Image Souce: Krish Capital Pty Ltd

Index Update

In Wednesday's trading, the Dow Jones rose 0.68%, the S&P 500 gained 0.62%, and the Nasdaq climbed 1.24%. Salesforce surged 11% after surpassing revenue expectations, while Marvell Technology soared 23.2%. Fed Chair Powell reiterated that the central bank is not in a rush to cut rates despite inflationary pressures.

Market Movers

On Wednesday, the top gainers were Cross Country Healthcare, Inc. (+62.63%), followed by Marvell Technology, Inc (+17.18%) and               Lead Real Estate Co., Ltd (+11.4%). On the contrary, Intuitive Machines, Inc (-18.23%) and Couchbase, Inc (-12.88%) declined the most the same day.

Commodities Update

Brent crude oil futures stabilized above $72 per barrel, recovering from a nearly 2% drop, as traders await OPEC+'s production policy decision. The group is likely to delay output increases by three months. US crude stockpiles fell by over 5 million barrels, but production reached a record high. Geopolitical risks, including tensions in Israel, South Korea, and Syria, provided additional support for oil prices.

Macro Update

The dollar index remained steady at around 106.3 on Thursday after volatility the previous day, as investors assessed the Federal Reserve's monetary policy. Fed Chair Jerome Powell suggested the central bank isn't rushing to cut rates due to strong growth, a robust labor market, and persistent inflation. However, data showed slower-than-expected growth in the US services sector. The probability of a 25 basis point rate cut in December rose to 79%, up from 66.5% last week. Investors are focused on Friday’s November jobs report for more clarity on Fed policy. The dollar was also supported by political unrest in France and South Korea.

Futures Update

US stock futures remained steady on Thursday after major indices reached record highs, driven by optimism about the AI boom and the benefits major US tech companies are gaining from the sector.

Bitcoin traded at 102,447 USD on Thursday, December 5th, up 3.62% from the previous session. Over the past four weeks, Bitcoin gained 35.45%, and its price has risen by 133.76% in the last 12 months

After a lackluster performance in the previous session, stocks mostly rose throughout Wednesday's trading day. All major averages reached new record closing highs, following two days of mixed results. The tech-heavy Nasdaq led the upward movement, soaring by 254.21 points, or 1.3 percent, to close at 19,735.16. The Dow also saw gains, increasing by 308.51 points, or 0.7 percent, to finish at 45,014.04, while the S&P 500 grew by 36.61 points, or 0.61 percent, reaching 6,086.48. From a technical standpoint, the S&P 500 is moving within a rising channel, indicating the potential for additional gains. The 14-period Relative Strength Index (RSI) remains in positive territory. Key levels to watch include resistance at 6,132 and support at 5,950

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