Daily Summary: Stock market rebound and steep decline in oil prices

• Wall Street indices finish today's session with a slight increase, reacting to key support levels. US100 is up 0.90% today, while US500 has risen by 0.30%. 

• European indices end the day on a less positive note. The German DAX is marginally up by 0.20%, and the UK100 is down by 0.80%.

• Today's OPEC+ committee meeting ended without significant changes. Nevertheless, oil prices are dropping even though Saudi Arabia and Russia confirmed their commitment to maintain oil production cuts of over 1 million barrels per day until the end of the year.

• Russia's Deputy Prime Minister Novak emphasized that the supply restrictions positively impact the oil market, and this is visible. However, on the other hand, Novak said that OPEC+ might change its policy and decisions if necessary.

• According to the ADP report, non-farm employment increased by 89,000 jobs (an increase of 160,000 was expected) compared to 180,000 in August (the slowest growth since January 2021).

• The ISM Index stood at 53.6 points in September, compared to 54.5 points in August (a slowdown to 53.7 points was expected).

• The dollar is declining today after three days of solid gains; however, the decreases are not significant, and the dollar remains at very high levels. Meanwhile, the Euro is one of the stronger currencies. The EURUSD currency pair gains approximately 0.40%.

• The Monetary Policy Council (RPP) in Poland decided to lower the interest rates by another 0.25% after the last decrease of 0.75%. In response to this, the zloty strengthened just after the decision was published. The market probably expected a more significant reduction, despite the official consensus being at 0.25%.

• The session on the Warsaw Stock Exchange (GPW) ended positively, with WIG20 gaining 0.81%.

• All oil-derived energy commodities are experiencing steep declines of over 5.0% today. WTI Oil is down 5.50%, and NATGAS gains 2.0%.

• Employment growth in the US private sector slowed more than expected in September, while wage growth remained stable.

• The sentiment in the cryptocurrency market has slightly worsened after recent increases, and most altcoins, including Ethereum, are down today. Bitcoin, however, is up 0.50%, outperforming the rest of the market recently.

OIL.WTI quotations plunged after breaking below the lower limit of the 1:1 arrangement. Currently, a key support zone at the 84.75$ level is being tested. If this is breached, the trend might turn bearish. Source: xStation5