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US stocks rallied yesterday after last week’s losses. The willingness to take risks was supported by the easing of tensions in the Middle East. Investors are focused this week on the financial results of major technology companies and the partial report on inflation. The US dollar was unchanged.
The Dow Jones index, which includes shares of thirty leading American companies, gained 0.67 percent yesterday and ended trading at 38,239.98 points. The broader S&P 500 index rose 0.87 percent to 5,010.60 points and the Nasdaq Composite index, which includes many companies from the advanced technology sector, rose 1.11 percent to 15,451.31 points.
Large-cap growth stocks did well. Alphabet increased by 1.4 percent, Amazon by 1.5 percent and Apple by 0.5 percent. Chipmaker Nvidia added 4.35 percent after falling 10 percent in the previous session. Tesla shed 3.4 percent after cutting the prices of its electric cars in major markets.
This week, the spotlight will be on quarterly results from Tesla, Meta Platforms, Alphabet and Microsoft. Data on their management, according to , will report on the state of the US economy and could further test the growth of the stock market.
The US dollar hit a new 34-year high against the Japanese yen yesterday, rising to 154.85 USD/JPY. The dollar is being helped by indications from the US central bank (Fed) that the current high interest rates will have to remain in place for longer. The Bank of Japan (BOJ) will decide on monetary policy on Friday.
Last night, the dollar index, which tracks the performance of the US dollar against a basket of six major world currencies, lost 0.1 percent to 106.07 points. The euro was unchanged against the US dollar, trading at 1.0656 EUR/USD.
Development of the currency pair EUR/USD (1-hour chart – H1):
Development of the currency pair USD/JPY (1-hour chart – H1):
Development of the USDX dollar index (1-hour chart – H1):
Source: , ČTK, MT4
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