Dow Futures Rise, NVidia Eyes $1 Trillion Club
30 May 2023
Dow futures advanced 55 points, and NVidia will reach the $1 trillion club.
Following a possible agreement on a plan to raise the debt ceiling to prevent a default, U.S. markets are expected to begin higher on Tuesday. NVidia may also join the $1 trillion club.
Dow Futures’ contract increased by 55 points or 0.2%.
The United States’ borrowing ceiling will be suspended for a couple of years after Democratic President Joe Biden and top congressional Republican Kevin McCarthy tentatively agreed to do so over the weekend. This resolves the matter ahead of the upcoming presidential election, which could be contentious, and prevents a default that would have had catastrophic global economic effects.
Despite being diverse, last week’s stock market surge concluded on a positive note. As of Wednesday, the indicators were significantly lower. Then, technology exploded as NVidia rise, propelling chips and artificial intelligence games to new heights. Markets on Friday were also boosted by indications of movement on a debt ceiling agreement. Even so, the overall weekly movement was uneven, with breadth occasionally being startlingly anaemic and several top stocks underperforming.
Investors will also pay close attention to the May jobs report, which is announced on Friday, as well as the Bureau of Labour Statistics’ April Job Openings and Labour Turnover Survey, which is released on Wednesday. On Tuesday and Wednesday, respectively, HP Inc. and Salesforce are expected to report their quarterly financial results.
DOW JONES TECHNICAL ANALYSIS DAILY CHART:
Dow Jones is currently trading in the down channel.
Dow Jones is currently trading below 20&50 SMA.
RSI is in buying zone which suggests bearishness and Stochastic is suggesting a downtrend.
Immediate resistance is at 33226.36 & its immediate support level is 33090.35
HOW TO DOW JONES SENG IN THIS WEEK
Dow Jones is now trading in a downtrend. Currently, it is trading around a crucial support level; if this level is broken and the price remains below it, additional price declines are to be expected.