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S&P 500, Nasdaq rally, DJI declines
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U.S. Dec factory orders MM 1.8% vs 2.2% est
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Euro STOXX 600 index up >1%
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Dollar, bitcoin rise; gold, crude off
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U.S. 10-Year Treasury yield edges down to ~3.39%
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FANGs GET REAL, S&P 500 GETS GOLDEN (1010 EST/1510 GMT)
The S&P 500 is rallying more than 0.5% and the Nasdaq is up nearly 2% early on Thursday as Meta Platforms
surges on rigorous cost controls, while a less-hawkish message
from Federal Reserve Chair Jerome Powell boosted bets of a
softer landing for the U.S. economy.
With Meta's near 20% thrust, the FANG index is on fire. NYFANG is significantly outperforming,
posting a more than 4.5% gain.
Meanwhile, as stands, the S&P 500 is seeing a golden cross
as its rising 50-day moving average (DMA), now around 3,953, is
crossing above its descending 200-DMA, now around 3,951.
The 50-DMA has been below the 200-DMA since it crossed under
it on March 14, 2022.
Traders will be watching to see how this plays out into the
close.
Here is a snapshot of where markets stood shortly after 1000
EST:
(Terence Gabriel)
*****
NASDAQ COMPOSITE STRIVES FOR FIVE (0857 EST/1357 GMT) The Nasdaq Composite has kicked off 2023 in fine form. The tech-laden index is on track to rise for a fifth-straight week. The IXIC last rose five-weeks in a row in November 2021, and six-weeks in a row in January 2020. And with e-mini Nasdaq 100 futures trading up more than 1.5% in premarket on Thursday, in the wake of Meta Platforms quarterly report, the Composite appears poised for a further boost at the open. That said, with tech titans Apple , Amazon.com and Alphabet due to report quarterly numbers after the close, and January payroll data due Friday, there certainly is potential for volatility into the week's close. In any event, the Composite's stance on the charts continues to improve. The index has now closed back over its 200-day moving average in three of the past four sessions. Adding to this, on Wednesday, the Nasdaq daily advance/decline line ended above its 200-DMA for the first time since July 23, 2021. On the weekly chart, the IXIC, which ended Wednesday at 11,816, faces its next hurdle at the descending 55-week moving average (WMA), a Fibonacci-based moving average, which now resides just shy of 12,000: The mid-September high was at 12,270. The descending 40-WMA and the rising 200-WMA are now providing support in the 11,400-11,450 area. The 50% retracement of the March 2020-November 2021 advance is at 11,421. The IXIC hit a low of 11,388.544 on Monday before snapping higher.
(Terence Gabriel)
*****
FOR THURSDAY'S LIVE MARKETS' POSTS PRIOR TO 0900 EST/1400
GMT - CLICK HERE
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
