🆙 S&P 500 futures rose yesterday, and the benchmark index is seeking to surpass its recent record high. Its futures rose 0.28%, while Nasdaq 100 futures advanced 0.46%. It is worth noting that stocks are heading towards a week full of gains.
📈 A rise in Nvidia shares led indexes to hit new record levels on Tuesday as the artificial intelligence and chip maker overtook Microsoft to become the most valuable company in the world. Nvidia shares rose by 174% in 2024, in light of the continued artificial intelligence revolution that contributed to strengthening the shares. It is worth noting that the stock market was closed yesterday for the Freedom Day holiday.
💲 The dollar rose somewhat this morning, although movements in the foreign exchange market were limited as traders wait for any new catalysts to lead the market following yesterday's holiday. Against a basket of currencies, the dollar rose 0.07% to 104.90, heading towards its highest level in one month recorded last week.
👀 Today, the Mortgage Bankers Association's weekly mortgage claims will be released, followed by: Building Permits, New Housing Projects, Philadelphia Fed Manufacturing Index, Regular Initial Jobless Claims, and Fed's Barkin Speech.
💱 The dollar rose 0.07% against the yen at 158.17, as the Japanese currency remained close to its lowest levels in more than a month at 158.255 against the dollar, which it recorded last week.
💶 The euro stabilized at $1.0743. This morning, the European Commission will publish its advanced consumer confidence index.
💷 The British pound remained broadly stable ahead of the Bank of England meeting. It recorded its last trading at $1.2718 after achieving slight gains during the previous session. The Bank of England is widely expected to keep interest rates unchanged, and the focus will be on any guidance on when the monetary easing cycle might begin.
🏦 Meanwhile, the Swiss National Bank is expected to cut its key interest rate by 25 basis points for the second meeting in a row today, as the recent strength of the Swiss franc combined with weak domestic inflation clearly supports a rate cut scenario.
➡️ In Australia, the Australian dollar and New Zealand dollar were roughly flat at $0.66745 and $0.61345, respectively. Data this morning showed that the New Zealand economy grew faster than expected in the first quarter but remained weak. This data did not affect market expectations regarding the country's monetary policy, as Reuters conducted a poll last month indicating that the cycle of easing interest rates will begin by the end of the year.
🥇 Gold prices rose to their highest levels in two weeks this morning, despite the dollar’s recovery. It is worth noting that gold recorded its last trading session, rising by 0.6% at $2,341.15 per ounce.
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