Morning wrap (02.12.2025)

• The flagship US benchmark closed yesterday’s session with a 0.5 percent decline, while the Nasdaq 100 fell by more than 0.3 percent. The small cap Russell 2000 index ended the day down more than 1.2 percent. Today’s macro calendar is light. Shares of MongoDB, a company specializing in database solutions, jumped more than 21 percent in after hours trading thanks to outstanding results that completely surprised analysts. After today’s session, earnings will be released by CrowdStrike, Marvell Technologies and GitLab.
• Jerome Powell’s speech at Stanford University did not trigger any market reaction, as the Federal Reserve Chair avoided comments related to current monetary policy, the economy or its future outlook.
• Sentiment during the Asian session was mixed, with the Nikkei closing flat. In Australia, building permits fell by 6.4 percent compared to a 4.5 percent increase expected and a 12 percent rise previously. Consumer sentiment rose to 37.5 compared with forecasts of 36.2 and 35.8 previously.
• Precious metal prices are moving lower, with silver down more than 1.8 percent and gold losing over 0.5 percent. The US dollar is strengthening slightly, and EURUSD is trading near 1.16 after posting seven consecutive bullish sessions. However, yesterday’s pullback from 1.165, which was an attempt to break above a key resistance area defined by the 50 day EMA and previous price reactions, was rejected.
• Bitcoin is slowly recovering from yesterday’s declines and is trading near 87.5 thousand USD versus just under 85 thousand USD yesterday. Still, crypto market sentiment remains very weak, and Ethereum has barely managed to bounce from its losses. The price of ETH continues to hover around 2,800 USD.
• Oil prices drop slightly to $63 after yesterday rise, which supported sentiments around stocks of the US energy companies. Futures on cocoa and coffee are slightly up today, continuing the climb.

Source: xStation5