*
U.S. equity index futures slightly green: Dow up ~0.3%
*
U.S. Apr import prices > est; export prices in-line with
est
*
Euro STOXX 600 index up ~0.4%
*
Dollar, crude rise; gold slips; bitcoin down >2%
*
U.S. 10-Year Treasury yield edges up to ~3.41%
Welcome to the home for real-time coverage of markets brought to
you by Reuters reporters. You can share your thoughts with us at
NASDAQ COMPOSITE: CLIMBING ITS WAY OUT OF THE JACKSON HOLE (0900 EDT/1300 GMT) The Nasdaq Composite has now closed at its highest level since August 25, 2022, or the day before Fed-Chair Powell's hawkish Jackson Hole speech which kicked off a sharp decline to new lows. Additionally, the tech-laden index is on track for a third-straight weekly gain. E-mini Nasdaq 100 futures are edging up in premarket trade suggesting the Composite can attempt to build on its gains when Friday's session kicks off:
The IXIC ended Thursday at 12,328.507 which was its
second-straight close above its September 12 intraday high at
12,270.189. That high had capped strength for 165 consecutive
trading days through Tuesday of this week.
The Composite now faces the 38.2% Fibonacci retracement of
its March 2020-November 2021 advance, which should now act as
resistance, at 12,552.36. The February-March 2022 lows should
also now be hurdles in the 12,555-12,588 area.
The Intraday high on the day of Fed-Chair Powell's August 26
Jackson Hole speech was 12,655.836, or about 2.7% above
Thursday's close.
Since mid-March of this year, the rising 50-day moving
average (DMA), which ended Thursday at 11,905, has contained
IXIC weakness.
Of note, the Nasdaq's daily advance decline line, since
hitting a new low a week ago Thursday, has been attempting to
stabilize. That said, it remains below its descending 50-DMA as
the great mass of Nasdaq stocks have been lagging, while the
biggest growth names continue to underpin strength.
The IXIC is up about 18% in 2023, vs about a 45% surge in
the NYSE FANG+TM index . With this, S&P 500 growth has strengthened further relative to S&P 500 value .
In fact, this week, the IGX/IVX ratio ended Wednesday and
Thursday back above its 200-DMA. Wednesday's finish above this
long-term moving average was the ratio's first since January 12,
2022.
(Terence Gabriel)
*****
FOR FRIDAY'S LIVE MARKETS POSTS PRIOR TO 0900 EDT/1300 GMT - CLICK HERE
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
IXIC05122023 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
