February 23, 2024- US Stocks Hit Record Highs, Tech Sector Fuels Rally

DAILY MARKET NEWSLETTER - February 23, 2024

Insights from Trading Central's Global Research

Here are key takeaways to fuel your trading strategy today:

Market Wrap: Stocks, Bonds, Commodities

• US stocks surge to record highs: Dow Jones, S&P 500, and Nasdaq 100 all closed at record levels.

• Nvidia drives market: The company's stock soared 16.40%, adding a record $277 billion in market value.

• Tech, consumer discretionary, and communication services lead gains: Meta, Amazon, Microsoft, Tesla, Apple, and Alphabet also performed well.

• Moderna jumps on strong earnings: Biotech firm's quarterly profit exceeded expectations.

• Disappointments in the EV sector: Rivian Automotive and Lucid Group tumbled, joined by e-commerce company Etsy.

Key Market Data

• US 10-year Treasury yield: +1 basis point to 4.333%

• Initial jobless claims: Fell to 201,000

• US Manufacturing PMI: Rose to 51.5

• Existing home sales: +3.1% in January

• WTI Crude Oil: +$0.53 to $78.44/barrel

• Gold: Flat at $2,024/ounce

European Markets

• European stocks closed higher (DAX 40, CAC 40, FTSE 100)

• Japan's Nikkei 225 hit a record intraday high, closing at a record level since 1989. (Market closed today for Emperor's Birthday)

Market Wrap: Forex

• US Dollar Index: Stable at 103.94.

• EUR/USD: +3 pips to 1.0820

• GBP/USD: +22 pips to 1.2656

• USD/JPY: +22 pips to 150.50

• AUD/USD: +6 pips to 0.6556

• USD/CHF: +6 pips to 0.8800

• USD/CAD: -24 pips to 1.3481

• Bitcoin: -1% to $51,270

Trading Central's Featured Analysis

• GBP/USD: Caution advised. Look for short positions below 1.2670.

  

• USD/JPY: Rebound expected. Consider long positions above 150.30.

  

• EUR/USD: Key resistance at 1.0840. Short positions are preferred below this level.

  

• Dow Jones (CME): Intraday support at 39030.00. Long positions are favored above this level.

  

Important Notes

• Market volatility can lead to rapid price changes.