At-a-Glance
Today’s Top Highlights
Equity markets are seeing broad strength today with the S&P, Nasdaq, Russell and Dow all trading higher. The Nasdaq was the leader of the pack and traded higher by about 1.3%. A lot of this price action to the upside can be attributed to Crowdstrike and Nvidia earnings yesterday where both saw a double beat on revenue and EPS, and these markets traded higher by about 8% each dragging the Nasdaq higher. The Nasdaq is still trading in this sideways pattern right around the 50-day exponential moving average and will be looking for a catalyst to break that trend either higher or lower.
Crude Oil is another market that has been experiencing a sideways market lately, and that trend continued today. After the initial selloff from record high prices, the market has bounced back and forth due to headline risk regarding the conflict in the Middle East. This type of price action can be expected with the rapid changes on the global scale bringing on future supply concerns. The FedWatch Tool is currently pricing in another pause at the September meeting, but data being released next week could impact that figure as we get closer to the meeting date.
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