S&P 500 hits Record High 27/09/2024

HOT stories for today

Stocks on the move!

• COST (-2.19%): Shares of Costco Wholesale Corp. declined in after-hours trading on Thursday following the retailer's report of weaker-than-expected transaction numbers and quarterly sales, which fell short of Wall Street’s expectations. This dip comes after a year of consistent stock gains for the company. 
• SAVA (-12%): Cassava Sciences Inc. saw its shares plunge more than 12% during the extended session after U.S. securities regulators reached a settlement with the pharmaceutical firm. The company, along with two former executives, faced charges over "misleading claims" related to an Alzheimer’s clinical trial.
• SMCI (-12.03%): Super Micro Computer Inc. shares also took a sharp fall in volatile trading on Thursday, dropping 12%. This came after the Wall Street Journal reported that the server manufacturer, known for its role in artificial intelligence, is under investigation by the U.S. Justice Department.

US Pre-Market & today’s action

• Stock futures hovered near the flatline on Thursday night as Wall Street anticipated a key inflation report. Futures linked to the Dow Jones Industrial Average dipped by 13 points, or 0.03%. S&P 500 futures slipped slightly by less than 0.1%, while Nasdaq 100 futures edged down 0.1%.
• Traders are focused on the upcoming release of August’s Personal Consumption Expenditures (PCE) Price Index, scheduled for Friday morning. The PCE, the Federal Reserve’s preferred measure of inflation, is expected to offer insight into whether inflation is cooling. Economists predict that the headline PCE increased by 2.3% on an annual basis and rose 0.1% from the previous month.

   

US stocks watchlist for today: COST, SAVA, SMCI, MU, MTN, NVDA, SBUX
 

Bitcoin

• Yellen's Speech Boosts Bitcoin: Bitcoin (BTC) briefly surpassed $65,000 on September 26, driven by U.S. macroeconomic developments and comments from Treasury Secretary Janet Yellen. Yellen's optimism about the Fed achieving a "soft landing" for inflation contrasted with Fed Chair Jerome Powell's more cautious remarks, fueling gains in risk assets.
   
• ​​​​​Doubters Remain: Bitcoin market participants expect a period of consolidation around recent highs before further gains. Key retracement targets include $57,000, as traders anticipate a potential pullback to stabilize the price before the next rally.
  Watchlist: Bitcoin: 62 400-65 860, Ethereum: 2517-2710, Solana: 141.20 -158.10

Forex Market

• The yen weakened against the dollar, while Japanese bond futures rose as traders speculated that the likelihood of economic security minister Sanae Takaichi becoming Japan's next leader is growing. The yen dropped by as much as 0.5%, reaching 145.60 against the dollar.
• The EUR/USD pair pulled back from its recent gains recorded in the previous session, trading near 1.1170 during Friday’s Asian session. The U.S. Dollar (USD) found support as traders exercised caution ahead of the release of the U.S. Personal Consumption Expenditures (PCE) Price Index data for August.
• Similarly, the GBP/USD pair edged lower during the Asian session on Friday, retreating from its highest levels since March 2022, which reached around the 1.3435 mark the previous day.
  Whatchlits: EUR/USD: 1.1099-1.1215, USD/JPY: 142.80 -145.60

Basic Materials

• Oil Extends Slide: Oil prices continued their two-day drop, heading for a significant weekly decline due to expected supply boosts from Saudi Arabia and Libya. Brent crude fell toward $71, down over 4% for the week, while West Texas Intermediate held above $67. Libya's agreement on a new central bank governor could also help resolve production disputes.
• Gold futures closed at a new record high on Thursday, marking their seventh straight session of gains — the longest winning streak since April. Analysts attribute the metal's continued rise to China's economic stimulus measures and increased demand for safe-haven assets.
  Watchlist: GOLD 2600-2685, US Oil: 69.40-72.75

The TEFS Analyst team wishes you a successful day!