REDATOR Ben Graham Posted February 3 REDATOR Report Share Posted February 3 Yesterday, stock indices closed higher. The S&P 500 rose by 0.54%, while the Nasdaq 100 jumped by 0.56%. The Dow Jones Industrial Average strengthened by 1.05%. Asian equity markets also recovered after the most severe sell?off in more than two months. A rebound in gold and silver helped stabilise markets after Monday's volatility. Tech stocks advanced. The MSCI Asia Pacific added 2.8%, marking its strongest gain since April. South Korean indices — a textbook example of AI adoption and the best?performing index worldwide this year — surged by 6.3%, with Samsung Electronics Co. up 10% and SK Hynix Inc. up 7.3%. Further gains are expected in Europe and the US: Nasdaq 100 futures were up about 0.5% today after leading AI company Palantir Technologies Inc. issued stronger?than?expected sales guidance. In addition, Elon Musk announced he is combining SpaceX and xAI in a deal valuing the combined company at $1.25 trillion. It is evident that the market is stabilising after the sharp fall in precious metal prices. However, the backdrop remains fragile since President Donald Trump nominated Kevin Warsh to be Fed chair on Friday. Warsh is viewed as more focused on inflation control than on rate cuts. According to Vantage Global Prime Pty, the rebound looks more like a lull after the storm, with buyers stepping in on the dip rather than on restored confidence. Given that the US jobs report will not be released due to the partial government shutdown, uncertainty in the market is set to increase in the coming days. Elsewhere, Australian bonds fell and the currency rose after the central bank hiked its key interest rate to fight inflation. Indian equities jumped by 2.8% after Trump said tariffs on Indian oil would be lowered to 18% after Prime Minister Narendra Modi agreed to stop purchases of Russian oil, easing tensions between the two countries. The rupee strengthened versus the dollar. As for the technical outlook for the S&P 500, the immediate task for buyers today is to overcome the nearest resistance level of $6,993. Breaking above that level would signal upside and open the path to $7,013. An additional priority for bulls is to secure control above $7,033, which would strengthen buyers' positions. In case of a downside move amid waning risk appetite, buyers must assert themselves around $6,975. A break below that level could quickly push the instrument back to $6,961 and open the way to $6,946. The material has been provided by InstaForex Company - www.instaforex.com Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Liked! × 💬 Did you like this content? Your feedback is very important! Liked! Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Quote Link to comment Share on other sites More sharing options...
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