Global Economic Daily - 10/04/2024
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Quote of the Day: Happiness is not something ready made. It comes from your own actions. – Dalai Lama
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Equities: Stocks fell on Thursday as concerns over Middle East tensions kept investors on edge in the run up to September’s payrolls report. The?Dow Jones Industrial Average?slid 184.93 points to end at 42,011.59. The?S&P 500?lost 9.60 points to close at 5,699.94. The?Nasdaq 100?ended the day off 9.24 points at 19,793.34 as a rally of more than 3% in?Nvidia?capped downside pressure. October trading is off to a rocky start as escalating tensions in the Middle East dampen investors’ enthusiasm. After stocks tumbled on Tuesday with Iran?launching a missile attack?on Israel, investors are now preparing for further uncertainty as Israel starts a?ground operation into Lebanon. U.S. crude futures?rose more than 5%. That propelled its week-to-date advance to more than 8% as growing fears tied to the Middle East pushed up prices. Energy stocks have rallied in tandem, with the S&P 500 sector up about 5.9% on the week. The sector is on pace for its best week in more than a year. With Thursday’s moves, the three major indexes are tracking for losses this week. The Dow and S&P 500 have each dropped 0.7%, while the Nasdaq is poised to finish 1.1% lower Weekly jobless claims came in?slightly higher?than economists polled by Dow Jones forecasted, according to data released Thursday. That offers hints into the health of the labor market as traders gear up for September’s closely watched payrolls report due on Friday morning. TECHNICAL OUTLOOK – The Dow and S&P are above the 14, 21 day moving average.
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Metals: Gold and silver prices are up a bit in midday U.S. trading Thursday, as trading has turned more subdued ahead of some major U.S. economic data on Friday morning. On tap Friday morning is the September U.S. employment situation report from the Labor Department, arguably the most important U.S. data point of the month. The key non-farm payrolls number is seen coming in at up 150,000 compared to a rise of 142,000 jobs in the August report. Technically, December gold bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,600.00. December silver futures bulls have the solid overall near-term technical advantage. Prices are in a seven-week-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the May high of $33.50. The next downside price objective for the bears is closing prices below solid support at $30.00. TECHNICAL OUTLOOK – Gold and silver are above the 14, 21 day moving average.
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DISCLAIMER: The Information and data contained herein was obtained from sources deemed reliable. The accuracy and completeness are not guaranteed
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