- Friday's trading session brings unexpected bullish rally on Wall Street indices. Nasdaq 100 gains nearly 1.5%, the S&P500 index adds 1.2%, the Russell 2000 rises 1%. In Europe, the indices ended trading higher, with the DAX gaining 1.06%, 0,88% gains of CAC40 and 0,58% FTSE
- The publication of another strong non-farm payrolss data from the U.S. labor market, didn't bring the employment decline desired by the market - turned out to be an opportunity to 'selling the news' event;
- NFP came in at 336 vs. expected at 170 vs. 187 previously At the same time y/y wage growth came in 4.2% vs. exp. 4.3% and 4.3% previously. Wage growth in m/m terms also turned out to be slightly lower: 0.2% vs. 0.3% forecast and 0.3% previously
- Unemployment rate stood at 3.8% - flat from the previous reading, the market expected a drop to 3.7%
- After the strong NFP report, the market is pricing higher the chances of Fed rate hikes in November and December. Expected first Fed rate cut is now pricing likely in September 2024 vs. previously forecast July 2024
- Tesla (TSLA.US) once again cuts its U.S. EV prices, but the auto giant's shares managed to erase almost all of the initial declines. LeviStrauss&Co's shares are trading 2.5% lower after the company lowered its profit forecasts
- Aehr Test Systems loses 14% despite record profit and sales in the first quarter of fiscal 2024 - the company disappointed Wall Street by keeping its full-year profit forecast unchanged
- NATGAS contracts extend upward streak and gain more than 4%. Oil prices remain muted, with Brent gaining 0.15% and WTI holding at $82.5 level. Diesel prices fall as Russia decided to lift ban on seaborne exports;
- The sentiment of the cryptocurrency market improved slightly after the indexes rebounded and the dollar index fell. Bitcoin has risen around $28,000 and is currently gaining about 1.9%
- The demand side also dominates the precious metals market. Gold is gaining nearly 0.65% intraday and is trading in the $1830 per ounce zone. Investors' attention in this market, however, is focused on silver, which is gaining nearly 3% today.
- EURUSD is gaining more than 0.3%, dollar index futures (USDIDX) are trading down 0.2%
US30, M30 interval. Source: xStation5
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