It’s the end of the month and quarter week. A lot of strange things can happen during this kind of week. But, today, some bright macro numbers were reported. That’s a good sign for the global economy of course. But, careful, all those September macro numbers will be reported next week anyway.
The first thing, USA’s third quarter GDP shows 2.1%, higher than estimate and surely, it’s a solid number. The second news came from China, IMF have reported today that Chinese economy is stabilizing finally.
Let’s see, the final quarter of 2023 is starting next week.
US stock market have recovered well today.
There were a lot of bargain buyers in the market and solid macro numbers supported the market as well. It’s a good sign that USA’s GDP is still growing and shows some hope for the next year.
DJ Index was up 0.3%, S&P 500 Index was up 0.6% and NASDAQ Index was up 0.8% today. Not a huge recovery but at least stopped fall. But as mentioned, new macro numbers will be revealed next week, and it might be that pretty.
Apple was up 0.2%, Amazon 0.1%, MS was up 0.3% and Tesla was up 0.6%.
US Dollar Index was downed big today, finally. Nothing really happened big today, just the dollar market was too tired to go up further.
US dollar index was downed by 0.5%, ended at 106.13 points. 0.5% fell is the biggest drop in three weeks. It’s the end of the month and end of the quarter week.
A lot of traders need good result on their bookkeeping with enough profits. Today’s break doesn’t really mean anything.
Crude oil markets were in freefall today. Similar tunes as US dollar markets, just profit taking for their book keepings.