US OPEN: Correction after the peak. The dollar is strengthening.

Yesterday, the main index of the American stock exchange closed at a new all-time high. Investors retained some of yesterday's optimism, with indices rising before the opening. US500 is up by 0.3%. However, they failed to maintain the gains and quickly lost ground. At the moment, US500 is down by 0.2%, and US100 by 0.4%.

EURUSD is temporarily recovering yesterday's losses on the wave of positive inflation data from Germany. However, readings from the US allow the dollar to take the initiative.

• EURUSD: -0.15%
• GBPUSD: -0.35%
• USDJPY: 0.27%
• USDCHF: 0.21%

Macroeconomic Data:

PCE inflation data has been published. The investors does not attach as much importance to this reading as to CPI, but from a markets perspective, it is more significant due to the fact that it is the FED's favorite measure when determining further monetary policy. The data turned out to be in line with expectations.

• Core PCE Inflation Y/Y for August: 2.6% (Expected: 2.6%, Previous: 2.6%)
• Core PCE Inflation M/M for August: 0.2% (Expected: 0.2%, Previous: 0.3%)

Later in the day, we will also learn the Chicago PMI Index.

• Expectations: 46, Previous: 47.1

Canada's economy is contracting this quarter. USDCAD is gaining.

• GDP Growth Y/Y: 0.9% (Expected: 1.3%, Previous: 1.2%)
• GDP Growth M/M: -0.1% (Expected: 0.1%, Previous: 0.1%)
• GDP Growth Q/Q: -1.6% (Expected: -0.7%, Previously: 2.2%)

US100 (D1)

The price continues to stay above the lower boundary of the medium-term upward trend, but the market clearly lacks the strength to return closer to the middle of the channel. This may lead to a potential breakout downwards. A newly formed short-term trend (purple) can also be observed, which will serve as another resistance to further price increases in the coming days. The nearest support is the already mentioned upward trend line and the EMA25 average. The first strong resistance for the price will be the zone starting at the level of 28,340 dollars.

Source: xStation5

Company News:

Nvidia (NVDA.US) - The Californian AI giant is losing again. The company continues its decline caused by investor disappointment with the results. Despite the fact that the company exceeded expectations, it turned out to be insufficient to satisfy market sentiment. Shares are down 1.1% before the opening.

Dell (DELL.US) - The manufacturer of personal computers, servers, and workstations disappointed the market with yesterday's results. Assurances of growing demand for the company's AI solutions and raising expected revenues from this segment to 20 billion dollars did not help either. The price is down by over 7% before the market opens.

Alibaba (BABA.US) - The prices of the Chinese company on the American stock exchange rose by 3%. The company published optimistic results and showcased a new AI chip.

Marvell Technology (MRVL.US) - The company published results. Despite beating analysts' expectations, the growth did not satisfy investors, resulting in the stock price collapsing and falling by 15%.

Autodesk (ADSK.US) - The software manufacturer published results that beat expectations and announced further successes. The stock price is up by almost 10%.

Elastic (ESTC.US) - The company specializing in data analysis significantly beat expectations in its results, increasing sales by 20% compared to the previous year. The stock price is up by 16%.