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Tech Giants' Earnings in Focus as S&P 500 Peaks
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S&P500 Cash Index
Source: Trading view 4H Chart
On Monday, Wall Street indices traded higher, with the tech sector leading the charge. Semiconductor stocks rebounded after last week's sell-off, boosting the S&P 500 and Nasdaq-100. Things are heating up for tech stock traders as we enter a crucial phase of the Wall Street earnings season, with Big Tech companies set to release their reports.
Yesterday, Alphabet and Tesla released their Q2 financials, causing a jolt in the markets. These announcements, along with others, are continuing to influence market sentiment.
Gold retreats from all time high
Gold prices have experienced a modest pullback from their recent all-time highs but continue to trade above the crucial $2,400 per ounce level. This consolidation phase followed a period of strong gains which saw the price of the commodity reached a high of over $2480.
Currently the price is down around 3% from that high and as political uncertainty continues to increase, we could be seeing a rise in volatility not just in commodities like gold but in most markets.
GBPUSD falls below 1.29 for the first time in around 2 weeks
Following the recent elections in the UK which saw a landslide victory for the Labour party, the GBP gained almost 2.5% breaking above the key 1.30 resistance for the first time in a year. It seems investor confidence increased significantly as many viewed the previous Tory government unstable and unpredictable.
Yesterday, we saw a pullback on the GBPUSD pair, which fell below the 1.29 level. While part of the movement was driven by USD strength, it remains possible for things to change in the short term as 1.29 could prove to be an important support/resistance level.
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