U.S. stock markets rose overnight, with major indices posting their best quarterly performance in six years, as traders closely analyzed the latest economic data.
The S&P 500 index closed up 0.8% on the New York stock market, while the Nasdaq 100 index rose 1.7%. Both major indices delivered their best quarterly performance since 2020. The Philadelphia Semiconductor Index surged 3.9%, further extending its record for the strongest quarterly gain in history.
The second quarter was primarily influenced by the remarkable surge in chip and technology stock indices, the strengthening U.S. dollar pushing the yen to its lowest level in 40 years, and shifting geopolitical risks playing out in commodity markets.
Investors carefully examined the economic data released on Tuesday, including U.S. job vacancy figures for May, which remained largely unchanged compared to the same period last year. The data suggest that while employment growth has recently rebounded, demand remains steady.
Consumer confidence rose slightly in June, as falling gasoline prices helped offset concerns about the labor market. The Conference Board’s consumer confidence index increased by 0.6 points to 91.2 after a downward revision of last month’s data. A Bloomberg survey of economists had predicted a median reading of 94.4.
The United States and Iran will resume peace talks in Qatar on Tuesday, following an agreement to halt a series of tit-for-tat attacks in the Strait of Hormuz. Iran has not yet confirmed details of the new round of negotiations.
However, the Islamic Republic of Iran reaffirmed its determination to control maritime traffic through this vital waterway, making the situation ahead of the Doha talks even more tense.
Although occasional reports of renewed tensions between the parties have triggered brief fluctuations in energy markets, investors still expect the Strait of Hormuz to reopen in a relatively orderly manner, with global oil flows gradually returning to normal.
Technical Analysis:
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Gold: Prices continued yesterday’s trend, declining under pressure in Asian trading. We are monitoring whether the offshore market will replicate yesterday’s move—a brief, pulse-like rally. If so, we may attempt a buy stop once the price breaks above the blue zone. For exact levels, please consult the plugin.
(Gold 15-minute chart)
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Nasdaq: Yesterday’s price retracement found support and stabilized above 29,700, then rallied steadily back above 30,300. Today, we continue to monitor for price rebound signals following the liquidity bounce. For detailed levels, please consult the plugin.
(NASDAQ 15-minute chart)
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Crude oil: After yesterday’s price broke through the yellow zone in our plugin and sharply declined, it easily delivered a risk-reward ratio of around 2:1. Today, we will continue to monitor signals for shorting after the price retraces following the upward liquidity sweep. For detailed positions, please consult the plugin.
(Crude Oil 15-minute Chart)
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Today’s key financial data and events to watch:
20:15 U.S. June ADP Employment Change (in thousands)
22:00 U.S. June ISM Manufacturing PMI
