Main US inventory indices closed with losses on Tuesday [21/22], after the Federal Open Market Committee (FOMC) revealed all coverage makers agreed that financial coverage ought to stay restrictive for a while and a few disappointing company earnings outcomes weighed on the general market. As well as, semiconductor shares had been weaker as they declined after Monday’s sharp positive aspects.

The US30 closed down -0.18% with Intel Corp down -2.47%. The US100 misplaced -0.58% as Sirius XM Holdings shrank -5.64%. The US500 fell -0.20%, whereas Jacobs Options plummeted -8.69% after its 2024 adjusted EBITDA forecast was under consensus. 7 out of 11 S&P sectors ended decrease, led by declines by the know-how, actual property and shopper sectors.

The minutes of the 31 October-1 November FOMC assembly had been impartial to barely hawkish – all contributors agreed that the committee is able to proceed cautiously, and that coverage selections at every assembly will proceed to be primarily based on the totality of incoming info and rates of interest will stay restrictive for a while.

After the newest earnings report from Nvidia, its share value fell greater than 1% in prolonged buying and selling after beating expectations, however warned in opposition to export restrictions in China. The market response to the chipmaker’s sturdy earnings could possibly be a sign that the inventory is overvalued.

Nvidia Corp. mentioned that its income for the third quarter of fiscal 2024 skyrocketed 206% to $18.12 billion on an annualised foundation, beating market estimates. With working bills of $2.9 billion, web earnings for the three months to 29 October jumped 1,259% to $9.2 billion, or $3.71 per diluted share. Nvidia’s Information Centre income jumped 279% to $14.51 billion from a yr in the past, adopted by will increase in Gaming, Skilled Visualisation and Automotive of 15%, 10% and three% respectively. Relating to steering, Nvidia expects income of $20 billion in This autumn, representing income progress of almost 231%.

The value of #NVIDIA closed at $499.88 in yesterday’s buying and selling, nonetheless inside the vary of bullish factors.

Shares of #Microsoft had been flat in after-hours buying and selling. The inventory fell -1.2% to $372.91 on Tuesday, inside the $366.78 cup-base assist vary. An extended pause would assist the shifting averages catch up. The OpenAI drama continues to be not over, however evidently Microsoft will strengthen its capabilities ultimately. Shares of #AMD declined barely in prolonged buying and selling, slipping -1.9% to $119.15 on Tuesday. Rival Nvidia now has necessary assist at $111.80. Google #Alphabet-A shares had been flat late within the session, edging up 0.5% on Tuesday to $136.97. Shares of #Meta misplaced a small portion in a single day. Shares edged down -0.9% to $337.01 and have been in a consolidation purchase zone since late July.

Technical Assessment

The #USA100 nonetheless maintains its optimistic bias above the 52-week EMA and sits above the 15946.40 resistance. The weekly candlestick form’s look continues to be strongly to the upside, however it might drop pounds as the scale is getting smaller, which is comprehensible as traders are typically cautious as the worth approaches the 16767.80 ATH peak.

The golden-cross of 26/52-day EMA nonetheless validates the worth motion, however the value clearly appears to be like overbought. A transfer above the current excessive would affirm the continuation of the bullish pattern from the bullish flags’ 14054.80 rebound for the FE61.8% projection [from 11683.10-15946.40 drawdown and 14054.80 at 16689.52]. Nonetheless, a transfer under 15747.10 intraday assist can’t be dominated out both as a result of sentiment components. And if that occurs, then the USA100 might enter a consolidation section later this month.

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Ady Phangestu

Market Analyst – HF Academic Workplace – Indonesia

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