CPI data caused a wild ride on Wednesday 12/09/2024

US Pre-Market

Futures: The S&P 500 is down 0.05 %, the Dow Jones Industrial Average is down 0.10%, and the Nasdaq 100 is down 0.05%.
U.S. stock futures dipped slightly Wednesday night as investors braced for more inflation and labor data after a volatile session driven by August CPI. Wall Street looks ahead to Thursday's producer price index, with economists expecting a 0.2% rise in headline and core readings. Initial jobless claims are forecasted to dip to 225,000. On the earnings front, Kroger will report before the open, and Adobe is set to release quarterly results after the close.
Watchlist for today: IBM, ENPH, ARM, NVDA, KR, ADBE, DJT, COIN

Bitcoin

After Wednesday's rebound, Bitcoin is off to a strong start, aiming to break the $58,000 level. According to analysts, U.S. inflation data could boost optimism among Bitcoin traders, especially with hopes for a September Fed rate cut. Should Bitcoin return to $60,000, a level not seen since Aug. 30, approximately $1.6 billion in short positions could be liquidated, according to CoinGlass.
Watchlist: Bitcoin: 55 550-58 000 Ethereum: 2150-2400, Solana: 120 -139


 Forex Market

The pound sterling fell against the U.S. dollar as markets reacted to the latest U.S. inflation data. Additionally, weaker economic activity from the European session added pressure on the pound. Meanwhile, the USD/JPY pair was unable to maintain gains from the Asian session around the 143.00 level, stalling its recovery from a nine-month low. Spot prices are now hovering around the mid-143.00s, and the pair appears vulnerable to continuing its downtrend, which has persisted over the past two months.
Whatchlits: EUR/USD: 1.0998-1.1.053, USD/JPY: 140.65 -144.33
 

Basic Materials

Oil prices surged nearly 3% on Wednesday afternoon, driven by concerns over potential supply disruptions as Hurricane Francine moves through the Gulf of Mexico. Several major operators have already halted production and evacuated personnel. This price rally occurred despite an earlier Energy Information Administration (EIA) report revealing an increase in U.S. oil stockpiles, initially pushing prices lower. However, the focus quickly shifted back to hurricane-related risks, reclaiming the trading day and pushing prices upward.
Watchlist: GOLD 2470-2533 Crude Oil: 65.15-70.00

The TEFS Analyst team wishes you a successful day!