US100 gains over 1.2%📈

Today's trading session brings a significant rebound in the stock market, supported by the weakening US dollar.

• The upward trend accelerated after 3:00 PM BST, following the release of the University of Michigan's final consumer sentiment and inflation expectations. Market sentiment exceeded forecasts, while both short- and long-term inflation expectations unexpectedly fell to 3.3% and 3%, respectively.

• The market interpreted today's data as another indication suggesting a still plausible soft landing scenario. Concurrently, we observe a marked retreat from the dollar and a decline in US Treasury yields. Dollar contracts (USDIDX) have nearly erased yesterday's gains. The dollar did not react to comments from Fed's Waller, who suggested that the neutral interest rate in the US might be higher and likely to increase.

Today's session sees notable gains among US BigTech companies. Apple and Meta (META.US) are performing particularly well. Conversely, Intuit (INTU.US) is experiencing a nearly 8.5% sell-off despite strong results, as optimistic comments about AI products did not help. Source: xStation5

Today's US Macroeconomic Data:

Final Consumer Sentiment by University of Michigan indicated at 69.1 vs. 67.7 forecasts and 67.4 previously

• Expectations Index was 68.8 vs. 67 forecasts and 66.5 previously
• Current assessment pointed to 69.6 vs. 68.8 forecasts and 68.8 previously
• 1-year inflation expectations: 3.3% vs 3.4% forecasts and 3.5% previously
• 5-year inflation expectations: 3% vs 3.1% forecasts and 3.1% previously

Durable Goods Orders (for April) rose m/m by 0.7% vs -0.8% forecasts and 2.6% previously (revised to 0.8%)

• The core reading (excluding cars) pointed to growth of 0.4% vs. 0.1% forecast and 0.2% previously

US100 chart (M15)

CFD on the Nasdaq 100 (US100) are struggling to overcome resistance around 18,900 - 19,000 points, which coincides with the 71.6 Fibonacci retracement of yesterday's downward wave.

Source: xStation 5