The Dow Jones hit a new all-time high today, surpassing the 42,250 mark for the first time, while the S&P 500 and Nasdaq declined shortly after the opening. The Conference Board's consumer confidence index for September came in below expectations at 98.7, down from 105.6 in August, signalling a drop in consumer sentiment. In response, the dollar index eased, finding support at the 100.6 level, while the 10-year US Treasury yield also decreased, trading at 3.74%.
Base metals surged today after the Chinese government announced a comprehensive monetary stimulus package to revive the economy. This follows the decision to cut short-term interest rates over the weekend, boosting risk-on appetite. Following our comment yesterday, we anticipate that these gains will be short-lived and unlikely to impact the price trend in the near term significantly. However, today's gains have prompted the market to rally, testing the resistance levels not seen since mid-August. Aluminium and copper skyrocketed, breaching key resistance levels of $2,550/t and $9,600/t to $2,566/t and $9,820/t, respectively. Zinc also benefitted the most by being part of the construction complex, jumping above the $3,000/t level to $3,000.50/t. The rest of the complex followed suit higher.
Precious metals performed strongly, with gold reaching another record high, trading at $2,645/oz, and silver appreciating to $31.6/oz. Oil prices saw modest gains, with WTI at $71.2/bbl and Brent crude at $74.8/bbl, amid continued market volatility
All price data is from 24.09.2024 as of 17:30
