S&P 500, Dax 30 Bounce – Is the Stock Market Retreat Over?
The S&P 500 and Dax index ended last week bearishly with Nvidia stock down 10%. But equities turned bullish today
The S&P 500 and Dax index ended last week bearishly with a significant decrease, with Nvidia stock down 10%. However, equities are looking bullish today, with the S&P US500 gaining more than 1.5% and climbing above 5,000 points again.
S&P 500 Chart Daily – The 100 SMA Held in the First Attempt
So, after the retreat of the last two weeks, with the decline picking up pace, particularly last week, the S&P 500 and DAX 30 indices might have formed a bottom, which means that the decline is over and the situation seems good to go long. The mood appears to have shifted to a more bullish tone today, with the
US500 index climbing to 5,030 points from $4,960 at the start of the US session. This turnaround suggests a shift in investor sentiment towards equities, potentially driven by positive market developments or improved outlooks for certain sectors or companies.
Initially, stock markets opened higher but then fell in the first few hours of trading before reversing back up. As we head into the US close, it’s clear that bulls are declaring victory. Investors are also awaiting the earnings reports from steel giants Nucor and Cleveland-Cliffs, which could shed light on the industrial economy and auto demand. However, the major earnings reports are expected tomorrow morning from companies like UPS, GE, GM, Spotify, Tesla and Visa. These earnings reports could have a significant impact on market sentiment and direction.
European Stock Indices Close in Gain, but Not Italy
It seems like European equities had a mixed performance, with some indices posting gains while others experienced losses. The FTSE 100 in the UK led the way with a significant gain of 1.7%, followed by the Stoxx 600 and the German DAX, both rising by 0.6%. However, the Italian MIB index saw a decline of 0.7%. The French CAC index posted a modest gain of 0.2%, while the Spanish IBEX index recorded a notable increase of 1.5%. Overall, the market movements reflect a varied performance across different European markets.
S&P 500 Live Chart
[[US500-graph]]
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