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Last Friday, US stock indices closed with gains. The S&P 500 rose by 1.23%, while the Nasdaq 100 strengthened by 1.86%. The Dow Jones Industrial Average added 0.71%.
After reaching new historical highs, US stock indices paused their record growth during Asian trading. Investors are awaiting a new influx of earnings data from large-cap technology companies and political statements from major central banks. Asian indices fell by 0.4%, and futures for European stock indices predict a weaker opening.
Many market participants are also betting on a resolution to the trade conflict between the United States and China. The easing of trade tensions contributed to yesterday's stock price increases. This week, that optimism will be tested by reality: investors are looking for clues from the Federal Reserve meeting about how quickly the committee intends to continue lowering rates, as well as the conclusion of a new trade agreement. Reports from major tech companies, including Amazon.com Inc. and Microsoft Corp., will also clarify whether the growth momentum can be maintained.
In other sectors of the market, the yen rose against the dollar, breaking a seven-day decline after US Treasury Secretary Scott Bessent and newly appointed Japanese Finance Minister Satsuki Katayama discussed exchange rate volatility. Currency traders interpreted this as a reminder that the US administration would prefer a softer dollar. However, the Bank of Japan still needs to play its part this week. Whether plans to raise rates will be announced in December remains an open question.
The yuan has risen to its highest level in nearly a year amid optimism about a potential trade agreement between China and the US. The dollar has declined for the second consecutive day. Gold prices remained below $4,000 per ounce, as progress in trade negotiations reduced demand for safe-haven assets. Copper, a leading indicator of global growth, has increased in price to tade about $60 below last year's record high.
As mentioned earlier, on Wednesday and Thursday, five companies, which account for about a quarter of the American index—Microsoft Corp., Alphabet Inc., Meta Platforms Inc., Amazon.com, and Apple Inc.—will be releasing their earnings results.
Regarding the technical picture of the S&P 500, the main task for buyers today will be to overcome the nearest resistance level of $6,874. This will help the index gain ground and pave the way for a breakout to the new level of $6,896. An equally priority task for bulls will be to maintain control above $6,914, which would strengthen buyers' positions. In the event of a downward move amid reduced risk appetite, buyers must assert themselves in the $6,854 area. A break below this level could quickly push the trading instrument back to $6,837 and open the path to $6,819.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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