market news summary
The annual inflation rate in the United States rose for the second consecutive month to 3.7% in August from 3.2% in July, which is higher than the market’s expectations of 3.6%. This increase was attributed to the impact of rising oil prices.
Additionally, Arm, the company that designs chips supplying core technology to companies including Apple and Nvidia, has set the share price for its initial public offering (IPO) at $52 per share. Based on this price, the market capitalization of Arm, including outstanding restricted stock units, is estimated to be approximately $55.5 billion.
Dollar Index (USDX)
The dollar index rose against major currencies after U.S. inflation data and Labor Department figures showed the Consumer Price Index (CPI) in the United States increased at the fastest pace in 14 months in August. However, expectations strengthened that the Federal Reserve would keep interest rates unchanged at its monetary policy meeting on September 19 and 20 following the data.
Pivot point: 104.70
| Resistance level | Support level |
| 104.95 | 104.45 |
| 105.20 | 104.25 |
| 105.45 | 104.00 |
Spot Gold (XAUUSD)
Gold prices fell on Wednesday with the rise of the dollar, but increasing expectations that the Federal Reserve will leave interest rates unchanged at its meeting next week restrained the downward trend for gold.
Gold prices in spot trading decreased by 0.2% to $1,909.83 per ounce, but they recovered some of their losses, down 0.4%, following the release of U.S. Consumer Price Index (CPI) data.
Pivot point: 1909
| Resistance level | Support level |
| 1913 | 1903 |
| 1919 | 1899 |
| 1924 | 1893 |
Dow Jones Index (DJ30ft – US30)
U.S. indices closed with mixed results on Wednesday, supported by the shares of large-cap growth companies that benefited from expectations of a stable interest rate in September following the release of inflation data.
The Dow Jones Index declined by 0.2%, equivalent to 70 points, marking its second consecutive daily loss, with 6 out of 8 major sectors posting losses, led by the industrial sector, which declined by 1.6%.
On the other hand, the S&P 500 and Nasdaq indices rose by approximately 0.1% and 0.3%, respectively, driven by gains in major technology stocks such as Amazon and Microsoft. However, Apple continued its losses for the second consecutive session after unveiling new iPhone devices on Tuesday, with prices remaining unchanged.
Pivot point: 34635
| Resistance level | Support level |
| 34755 | 34485 |
| 34910 | 34360 |
| 35035 | 34210 |
US Crude (USOUSD)
Oil prices fell on Wednesday after earlier hitting their highest level in ten months, as data showed an unexpected increase in U.S. crude inventories, overshadowing expectations of continued crude supply tightness for the rest of the year.
Brent crude futures declined by 18 cents to settle at $91.88 per barrel. The highest price recorded during the session, at $92.84 per barrel, was the highest since November. Meanwhile, U.S. West Texas Intermediate crude dropped by 32 cents to $88.52 per barrel. Its highest price during the session, at $89.64 per barrel, was also the highest since November.
Pivot point: 88.90
| Resistance level | Support level |
| 89.55 | 88.20 |
| 90.25 | 87.55 |
| 90.90 | 86.85 |
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