Market News
Wall Street stocks closed lower on Thursday as markets were stunned by data showing slower-than-expected U.S. economic growth and persistent inflation, coupled with a sell-off in large cap stocks triggered by disappointing results from Meta Platforms.
Data on Thursday showed that the U.S. economy grew at its slowest pace in nearly two years in the first quarter while inflation accelerated, dampening hopes that the Federal Reserve would begin cutting interest rates this year.
Shares of Alphabet and Microsoft were advancing in extended hours trading after both companies reported quarterly results that beat Wall Street estimates. Intel forecast second-quarter revenue and profit below market estimates, sending its shares down 8% in extended hours trading.
Market Views
Asia Pacific stocks rose on Friday, buoyed by gains in the technology sector as investors cheered strong earnings from Microsoft and Alphabet, although anticipation of more cues on interest rates kept sentiment in check. Hang Seng index rose 343 points and Nikkei 225 index gained 265 points.
Softer-than-expected consumer price index inflation data from Tokyo further added to the uncertainty. The BOJ kept its benchmark policy rate at 0%-0.1% as expected. Japan’s central bank also said it will continue to conduct bond purchases in line with the March decision.
Dow Jones Index(CFD Symbol: US30)
Trend:
Recommendation: Short @ 38,550
Last: 38,136
Target price: 38,320 filled
Protective stop: 38,600
OutlookPrice rebounded from its daily Fibonacci 62% correction point. The chart outlook remains bearish unless it penetrates above 38,260. Stochastic is rising and MACD has turned bullish.
Trading IdeaSell 38,550 for 38,320 with a stop above 38,600. Entry and profit orders were filled on 24 Apr
Hang Seng Index(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 17,609
Target price:
Protective stop:
OutlookPrice broke out its sideway consolidation zone, hinting at the increased upward momentum. The 20EMA is rising, hinting at more upside ahead. MACD is bullish and Stochastic is rising. These could increase chances of the stock price moving higher.
Trading IdeaBuy 17,170 for 18,150 with a stop below 17,030
Nasdaq 100 Index(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 17,635
Target price:
Protective stop:
OutlookPrice is currently trading at its previous high resistance zone. We are likely to see price penetrating this zone to move higher to 17,780. Stochastic is rising and MACD remains bullish.
Trading IdeaWait for better trading idea
DAX Index(CFD Symbol: GER40)Trend:
Recommendation:
Last: 17,993
Target price:
Protective stop:
OutlookPrice was capped by its previous price high resistance zone. It could be forming a potential bearish flag pattern, hinting at more downside ahead once breakout. Stochastic has a bearish crossover but MACD remains bullish.
Trading IdeaWait for better trading idea
