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Daily Fundamental Analysis: Nasdaq adds 1% as Tesla reports strong earnings
US stocks closed higher on Wednesday, with the Nasdaq gaining 1%, the S&P 500 rising 0.6%, and the Dow advancing 0.7%, as renewed enthusiasm for AI-related stocks lifted market sentiment.
SpaceX shares surged around 7% following 161% third-quarter revenue growth, while news that SpaceX and Tesla had formed committees to discuss a potential merger helped push Tesla shares up more than 3%. AI-related stocks also rallied, with AMD gaining over 3% and Nvidia rising more than 2%.
Oil prices climbed today amid fears of escalating Middle East tensions. Brent crude rose 1.7% to $110.72 per barrel, while WTI gained 1.4% to $98.61.
Gold is holding relatively steady around $4,125 per ounce today, as investors weighed escalating Middle East tensions against expectations for tighter US monetary policy. Markets see an 83% probability that the Federal Reserve will leave interest rates unchanged at its October meeting, but expectations of a possible December rate hike continue to limit gold’s upside.
In the currency market, USDJPY fell to a one-week low near 157.70, pressured by a weaker US dollar and a stronger Japanese yen. The dollar has softened alongside declining US Treasury yields, while hawkish comments from Bank of Japan Governor Kazuo Ueda have strengthened expectations of a possible Japanese rate hike in December. However, expectations of further Fed tightening and escalating Middle East tensions could limit further dollar losses.
EURUSD failed to break through the French barrier
Oil Holds Near Highs as Gold Slips Ahead of Fed Decision
Oil Surge Powers a Risk Check; Gold Touches $4,100 Ground
The pound is capitalising on expectations
Asian Currencies Strengthen as China Growth Beats Forecasts and the US Dollar Weakens
Week Ahead: Inflation Data and Fed Hike Bets Put Gold, USDX and S&P 500 in Focus
Forex is driven by yields
