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MARKET WATCH: 22nd May 2024

BY LAWRENCE J. | Updated May 22, 2024

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Financial Analyst/Content Writer, RADEX MARKETS Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS. read more
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Relatively muted markets so far this week in the absence of any substantial economic news. Although the S&P 500 and Nasdaq Composite both hit new all-time highs on Tuesday, the moves were hardly staggering, the indices gaining 0.25% and 0.22% respectively. Currencies were flat over the past couple of sessions but that could soon change after the release of the FOMC minutes later today.

Metals added slightly to their tallies on Monday, with gold in particular reaching intra-day highs of $2,450 an ounce before settling at $2,425. Silver attacked the $32 level relentlessly over the last two sessions but ultimately could not get the close above it. Oil was one of the biggest movers on Tuesday, with Brent Crude and West Texas Intermediate falling to $82 and $78 a barrel respectively.

Barring the obvious influence of the FOMC minutes later today, the earnings report from semiconductor giant Nvidia is also on the menu. If the report contains any significant surprises, it could have an impact on tech stocks at large, although the report is not set to drop until after stock markets close for the day. Thursday will provide the bulk of this week’s data releases, in the form of manufacturing and services PMI numbers out of a number of European countries and the US. We also have US jobless claims to parse through on Thursday, which should provide more clarity on the state of the labour market and by extension, the US economy in general.

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