Market Movements, Commodities, and Economic Trends

Index Update

Nvidia's stock dropped over 2% in after-hours trading, as investors expected stronger results, while Snowflake surged 20% on better-than-expected earnings. On Wednesday, the Dow rose 0.32%, the S&P 500 was flat, and the Nasdaq fell 0.11%. Investors are now focused on Thursday's economic data, including jobless claims and home sales, as well as upcoming earnings reports from Gap and Intuit.

Market Movers

On Wednesday, the top gainers were Kingsoft Cloud Holdings Limited (+23.31%), followed by Wix.com Ltd (+14.16%) and Global-E Online Ltd (+12.28%). On the contrary, Powell Industries, Inc. (-14.14%) and Roku, Inc. (-7.89%) declined the most the same day.

Commodities Update

Brent crude oil futures rose to around $73.5 per barrel on Thursday, driven by geopolitical risks, including Ukraine's use of long-range weapons and tensions in the Middle East. However, gains were limited by signs of ample supply, with US crude inventories increasing by 0.5 million barrels and gasoline stocks rising by 2.1 million barrels.

Macro Update

The US 10-year Treasury yield held steady at 4.4%, as expectations grew that Trump's policies could drive inflation and limit future Fed rate cuts. Investors are watching Trump's cabinet nominees and upcoming data, such as jobless claims and home sales, alongside Fed commentary, to gauge economic and policy trends.

Futures Update

US stock index futures mostly declined on Thursday, pressured by Nvidia's weak guidance and rising tensions between Russia and Ukraine. Dow Jones Futures rose 0.1%, while S&P 500 Futures fell 0.1% and Nasdaq 100 Futures dropped 0.2%.

Bitcoin surged above $97,000, nearing the $100,000 mark, as optimism grew over Donald Trump's potential return to the White House and his support for cryptocurrencies. Bitcoin ETFs saw over $4 billion in inflows, while Galaxy Digital's CEO noted increasing global adoption as countries purchase Bitcoin in large volumes. 

The S&P 500, Wall Street's broader index, closed at levels similar to its opening position. From a technical perspective, the index remains within bullish territory, trading comfortably above key long-term and short-term support levels, including the 20-day, 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs). Additionally, the 14-day Relative Strength Index (RSI), a key momentum indicator, stood at 56.51, signaling that bullish sentiment continues to dominate. In the short term, the 6,000 level serves as a psychological resistance point, with a decisive breakout above this threshold potentially driving the index toward the 6,100–6,200 range. On the downside, the 5,800 level remains a critical support zone in the near term.