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Tech Titans and Treasury Yields: A Market Rollercoaster

Tech Titans Treasury yields

Tech titans and treasury yields: Apple’s stellar Q2 earnings lift markets while gold struggles. USD slips ahead of NFPs, but positive sentiment prevails.

The markets are witnessing a flurry of activity as tech giant Apple Inc. leads the charge with impressive Q2 earnings, sending ripples of optimism ahead of the highly anticipated US Non-Farm Payrolls (NFPs) report. Here’s a breakdown of the key movements:

Apple (AAPL) Soars

Apple’s second-quarter earnings report has exceeded market expectations on multiple fronts, triggering a surge in its stock value. The company announced a staggering USD 110 billion share buyback program, up from last year’s USD 90 billion, further boosting investor confidence. Apple shares experienced a 2.3% rise during regular trading hours and an additional 6% surge in after-hours trading, marking a significant break from the recent downward trend.

Japanese Yen Gains Momentum

Following recent rounds of official intervention, the Japanese Yen is making strides against major currencies, particularly the US dollar. USD/JPY is hovering just above 153.00, its highest level in nearly three weeks, signaling a potential shift in market dynamics. With Japan observing a holiday on Monday, investors are closely monitoring the currency’s movement towards the 151.90 threshold, with further focus on the 150.00 mark.

USD Slips Amid Falling Treasury Yields

The US dollar faces downward pressure as US Treasury yields decline, with the benchmark 10-year yield dropping by seven basis points from its peak earlier in the week. The US dollar index remains within a channel-bound pattern, with speculation over a bullish flag formation under scrutiny. All eyes are on the upcoming US Jobs Report, scheduled for release at 13:30 UK time, to gauge the dollar’s trajectory heading into the weekend.

Tech Titans and Treasury Yields: A Market Rollercoaster

VIX Indicates Risk-On Sentiment

The VIX ‘fear gauge’ is witnessing a downtrend, touching multi-week lows and testing key moving averages. A confirmed break below these indicators could pave the way for further declines, potentially leading the VIX towards the 12.00 level amid prevailing risk-on sentiment.

Gold Trading Sideways

Gold is treading water within a narrow range following a breakout from a bearish flag pattern earlier in the week. Despite testing support around $2,280/oz multiple times, gold’s trajectory hinges on the outcome of the US Jobs Report and the prevailing risk sentiment. A weaker-than-expected report or sustained risk-on sentiment could see gold retesting support levels.

Retail Sentiment and Gold Positioning

IG Retail Sentiment data reveals a net-long position among traders, with a higher ratio of long to short positions than in previous periods. While 55.89% of traders are net-long, a shift in sentiment indicates fluctuations in market dynamics.

In summary, Apple’s stellar performance, coupled with developments in currency markets and anticipation surrounding the US Jobs Report, is driving market sentiment. With gold and the US dollar at pivotal points, investors are bracing for potential shifts as they await further economic indicators.

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