profit targets.

 

Trade Suggestion-Limit Buy At 7946, Take Profit At 7976 Stop Loss At 7931

Leave a Reply

Your email address will not be published. Required fields are marked *