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In our blog
Why Are U.S. Equities Defying Gravity in 2026?
Despite rising geopolitical tensions, stubborn inflation, elevated oil prices, and uncertainty surrounding Federal Reserve policy, U.S. stock markets continue to climb to record highs.
US500 (SP500) 1 HOUR
- Record high tested and holding (high extended by 1 pip to 7436)
- As noted yesterday, it is either consolidation (within 7345-7435) or retracement unless a new record high is made.
- On the downside, 7392 needs to hold to prevent momentum building for a run at Tuesday’s 7345 low.(and 7322 below it)
- On the upside, 7428 blocks exposing 7430
US PRE-MARKET MOVERS: NVDA, MU, BABA, NXT, NBIS, SATS, WIX
ES +0.2% NQ +0.7% RTY +0.2%
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Forex Market Snapshot
A bit of a disconnect with the USD trading firmer while US stocks firm as well (US500 retesting its record high, NAS100 still below its all-time high) and crude oil bounces after backing off from yesterday’s highs..
EURUSD has been an underperformer with EURGBP selling weighing on the currency while GBPUSD follows with a lag.
So watch the cross and EURUSD 1.17 (psychological) with key supports below it.
COMING UP: Data: Swedish Inflation Final (Apr), French Inflation Final (Apr), EZ Employment Change (Q1), Industrial Production (Mar), GDP 2nd Estimate (Q1), US PPI (Apr). Events: BoC Minutes (Apr), IEA OMR (May), OPEC MOMR (May), Riksbank Minutes (May). Speakers: BoE’s Mann; Fed’s Collins, Kashkari; ECB’s Lane, Lagarde. Supply: Australia, Italy, Germany, and the US. Earnings: Cisco Systems, Alibaba, Siemens, Deutsche Telekom, Allianz, E.On, Merck, RWE. (Newsquawk)
Newsquawk US Market Wrap: Stocks swing as energy prices climb and tech sees profit taking
SNAPSHOT: Equities mixed, Treasuries down, Crude up, Dollar up, Gold flat
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