Image Souce: Krish Capital Pty Ltd

Index Update

Focus is on Nvidia’s Blackwell AI chips, used by companies like OpenAI, Microsoft, and Meta for AI data centers. Nvidia's shares rose nearly 5% on Tuesday, boosting the Nasdaq by 1.04% and the S&P 500 by 0.4%. Meanwhile, the Dow fell 0.28%. Markets largely ignored geopolitical concerns, including Russia's nuclear policy revision, while investors awaited new comments from Federal Reserve officials.

Market Movers

On Tuesday, the top gainers were Super Micro Computer, Inc (+26.23%), followed by Symbotic Inc (+25.33%) and Aclaris Therapeutics, Inc (+17.99%). On the contrary, Incyte Corp. (-12.3%) and Grifols, S.A (-10.41%) declined the most the same day. 

Commodities Update

WTI crude oil futures remained above $69 per barrel, supported by increased geopolitical risk following escalations in the Russia-Ukraine conflict. Tensions rose after Ukraine’s missile strike on a Russian border region and Russia’s expanded nuclear doctrine. However, concerns eased as Iran paused near-weapons-grade uranium enrichment, and Hezbollah agreed to a cease-fire with Israel. Additionally, Equinor resumed partial production at the Johan Sverdrup oilfield, while API data revealed a larger-than-expected 4.8-million-barrel rise in US crude inventories.

Macro Update

The average interest rate for 30-year fixed-rate mortgages with conforming loan balances in the US rose to 6.9% for the week ending November 15, 2024, marking a fourth consecutive increase. This rise, the highest since July, reflects higher Treasury yields and expectations that the Federal Reserve will delay interest rate cuts. Additionally, concerns over inflation under a potential Trump presidency have further limited the Fed's ability to lower borrowing costs.

Futures Update

U.S. stock index futures rose on Wednesday, following a positive session on Wall Street, driven by technology stocks ahead of Nvidia's earnings report. Dow Jones Futures increased by 0.2%, S&P 500 Futures gained 0.1%, and Nasdaq 100 Futures rose 0.1%. Positive earnings from Walmart, which raised its annual guidance, also boosted sentiment, pushing its shares to a record high.

Bitcoin traded at $93,384 on November 20, 2024, up 1.07% from the previous session. Over the past month, Bitcoin gained 38.37%, and over the last year, it rose by 153.46%. Trading Economics forecasts Bitcoin to reach $70,903 by the end of the quarter and $62,495 in one year, based on global macro models and analysts' expectations.

The broader index of the Wall Street, the S&P 500 ended 0.40% higher. From the technical standpoint the index is still hovering in a bullish territory, as it traded well above its crucial long-term as well as short-term support levels of 20D, 50D, 100D and 200D Exponential moving averages (EMAs). Further, the leading momentum indicator 14D Relative Strength Index (RSI) settled at 56.49, implies bulls are still heavy on bears.  6,000 level will act as a psychological resistance in short-term as decisive breakout above 6,000 market could send the index towards 6,100 – 6,200 range, meanwhile 5,800 is the crucial support in the short-term.

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