Last week after the Federal Reserve's policy meeting, they kept interest rates unchanged, but are expected to only lower them by 0.25% this year, less than previously anticipated. The pace of rate cuts will still depend on changes in inflation data. After the announcement, last Friday US stocks fell to around 38,300 before finding support, but benefited from the S&P and Nasdaq (mainly driven by AI-related tech companies) continuing to reach new highs, leaving the overall sentiment rather robust. Additionally, due to the window dressing effect towards the end of Q2, the Dow Jones has the potential to challenge the 39,300 level, with support at the 61.8% Fibonacci retracement level from the May mid-month rally, and the early May lows around 37,600 providing further downside support.
Disclaimer
The content and opinions contained in this document are for reference only. Neither any information nor any opinion contained in this report constitutes a solicitation or an offer by Sinostar Asset Management Limited, to buy or sell any securities, futures, options or other financial instruments, or to provide any service or investment advice. The information on which this communication is based has been obtained from sources we believe to be reliable, but we do not guarantee its accuracy, completeness, timeliness or validity. All expressions of opinion are subject to change without notice. In no event will Sinostar Asset Management Limited be liable or have any responsibility for loss of any kind, whether direct, indirect, consequential or incidental, resulting from the act or omission of any third party occurring in reliance upon the contents of this report even if Sinostar Asset Management Limited is aware of such act or omission at the time that it occurs. Users of this document may not reproduce, distribute, disseminate, cite, reprint or provide some or all of the content to third parties without the written permission of the Sinostar Asset Management Limited.
Sinostar Asset Management Limited reserves all rights to this document.
Comments