From NVIDIA's Triumph to Dow's Reversal: Thursday's Comprehensive Market Wrap-Up

The broader stock market mirrored this exuberance. Indices experienced a stellar day, with a swift rebound wiping out the losses sustained over several previous sessions. A closer inspection reveals a bullish trend: The Dow Jones, for instance, found support from its long-term uptrend line, the NASDAQ convincingly shattered its mid-term downtrend barrier, and the DAX reclaimed its position above the 15,700 points threshold. These bullish indicators are strong signals of potential buy opportunities.

However, while equities basked in their glory, the commodities market stole a part of the limelight. Both silver and gold have been witnessing impressive rallies, with prices soaring to unprecedented highs. Contrary to this, the Forex landscape remained relatively muted, barring a notable correction witnessed in the British Pound. As the day progresses, the NZD and JPY seem to be emerging as the underperformers.

The economic calendar for the day is also brimming with significant events. Key among them are the jobless claims and durable goods orders data from the US. Additionally, the much-anticipated Jackson Hole Symposium is set to commence. Yesterday, across the pond, the UK presented less than favorable PMIs, potentially explaining the softening stance on the British Pound. The US didn’t fare much better in its PMI releases, with both services and manufacturing PMIs falling short of market expectations.