At-a-Glance
Today’s Top Highlights
The equities, and the Nasdaq in particular, have been in a strong downturn since the high prices seen earlier this year. Today, the Nasdaq saw prices rise by over 3% and the S&P and Russell both had strong days as well. The relative strength on a daily Nasdaq chart was showing the most oversold level since the bottom from the April lows, and the market was able to recover off of that previous level. Looking at this move today, it could be a response to the aggressive selling pressure seen over the last 2 weeks or a sign that the market is looking to recover to re-test the all time high prices again this year.
There was some strong economic data released today looking at Core PCE, GDP and Initial Jobless Claims. The Core PCE and GDP, and Initial Jobless Claims all came in lower than expected, and the equities and other “risk-on” markets moved higher. Gold and Silver carved out a positive day with Gold trading higher by over 3% and Silver was higher by about 2.5% on the day. Apple and Amazon both report earnings today, and Amazon already came in better than expected on both revenue and EPS, so traders will be watching Apple for more volatility after the close.
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