|Day's range||6,642.834 - 6,757.678|
|52-week range||5,494.460 - 7,186.090|
US stock markets were a bit soft on Friday, rolling over and showing signs of exhaustion. Higher interest rates continue to weigh upon the Dow Jones 30 and the NASDAQ 100, but I think there’s plenty of support underneath to eventually turn things back around.
Based on the early price action, the direction of the index today is likely to be determined by trader reaction to the 50% level at 6760.50.
Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (NYSE:TSM) issuing a weaker than expected guidance for the June quarter continues to raise serious concerns about Apple Inc. (NASDAQ:AAPL)’s Q2 Prospects.
The Dow Jones 30 and the NASDAQ 100 both pulled back a bit during the trading session on Thursday, looking for support. However, the market looks likely to see plenty of support underneath, so I think it’s only a matter of time before we go higher.
Globally, politicians’ economic policies tend to impact equity markets. Looking at a few examples, Indian equity markets rallied in 2014 after Narendra Modi stormed to power. In the US, President Trump’s reform agenda helped buoy investor sentiments and markets rose sharply after his election in 2016.
A surge in trading activity in the first quarter helped Morgan Stanley (NYSE: MS) report record first-quarter profit that topped Wall Street expectations.
Based on the early trade, the direction of the index the rest of the session is likely to be determined by trader reaction to the 50% level at 6760.75.
Asian markets have declined moderately although China’s growth numbers did match their expectations. US futures rise on strong earnings.
Apple Inc. (NASDAQ:AAPL) has suffered a big blow as it seeks to become a heavyweight in the music streaming business. Despite commanding huge chunks of money capable keeping rivals at bay, the tech giant has lost one of its top talents, in the name of Carl Cherry, to its fiercest rival Spotify Technology SA (NYSE: SPOT).
The Dow Jones 30 and NASDAQ 100 both rallied slightly during the trading session on Monday, as traders came back from the weekend breathing a bit of a sigh of relief with a lack of escalation in Syria.
The broad markets have taken a wait and see approach as Wall Street readies to open. Early Futures calls for U.S Indexes indicate a higher open.
U.S. Defense Secretary James Mattis, in August last year, visited the West Coast and had a meeting with Alphabet Inc (NASDAQ:GOOGL) Sergey Brin and CEO Sundar Pichai.
Reports indicate that Alphabet Inc (NASDAQ:GOOGL) Google is holding discussions with a view to acquiring the airplane broadband business of Nokia Oyj (ADR)(NYSE:NOK).
The impact of the attack on Syria is likely to boost long speculation in gold and crude oil. However, stocks may be unaffected like they were last week when Trump first mentioned the possibility of missile attacks.
Bank shares initially traded higher before falling. However, analysts said the strong results were already priced in.
Based on the current price at 6705.75 and the earlier price action, the direction of the June E-mini NASDAQ-100 Index the rest of the session will be determined by trader reaction to the 50% level at 6703.50.
The Dow Jones 30 and the NASDAQ 100 have both rallied during the trading session on Thursday as we continue to see higher lows, which is a very bullish sign. I believe that every time we pull back, value hunters will come back into the market.