Crucial week ahead for U.S. stocks 30/09/2024

HOT stories for 30.09.2024

Stocks on the move!

• WYNN (5.35%): Wynn Resorts — Shares climbed around 6% after Morgan Stanley upgraded the stock from equal weight to overweight. 
• RKLB (12.54%): Rocket Lab USA — The aerospace and defense stock jumped 16% following a price target hike by KeyBanc Capital Markets, which maintained its overweight rating. 
• SAVA (-11.03%): Cassava Sciences — The biotech company dropped 11% after agreeing to pay $40 million to settle a case with the U.S. Securities and Exchange Commission.

US Pre-Market & today’s action

• U.S. stock futures were flat as September's final session began, following three weeks of gains. Dow Jones futures remained steady, while S&P 500 and Nasdaq 100 futures edged up slightly.

• Chinese stocks rallied 6% as manufacturing data beat expectations, while Japan’s Nikkei 225 fell over 4%, influenced by economic reports and political developments.

• This week’s focus is on the U.S. jobs report, which could impact the Federal Reserve's rate decision. Traders also await the Chicago PMI release and Fed Chair Powell's speech. Carnival will release its earnings Monday morning.
  
  US stocks' watchlist for today: CCL, WYNN, SAVA, PANW, CRWD, JPM, BBY

Bitcoin

• As of Saturday, September 28, 2024, bitcoin has traded just below the $66,000 level. Despite September's reputation for poor performance, the leading cryptocurrency appears poised to finish the month on a positive note.
• ​​​​​Cryptoquant’s CEO shared optimism regarding the potential return of former Binance CEO Changpeng Zhao (CZ), suggesting it could trigger significant market shifts. He commented, "Bullish vibes everywhere," highlighting that CZ merely needs to post "I'm back" for the market to surge.
  Watchlist: Bitcoin: 62 400-65 860, Ethereum: 2517-2710, Solana: 141.20 -158.10

Forex Market

• The yen appreciated by around 1.7% against the dollar on Friday following the election of former defense minister Shigeru Ishiba as Japan's new prime minister. The dollar was last seen trading at 142.4 yen, with the yen gaining 2.6% against the U.S. currency this month. 
• Meanwhile, EUR/USD recovered the bulk of its intraday losses, rebounding above 1.1150 in Friday's New York session, bolstered by the release of the PCE index.
  Technical analysis suggests that the DXY index remains at risk of further weakening, with both the Relative Strength Index (RSI) and the Moving
• Technical analysis suggests that the DXY index remains at risk of further weakening, with both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) continuing their downward trajectory and struggling to build momentum. The 101.00 level remains a solid resistance barrier, restricting any upward movement for the US Dollar.
  Whatchlits: EUR/USD: 1.1099-1.1215, USD/JPY: 142.80 -145.60

Basic Materials

• Crude prices are experiencing a sharp increase today, with WTI rising by 1.26% to $68.52 per barrel and Brent crude up 0.94% to $72.27 per barrel. The surge is largely attributed to escalating tensions in the Middle East, particularly the intensifying conflict between Israel and Hezbollah, sparking concerns over potential disruptions to oil supply and key shipping routes. 
• Meanwhile, gold has declined to a three-day low below $2,650 on Friday after the release of the PCE data. Despite increasing geopolitical risks, gold has struggled to build momentum as traders opted to take profits. XAU/USD is currently trading at $2,657, down approximately 0.50%.
  Watchlist: GOLD 2600-2685, US Oil: 69.40-72.75

The TEFS Analyst team wishes you a successful day!