Initial jobless claims continued to fall last week and came in better than expected. Trump announced new tariffs on multiple countries again, including a 50% rate on Brazil. However, the market has mostly ignored this kind of news recently.
Indexes stayed in a narrow range near record highs. SPY held the $620 support area for three straight days but still failed to break last week’s high near $626. Keep watching this range during the day.
Next week marks the start of a new earnings season, with bank stocks reporting first. Financials, which led the recent rally, have started to pull back. Today is the fourth day of this correction.
Rare earth company MP announced a partnership with the U.S. Department of Defense. The stock jumped 53%. DAL reported better-than-expected earnings and surged 12%, leading the broader market. HSBC upgraded AMD with a $200 target. Goldman Sachs gave a $140 target. AMD is up 3% pre-market, and ALAB is also up 3%.
Other stocks were mixed with small moves. Continue watching the big tech names mentioned earlier this week to see if they break through key resistance. NVDA and MSFT hit new highs yesterday and are moving toward the $4 trillion club, competing for the top spot. META is near its previous high. Leading industrial stocks are also trying to break out and are worth watching.
Musk said the Austin Robotaxi area will expand this weekend. Testing in the Bay Area may start in the next 1–2 months. TSLA is up pre-market but still trading within the recent three-day range. Support is near $290, with resistance around $303 at the open. If it breaks above, it may fill last week’s gap. The 200-day and mid-term moving averages in the $315–320 range are key resistance levels.
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