Wall Street reversed to rally thanks to upbeat earnings. Upcoming Fomc’s meeting minutes releases trimmed the dollar but supported Crypto. Oil and gold prices climbed.

Updated time: 24 Nov, 2022, 08:58 (UTC+04:00)

Stocks:

Wall Street recovered from recent losses, supported by upbeat quarterly earnings results of major sectors. Specifically, Retailers were lifted by a series of significant gains: 13% in Best Buy, 10% in Dick’s Sporting Goods and 21% in Abercrombie & Fitch. Energy stocks enjoyed green from the higher oil prices while Tech was underpinned by falling Treasury yields. Dow Jones gained 1.2% while Nasdaq and S&P 500 added 1.36%.

Wall Street reversed to rally thanks to upbeat earnings. Upcoming Fomc’s meeting minutes releases trimmed the dollar but supported Crypto. Oil and gold prices climbed.

Futures were unchanged except Nasdaq futures ticking 0.1% lower. Ahead of the day, FOMC’s meeting minutes would provide more clues on upcoming monetary policy although 50 bps in December was expected. Investors would also share the attention to jobless claims, durable goods and new home sales data.

Commodities:

Oil prices climbed following a big drop in U.S stockpiles and supply uncertainty ahead of a looming EU ban and G7 price cap on Russian oil. Brent crude futures rose 0.3% to $88.61 per barrel while U.S WTI crude futures added 0.4% to $81.30.

A strong belief in a slowing rate hike path pinned down the dollar but keeping gold prices steady. Spot gold edged up to $1,740.66 an ounce, while gold futures were steady at $1,741.25.

Currencies:

Dollar’s recent gains were trimmed, falling from two-week high. Its index, as a result, was last up 0.056% at 107.130, having slipped 0.65% overnight. The RBNZ lifted interest rate by 75 bps, sending the kiwi up 0.57% to $0.618. The Aussie moved in the similar pattern, up 0.06% to $0.665. The euro and sterling held slight gains of 0.03-0.04% to $1.0305 and $1.1888 respectively. Yen now stood at 140.98.

Cryptocurrencies:

Crypto awakened from an early week’s slumber. Bitcoin rested at $16,200, up 2.5% while Ethereum recently changed hands at about $1,120, up more than 2%. Although the majority was in green, the market was still worried that the next crypto domino would fall.

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