Market news summary
Bank of America announced that it exceeded expectations in the second quarter with profits and revenues. The bank reported a 19% increase in profits to $7.41 billion, or 88 cents per share, compared to $6.25 billion, or 73 cents per share, a year ago.
European indices closed higher at the end of Tuesday’s session, with Swiss stocks rising as Novartis, the global pharmaceutical company, adjusted its expectations. However, Tele2, the Swiss telecommunications company, saw a decline in its stock, pushing the telecom sector index to its lowest level in over six months.
The STOXX600 index ended the trading session up by approximately 0.62% at 460 points. Novartis’ pharmaceutical stock rose by around 4.6%, contributing to the overall increase. The French CAC index increased by 0.38% to reach 7,319 points, while the German DAX jumped by approximately 0.35% to 16,125 points. The UK’s FTSE index closed with gains of around 0.64% at 7,453 points.
Dollar Index (USDX)
The dollar index recorded its lowest level in over a year following the release of US data supporting the Federal Reserve’s pause in raising interest rates.
Currently, the dollar index is trading near the 99.75-dollar level.
Pivot point: 99.50
| Resistance level | Support level |
| 99.85 | 99.25 |
| 100.10 | 98.95 |
| 100.40 | 98.70 |
Spot Gold (XAUUSD)
Gold prices rose over 1% at Tuesday’s close, reaching their highest level in 6 weeks, supported by a decline in the dollar and Treasury bond yields.
Spot gold increased by 1.3% to $1,979.19 per ounce, reaching its highest level since late May. Meanwhile, US gold futures rose 1.3% to $1,980.80 at the settlement.
Pivot point: 1970
| Resistance level | Support level |
| 1990 | 1960 |
| 2002 | 1942 |
| 2020 | 1930 |
Dow Jones Index (DJ30ft – US30)
US indices closed with strong gains in yesterday’s Tuesday session, supported by better-than-expected earnings in the banking sector. The S&P 500’s bank index reached its highest level of the day since March 10, when the start of the small bank’s crisis triggered sharp selloffs in the sector. Additionally, the regional bank index jumped to its highest level of the day since March 22.
The Dow Jones rose by 1.06%, equivalent to approximately 366 points, achieving its seventh consecutive daily increase and the longest streak of daily gains in over two years. It closed at its highest level in 15 months.
Pivot point: 34990
| Resistance level | Support level |
| 35295 | 34815 |
| 35475 | 34510 |
| 35775 | 34335 |
US Crude (USOUSD)
Oil prices rose at the close of trading on Tuesday, July 18, for the first time in three sessions, as prices received support from expectations of limited global and US supplies.
At the settlement, Brent crude futures rose by approximately 1.4% to $79.64 per barrel, while US crude futures increased by 2.2% to $75.75 per barrel.
Pivot point: 75.15
| Resistance level | Support level |
| 76.45 | 74.40 |
| 77.20 | 73.05 |
| 78.50 | 72.30 |
Risk Warning
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