US STOCKS: Midday Equities Roundup: Carry-Over Support in Nasdaq
Sep-03 15:34
Stocks trade mixed ahead midday Wednesday, the tech-heavy Nasdaq index outperforming as hardware makers trade strong in the first half. Currently, the DJIA trades down 159.35 points (-0.35%) at 45139.36, S&P E-Minis up 19 points (0.3%) at 6444.25, Nasdaq up 173.6 points (0.8%) at 21453.24.
Late Tuesday buying in tech and communication services sectors carried over to the current session with Alphabet (+8.78%) and Apple (+2.93%). Other leading gainers included: The Campbell's Company +4.39%, Tesla +3.71%, Paramount Skydance +3.25%, DoorDash +3.14% and Western Digital +3.10%.
Conversely, Energy and Industrial sector shares led decliners in the first half, oil and gas shares reversing the prior session gains as crude prices fell (WTI -1.64 at 63.95): ConocoPhillips -4.49%, Halliburton -4.32%, APA Corp -4.19% and Diamondback Energy -3.71%.
Capital goods shares weighed on the Industrials sector: Axon Enterprise -2.58%, Boeing -2.06%, Carrier Global -1.80% and Deere & Co -1.57%.
FOREX: AUDUSD Outperforms amid Broad Dollar Weakness, Nears 0.6569 Level
Sep-03 15:34
Alongside the aforementioned strength for AUDNZD, the latest leg lower for the dollar following the soft JOLTS release has allowed AUDUSD to extend its grind higher. More stable risk sentiment is bolstering the renewed optimism, placing the pair within 10 pips of the weekly highs at 0.6560.
As a reminder, the Australian Q2 GDP was stronger than both the RBA and consensus expected, which places AUD as one of the best performing G10 currencies, alongside the Scandies. Marginally hawkish commentary from RBA’s Bullock provides an additional Aussie tailwind.
Technically, AUDUSD bullish conditions are intact and sights remain on 0.6569, the Aug 14 high. Clearance of this level would expose key resistance and the bull trigger at 0.6625, the Jul 24 high.
Australian trade balance data for July is due on Thursday, as well as household spending figures. Consumer and business confidence indicators are scheduled next week.