Stocks mixed ahead of US producer prices data - 14.3.2024

Senior Analyst

Articles:1078

Todays’ Market Summary

The Dollar strengthening has resumed
The US stock index futures are higher currently
Gold prices are edging lower

Top daily news

Global equity indexes are pointing in opposite directions currently ahead of US producer prices report at 13:30 CET today after Wall Street closed mixed on Wednesday. Tesla shares sank 4.54% underperforming the market as Wells Fargo said the EV maker is likely to see no sales growth in 2024, Nvidia shares slid 3.18% on Wednesday after the Bank of America increased the company's price target to $1,100 from the previous $925 while maintaining a "Buy" rating on the stock.

Open Account Try Free Demo

Forex news

The Dollar strengthening has resumed currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slid 0.2% Wednesday.

GBP/USD joined EUR/USD’s accelerated climbing yesterday as Office for National Statistics data showed UK services sector growth and a bounce in construction output resulted in a return to moderate growth in UK economy in January. Euro is lower against the dollar currently while Pound is higher. USD/JPY slowed it advancing while AUD/USD reversed its retreating on Wednesday with both the yen and the Australian dollar lower against the Greenback currently.

Stock Market news

The US stock index futures are higher currently ahead of US wholesale prices and retail sales reports at 13:30 CET today. The three main US stock indexes ended mixed on Wednesday in the range from -0.5% to 0.1% with energy shares leading gains.

European stock indexes futures are mixed currently after indexes closed marginally higher yesterday with retail shares leading gains. Asian stock indexes futures are mixed today with Hong Kong’s Hang Seng Index leading losses ahead of new loans data from China.

Commodity Market news

Brent is edging higher presently. Prices ended about 3% higher yesterday as the US Energy Information Administration (EIA) reported US crude stockpiles fell by 1.5 million barrels last week while gasoline stockpiles were drawn down by larger than expected 5.7 million barrels - the sixth straight week of drawdowns. The US oil benchmark West Texas Intermediate (WTI) futures rose 2.8% and is higher currently. Brent crude added 2.6% to $84.03 a barrel on Wednesday.