US stock indices finally had a good day on Tuesday, driven mainly by strong earnings reports from several major blue-chip companies. The Dow Jones Industrial Average gained 0.62% on Tuesday, enough to reverse the damage done the previous day. Similar story with the S&P 500, which gained 0.73% and the NASDAQ, which was up 0.93% on the day. Traders perhaps grateful to latch onto any good news in these uncertain times.
The Hang Seng and Nikkei 225 attempted to find some semblance of a bottom yesterday, the Japanese index falling as low as 30,551 in search of buyers before reaching back up to close at 31,062. The Hang Seng finished 1.05% in the red on Tuesday but opened high on Wednesday morning at 17,465. European stocks finally broke their recent five-day downtrend but remain on the back foot overall.
The Dollar reacted predictably to news of better-than-expected earnings, EURUSD falling 0.72% on Tuesday, completely erasing the previous day’s gains. There is a lot to look forward to on Thursday as both the Fed Chair and European Central Bank President are set to provide some much-needed clarity on their respective positions on inflation and possible interest rate hikes.
Bitcoin annihilated the $30k resistance it had been hammering against all weekend on Monday as it blasted straight to $33k and beyond. The move extended to other cryptocurrencies, albeit in more muted fashion, with the bitcoin dominance chart hovering around 54% at the time of writing.
Gold finally took a breather early this week as traders once again keep their eye on the Middle East. The lack of further developments so far left oil in a position of weakness, losing 2% on Tuesday.
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