Market Recap: Stocks Rebound, Treasury Yields Dip, and Strategic Moves Define the Day

MARKET WRAP

Market Wrap: Stocks, Bonds, Commodities

• U.S. stocks rebounded for a second session on Monday.

• S&P 500: +27 points (0.63%) to 4,433

• Nasdaq 100: +110 points (0.74%) to 15,052

• Dow Jones Industrial Average: +213 points (0.62%) to 34,559

• U.S. 10-year Treasury yield: -3 basis points to 4.206%

• Top-performing stock sectors: Semiconductors (+1.32%), Media (+1.08%), Capital Goods (+1.04%)

Stock Highlights:

• 3M Co (MMM): +5.22% to $104.12, settling lawsuits related to U.S. military earplugs.

• Goldman Sachs (GS): +1.82% to $325.97, selling investment advisory unit to Creative Planning LLC.

• XPeng (XPEV): +5.31% to $18.46, partnering with DiDi to accelerate smart EV adoption.

• Amgen (AMGN): FTC suspends challenge to $27.8 billion acquisition of Horizon Therapeutics (HZNP).

• Horizon Therapeutics (HZNP): +5.14% to $112.15 after acquisition challenge suspension.

• Carvana (CVNA): +10.12% to $45.37, CEO purchases $116 million worth of company stock.

• CrowdStrike Holdings (CRWD): -3.71% to $144.03, downgraded to “equal-weight” at Morgan Stanley.

• Dallas Fed manufacturing index improved to -17.2 in August (vs -21 expected).

European Markets:

• DAX 40: +1.03%

• CAC 40: +1.32%

• U.K. market closed for bank holiday

Commodities:

• U.S. WTI crude futures: +$0.29 to $80.11 a barrel

• Gold price: +$5 to $1,920 an ounce

Market Wrap: Forex

• U.S. dollar index: Unchanged at 104.02

• EUR/USD: +21 pips to 1.0817 | Eurozone M3 money supply: -0.4% on year in July (vs +0.1% expected)

• USD/JPY: +9 pips to 146.53 | Japan jobless rate: 2.7% in July (vs 2.5% expected)

• GBP/USD: +23 pips to 1.2601

• AUD/USD: +24 pips to 0.6428 | Australia retail sales: +0.5% on month in July (vs +0.2% expected)

• USD/CHF: -8 pips to 0.8839

• USD/CAD: Unchanged at 1.3601

• Bitcoin dipped back below $26,000.

GBP/USD Intraday: Further Advance

• Pivot:1.2590

• Preference:Long positions above 1.2590 with targets at 1.2650 & 1.2670 in extension.

• Alternative Scenario:Below 1.2590, look for further downside with 1.2565 & 1.2545 as targets.

• Comment:The RSI is bullish and calls for further advance.

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USD/JPY Intraday: Under Pressure

• Pivot:146.60

• Preference:Short positions below 146.60 with targets at 146.20 & 146.00 in extension.

• Alternative Scenario:Above 146.60, look for further upside with 146.80 & 147.00 as targets.

• Comment:The RSI shows downside momentum.

Dow Jones (CME)‎ (U3)‎ Intraday: Intraday Support around 34,340.00

• Pivot:34,340.00

• Preference:Long positions above 34,340.00 with targets at 34,735.00 & 34,930.00 in extension.

• Alternative Scenario:Below 34,340.00, look for further downside with 34,070.00 & 33,910.00 as targets.

• Comment:The next resistances are at 34,735.00 and then at 34,930.00.

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