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Last Friday, stock indices closed higher, with the S&P 500 up by 0.88%, the Nasdaq 100 gaining 1.31%, and the Dow Jones Industrial Average increasing by 0.38%.
Global stock markets reached a weekly high as investors continue to bet on a strong year-end following the rally in US stocks last Friday. The MSCI All Country World Index, a broad measure of global equity performance, rose the third consecutive day. The Asia-Pacific stocks index jumped by 1.1%, largely driven by the technology sector. American stock futures also experienced an increase, although contracts on the Euro Stoxx 50 fell by 0.2%.
Commodity markets were also in focus: gold and silver reached record highs, while oil prices rose amid escalating geopolitical tensions following President Donald Trump's intensified blockade on Venezuela. Copper also hit a new peak. In Japan, bond yields climbed to multi-year highs after last Friday's interest rate hike, and the yen weakened as the country's top currency official did not signal any forthcoming changes to monetary policy.
The rise in precious metal prices is primarily attributed to their role as safe havens during times of uncertainty. The escalation of the conflict in Venezuela, coupled with concerns over slowing global economic growth, has pushed investors toward defensive assets. Additionally, the increase in oil prices, driven by risks of supply disruptions from Venezuela, has heightened inflation expectations, which also benefits gold and silver.
Expectations for a year-end stock market rally have risen, as buyers who actively purchased shares during last week's dip helped halt the decline caused by doubts surrounding artificial intelligence. This week, we are likely to see continued market growth as fear of missing out (FOMO) offsets concerns about a bubble in the stock market.
Regarding key data releases, this week will bring growth figures for the UK and US, as well as the minutes from the Reserve Bank of Australia's December monetary policy meeting, which may provide insights into potential interest rate hikes in February. In Japan, inflation data for Tokyo and employment figures are expected, which could help traders evaluate the outlook for the Bank of Japan's monetary policy.
From a technical perspective, the main task for buyers in the S&P 500 today will be to overcome the nearest resistance level of $6,854. Achieving this mark could indicate growth and open the door for a surge to a new level of $6,874. An equally critical objective for bulls will be to establish control above $6,896, which would strengthen their positions. In the event of a downward movement amid declining risk appetite, buyers must assert themselves around $6,837. A break below this level could quickly push the trading instrument back to $6,819 and pave the way down to $6,801.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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