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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

25 October

Market News Summary

Microsoft shares surged by approximately 5% in after-hours trading following the release of the American company’s first-quarter earnings results for 2022. The company reported earnings per share of $2.99, surpassing earlier market expectations of $2.65 per share. Additionally, their revenues amounted to $56.52 billion, exceeding the projected $54.50 billion.

Alphabet also recorded an 11% revenue growth in the third quarterly period of the current year, driven by a recovery in advertising revenue. This marked the first time in over a year that they achieved such a feat. Earnings per share for Alphabet were $1.55, outperforming analysts’ earlier estimate of $1.45 per share. As for revenues, they reached $76.69 billion, surpassing the projected $75.97 billion by analysts.

Dollar Index (USDX)

US Dollar Index chart on 25 October 2023

The Purchasing Managers’ Index (PMI) in the industrial sector recorded 50 points in October, while experts had expected it to be at 49.5 points. The previous reading was at 49.8 points. Additionally, data from the Services PMI revealed unexpected figures, with a score of 50.9 points, surpassing expectations of 49.8 points. This is an improvement from the previous reading of 50.1 points, indicating the health of the U.S. economy.

The dollar index is currently trading above its pivot point at $105.99.

Pivot Point: 105.75

Resistance levelSupport level
106.40105.45
106.75104.80
107.40104.40

Spot Gold (XAUUSD)

Spot Gold chart on 25 October 2023

The data from the American Purchasing Managers’ Index (PMI) released yesterday contradicted expectations, providing further insights into the Federal Reserve’s future monetary policy.

The data released on Tuesday has encouraged the Fed to continue its tight monetary policy. All three indicators rose more than expected and exceeded previous readings, indicating that the economy remains strong.

Pivot Point: 1968

Resistance levelSupport level
19831955
19951940
20101928

Dow Jones Index (DJ30ft – US30)

DOW JONES Index chart on 25 October 2023

The U.S. indices closed with collective gains in Tuesday’s session, supported by the decline in bond yields, positive financial results, and strong corporate earnings expectations. A total of 118 companies listed on the S&P 500 index reported their earnings, with 81% of these companies exceeding expectations.

The Dow Jones index rose by approximately 0.6%, equivalent to about 200 points, following four consecutive sessions of losses. The Nasdaq index also increased by about 0.9%, marking its second consecutive daily gain. The S&P 500 index rebounded from its lowest levels in about 5 months, rising by 0.7%. It also managed to close above the 200-day moving average after two consecutive sessions below it.

Pivot Point: 33275

Resistance levelSupport level
3349533130
3363532910
3385532765

US Crude Oil (USOUSD)

US Crude Chart on 25 October 2023

Oil prices remained relatively stable in the early trading on Wednesday, October 25th. This stability was attributed to indications of a reduction in U.S. supplies, offset by economic data that weakened energy demand forecasts.

Brent crude futures rose by two cents to $88.09 per barrel, while West Texas Intermediate (WTI) crude futures for the United States fell by five cents to $83.69 per barrel.

Pivot Point: 84.30

Support levelResistance level
82.3085.65
80.9587.60
78.9588.95

Risk Warning

This article provides real-time market analysis from contributing analysts. Please note that any views expressed in this article do not constitute operational advice. It is important to assess your risk tolerance and make independent trading decisions. STARTRADER holds no responsibility for any trading consequences that may arise from relying on the views expressed in this article.

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