US tech stocks pushed higher in trading overnight as Nvidia powered back after taking hits over the last few days, the chipmakers stock gained over 5% to pull both the S&P and Nasdaq higher while again the Dow decoupled from the other two major indices and finished well in the red.
The dollar gained ground again as Fed comments once again pushed out rate cut hopes and Consumer Confidence data beat expectations. Oil prices dropped as demand expectations continue to see-saw and a stronger dollar weighed, whilst bullion prices also fell back.
Its another quiet event calendar day ahead for traders with the Australian CPI the highlight of the day and likely to promote volatility down under. However, traders are expecting more rangebound conditions ahead of Friday’s key inflation report out of the US.
| Market | Change | Close |
| Dow | -0.76% | 39,112 |
| S&P | +0.39% | 5,490 |
| Nasdaq | +1.26% | 17,717 |
| USD | +0.1% | 105.72 |
| US Treasury – 2 Year | +0.4 bps | 4.738% |
| US Treasury – 10 Year | -0.8 bps | 4.240% |
| Oil – Brent | -1.2% | $85.01 |
| Oil – WTI | -1.0% | $80.83 |
| Gold | -0.6% | $2,312 |
Today’s Events:
Asian Session
- 11.30 am – Australia – CPI Data
US Session
- 12.00 am – US – New Home Sales Data
