US equities climb after US GDP beat, S&P closes at record high once again

Source Fxstreet
  • US stocks rally after US GDP prints above expectations.
  • US PCE Price Index inflation due on Friday.
  • Fed slated for another rate call next Wednesday.

US equity indexes climbed into fresh record highs on Thursday after US economic data beat the street with US Gross Domestic Product (GDP) growing faster than median market forecasts anticipated.

US annualized GDP grew by 3.3% in the fourth quarter, well above the forecast 2.0% but still below the previous quarter’s 4.9%, driving markets into a buying frenzy and pinning stocks into record highs.

US data will cap off the trading week with US Personal Consumption Expenditure (PCE) Price Index numbers on Friday. December’s MoM PCE is forecast to tick up slightly to 0.2% from the previous month’s 0.1% in a year-end inflation rebound, but the annualized PCE is expected to tick lower to 3.0% from 3.2% as overall inflationary pressure through the year continues to ease.

Swaps markets are still pricing in a first Federal Reserve (Fed) rate trim in May, with money markets betting on 140 basis points in overall rate cuts through 2024.

The Dow Jones Industrial Average (DJIA) climbed 0.64% to close up 242.74 points at $38,049.13, while the NASDAQ Composite index rose 28.58 points to close in the green 0.18% at $15,510.50.

The Standard & Poor’s (S&P) 500 major equity index closed at an all-time high for the fifth consecutive trading day, gaining 25.61 points and closing at $4,894.16 as the index continues to inch towards the major $5,000.00 handle.

S&P Technical Outlook

The S&P gained on Thursday to hit its highest closing bid ever, setting a fifth consecutive daily close in record territory. Intraday price action saw support from the 50-hour Simple Moving Average (SMA) near $4,870.00, with a near-term technical floor at the 200-hour SMA rising into $4,800.00.

The S&P 500 is up nearly 20% from the last major swing low into $4,102.00 in late October, and the index has ridden a bullish technical rejection from the 200-day SMA into record highs with an immediate technical barrier at the 50-day SMA approaching the $4,700.00 handle.

S&P Hourly Chart

S&P Daily Chart

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Ethereum Drops Below $2,000 After Plunging Over 20% in a Month as Odds of $1,500 Retest SurgeEthereum Plunges Over 20% in a Month, Risking a Retest of $1,500 After Losing the $2,000 Defense Line.On November 13, Ethereum (ETH) plunged more than 5%, officially falling below the key
Author  TradingKey
8 hours ago
Ethereum Plunges Over 20% in a Month, Risking a Retest of $1,500 After Losing the $2,000 Defense Line.On November 13, Ethereum (ETH) plunged more than 5%, officially falling below the key
placeholder
Gold Price Forecast: Gold Tumbles Below $3,900 as Trump Says No Need for Iran Deal; Can October PPI Spur a Rebound? As of the Asian session on Friday (November 13), gold prices (XAUUSD) rebounded intraday following Thursday's sharp decline, trading near $3,910. Previously, gold tumbled 2.76% on Thursda
Author  TradingKey
10 hours ago
As of the Asian session on Friday (November 13), gold prices (XAUUSD) rebounded intraday following Thursday's sharp decline, trading near $3,910. Previously, gold tumbled 2.76% on Thursda
placeholder
Brent rose 3.3% and US crude stocks built 4.66 million barrels in the same weekBrent January settled at 95.82, up 3.3%, and WTI at 88.74, up 2.55%, after the US signalled it would not pursue a deal with Iran and attacks on Gulf shipping continued. In the same week, EIA data showed US crude inventories rising 4.657 million barrels against expectations of a 1.1 million draw, with gasoline up another 1.799 million. OPEC output also rebounded 1.96 million barrels a day to 27.16 million in October, led by Saudi Arabia at 10.56 million. This piece separates the geopolitical premium from the physical balance and lays out where each side of the trade is anchored.
Author  Irene Q.
14 hours ago
Brent January settled at 95.82, up 3.3%, and WTI at 88.74, up 2.55%, after the US signalled it would not pursue a deal with Iran and attacks on Gulf shipping continued. In the same week, EIA data showed US crude inventories rising 4.657 million barrels against expectations of a 1.1 million draw, with gasoline up another 1.799 million. OPEC output also rebounded 1.96 million barrels a day to 27.16 million in October, led by Saudi Arabia at 10.56 million. This piece separates the geopolitical premium from the physical balance and lays out where each side of the trade is anchored.
placeholder
Gold hit a one-year low while central banks bought 321 tonnes — the sellers were never the ones you thinkSpot gold closed at 3,876 on Thursday, down 2.8% and its lowest close in more than a year, with an intraday low near 3,852. The dollar is at a 19-month high of 103.21 and the 10-year yield is at 5.10%, so the price move is easy to explain. What is harder to explain is who sold: central banks bought 321 tonnes in Q3, the PBoC added for a 24th straight month, ETF holdings are near a record 4,256 tonnes, and roughly 95% of the futures selling came from non-reportable and sovereign-type accounts rather than hedge funds. This piece separates the two books that have to balance.
Author  Irene Q.
14 hours ago
Spot gold closed at 3,876 on Thursday, down 2.8% and its lowest close in more than a year, with an intraday low near 3,852. The dollar is at a 19-month high of 103.21 and the 10-year yield is at 5.10%, so the price move is easy to explain. What is harder to explain is who sold: central banks bought 321 tonnes in Q3, the PBoC added for a 24th straight month, ETF holdings are near a record 4,256 tonnes, and roughly 95% of the futures selling came from non-reportable and sovereign-type accounts rather than hedge funds. This piece separates the two books that have to balance.
placeholder
Today’s Market Recap: Nvidia Drops Over 4% After Jensen Huang Resigns, AMD and Broadcom Both Rise Over 5% On November 12, the three major U.S. stock indices closed slightly lower. Nvidia announced that Jensen Huang had stepped down immediately as CEO and director, draggi
Author  TradingKey
15 hours ago
On November 12, the three major U.S. stock indices closed slightly lower. Nvidia announced that Jensen Huang had stepped down immediately as CEO and director, draggi
Related Instrument
goTop
quote