Ally Financial issues warning on debt troubles

US Pre-Market

Futures: The S&P 500 is up 0.10 %, the Dow Jones Industrial Average is up 0.10%, and the Nasdaq 100 is up 0.08%.
Stock futures edged down slightly Monday evening as Wall Street prepared for key retail sales data and the kickoff of the Federal Reserve’s September policy meeting. In other economic updates, August's industrial production and manufacturing data and the National Association of Home Builders Housing Market Index for September will be released.
Watchlist for today: INTC, MSFT, AAPL, CHWY, MU, JPM, AVGO, UPST, X, U, DKNG, PLTR

Bitcoin

Yesterday, Bitcoin's price dropped by 1.80% to around $58,125, extending its decline from the local high of $60,670 reached four days ago. The recent pullback comes as traders shift focus to the upcoming Federal Reserve interest rate decision, leading to profit-taking. However, the long bearish wick on the latest daily candlestick indicates a rejection of further downside. This suggests the decline may be due to short-term traders locking in profits ahead of the Fed's announcement rather than a broader bearish trend.
Watchlist: Bitcoin: 58 200-60 750 Ethereum: 2250-2475, Solana: 128.3 -140.20



Forex Market

USD/JPY trends will likely hinge on commentary from the Bank of Japan and Wednesday’s Federal Reserve rate decision. Hawkish remarks from the BoJ combined with a more dovish Fed outlook could push the USD/JPY below 139.500. The pair trades well below the 50-day and 200-day EMAs, reinforcing bearish signals. The British pound remained steady at $1.3204. The euro remained constant at $1.1126.
Whatchlits: EUR/USD: 1.1065-1.1121, USD/JPY: 139.88 -141.70
 

Basic Materials

The oil price rally extended into Monday’s session despite Gulf of Mexico crude production resuming after Hurricane Francine disruptions. Brent crude for November delivery rose 1.3%, trading at $72.56/barrel, while WTI crude for October delivery climbed 1.0% to $69.66/barrel. Meanwhile, UBS cut its oil price forecasts for 2024-2026 due to weaker global demand and a more stable supply outlook. The bank lowered its 2024 average Brent forecast by $4 to $80 per barrel, with Q4 2024 revised to $75 from $83.Gold is reaching new highs daily; bulls are unstoppable, playing a safe heaven role against FED even for tomorrow.
Watchlist: GOLD 2530-2600 Crude Oil: 68 -70.25

The TEFS Analyst team wishes you a successful day!