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A potential Democratic sweep of Congress is adding to the AI trade's headaches, with Nasdaq 100 futures breaking below a major technical level. The implications for the dollar could be significant.
The Nasdaq 100 was finding some support at 28,000 after recent sell-off amid concerns about the AI trade. Even with oscillators oversold, the risk to the near-term forecast is tilted to the downside.
The U.S. Dollar Index, commodities, indices and cryptocurrencies are testing key levels as markets navigate the U.S. midterm elections, U.S.–Iran negotiations and key economic releases.
Fed rate-hike bets topping 70% have pressured markets, including precious metals and U.S. indices, toward key support levels. Could these levels signal a turning point ahead of the U.S. midterm elections?
The trading week is coming to an end, and a phase of weakness remains evident across the S&P 500 in the short term. Recent price action reflects this dynamic, with SPX losing more than 2.00% over the last two trading sessions, bringing selling pressure back into focus.
Disappointing results from a couple of major global technology names have put the AI trade back under scrutiny, with Nasdaq 100 futures falling around 1% after giving up the post-FOMC gains seen overnight. For now, our short-term Nasdaq 100 forecast remains more on the cautious side of things than outright bearish. The index remains close to its record highs and continues to find dip buyers. But could that change soon?
The DAX is finding some relief from the recent improvement in risk appetite, with investors becoming less concerned about the sustainability of the AI trade
And just like that, it is Friday again and the end of a volatile week. Today offers little on the macro calendar to change the prevailing narrative, leaving markets largely at the mercy of risk appetite, oil prices and the growing unease around the AI trade.
Thursday’s tech tantrum has become Friday’s fire sale. With Nikkei support giving way and the yen strengthening, could the selling start feeding on itself?
From crude to AI, the forces driving US markets have changed dramatically. Thursday's Nasdaq rout triggered an extraordinary Treasury rally, but the dollar barely moved. What happens next could depend on Nasdaq support.
It has been a risk off day so far with stocks, gold, silver and cryptos all taking a plunge. The Japanese yen has emerged as the strongest currency, with risk sensitive antipodeans falling along with the euro – the latter down due to ongoing French bond market turmoil. Along with global indices, US index futures have taken a drop, threatening to undo what had looked like a promising rebound on Wall Street yesterday.
Price action in both the UAE MSCI and S&P 500 has been consolidating for several months, leaving each market at a key technical juncture. The direction of any breakout could offer insight into the health of UAE and US markets as risk sentiment remains subdued, crude oil prices stay elevated, and major earnings reports and elections approach.
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