NASDAQ 100 INCHES DOWN AHEAD OF TRUMP-XI MEET
Nasdaq 100 futures are currently trading at 7672- lower by 0.17% as compared to the previous close. The index Futures closed in negative territory in the last trading session also.
In the cash markets, the benchmark index dropped 0.09% to 7,649.47 at the time of writing.
U.S. equities advanced today, bolstered by bank stocks, as investors looked ahead to a key meeting between President Donald Trump and his Chinese counterpart Xi Jinping. Both the countries’ Presidents are scheduled to meet on Saturday at the G-20 summit in Japan.
The U.S. President said he hoped for productive talks with the Chinese president. President Trump also said he had not made any promises about a reprieve from tariff hike.
Index-member Western Digital stocks today were on track for their best weekly gain in about seven years. Stocks surged as investors considered a power outage at one of the company’s flash memory production facilities as good news given the glut in memory chip inventories.
Stocks of banks rose today after they passed the Federal Reserve’s annual stress test and got approval to boost dividends and share repurchase programs.
On the other hand, Apple’s stocks dropped 0.85% after the company announced its chief design officer Jony Ive will leave later this year to start his own independent design firm.
Biogen dropped 2.45% after its stocks were downgraded to Neutral from Overweight at Piper Jaffray.
The benchmark index recorded 59 new 52-week highs and 30 new lows. The benchmark index is up 7.4% month to date.
On the economic front, the Core PCE Price Index (MoM) for May released earlier today came in at 0.2%. The index change was in line with market expectation. In addition, the Michigan Consumer Sentiment Index for June released earlier today came in at 98.2. The index reading was above the consensus estimates of 98.0.
On the technical front, the RSI is currently at 58.47% and suggests that the market can continue trading sideways. The current price is below the MA5. The current price is above the middle line of the Bollinger bands but is heading downwards.
Overall Bias is Negative and Short-term trades can be initiated with tight Stop Loss and Take Profit targets.
Trade Suggestion-Limit Sell At 7678, Take Profit At 7648 Stop Loss At 7693