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US FUTURES BACK OFF ON US-CHINA FRICTIONS -

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    • US FUTURES BACK OFF ON US-CHINA FRICTIONS
24-Jul
18:49 IST

U.S. stocks are set to open lower Friday, continuing Thursday’s weak tone, weighed by concerns over the economic recovery, the deteriorating relationship between the U.S. and China, and concerns about the timing of the new coronavirus relief bill.

Dow futures were trading lower by 1.31% at 26652.33 while Nasdaq 100 futures inched down 0.81% to 10,463.62 and S&P 500 futures declined 0.28% to 3218.38 respectively, at the time of writing.

On Thursday, the S&P 500 cash index lost 1.2%, the Dow Jones Industrial Average slumped 1.3%, while the Nasdaq Composite fell 2.3%, its worst day in nearly one month.

Senate Republicans delayed rolling out their roughly $1 trillion coronavirus relief bill until next week, amid differences with the White House, and the negotiations with the opposition Democrats who control the House.

This has raised doubts that this relief bill, which includes plans on unemployment insurance and direct cash payments, will be passed before Congress goes on recess in August.

The need for more stimulus was illustrated with Thursday’s rise in unemployment claims, the first time this figure has moved higher since March, suggesting the jobs recovery is stalling.

Meanwhile, Sino-U.S. relations continue to deteriorate after China ordered the United States to close its consulate in the city of Chengdu on Friday, responding to being told to shut its consulate in Houston earlier this week. 

The number of Covid-19 cases in the U.S. has now topped 4 million, according to data from Johns Hopkins University, doubling in just six weeks

Contributing to the negative tone, Friday was disappointing as the news from Dow-component Intel, which announced a delay in the rollout of its next generation of semiconductor technology.

U.S. economic data Friday includes new home sales, at 10 AM ET, which are expected to come in at 700,000 in June, compared with 676,000 in May. 

Oil prices pushed higher on Friday, helped by weakness in the U.S. dollar, although demand concerns stemming from rising coronavirus cases and a faltering economic recovery in the U.S., the biggest consumer of crude has tempered the gains. 

The safe haven yellow metal inched up to the all-time high of $1897.65 this week, rising continuously for the seventh week.

On the technical front, the RSI is at 82.13% and suggests that the market can move in an upward direction. The current price is trading above all the moving averages. The stochastic is forming an upside crossover.

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

Trade Suggestion—GOLD—BUY at $1895.00 Take Profit at $1910.00 Stop Loss at $1885.00

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