(MENAFN- DailyFX (IG)) ​​​Macro update

​Dow hits new record:

​The Dow Jones Industrial Average climbed 1.2% to a fresh record close as optimism grew that Congress would vote to end the 53-day US government shutdown.

​AI stocks pull back:

​Nvidia dropped nearly 3% after SoftBank sold its $5.8 billion stake, while CoreWeave slumped 16% on weaker revenue guidance, weighing on the broader artificial intelligence (AI) sector.

​Soft jobs data boost rate-cut hopes:

Automatic Data Processing I(ADP) reported that private employers shed roughly 11,000 jobs per week in October, strengthening expectations for a Federal Reserve (Fed) rate cut in December.

​Asian equities advance:

​Japan's Topix hit another record high despite continued weakness in SoftBank shares, while Taiwan led regional gains amid improving risk sentiment.

​Oil and gold steady:

Brent crude oil eased to $65 a barrel after recent highs following new US sanctions on Russia, while gold edged 0.5% lower to $4,106.00 per ounce.

​S&P 500 breaks through resistance line

​The S&P 500 gapped higher on Monday and has since been on an upward trajectory. Tuesday's break above its October-to-November resistance line at 6,807 is bullish and points to a move towards the October record high at 6,920 being at hand.

​Minor support is seen around the early October high at 6,764.

S&P 500 daily candlestick chart Source: TradingView ​USD/JPY trades in nine-month high

​USD/JPY is in the process of rising above its late October-to-early November highs and in doing so is trading in nine-month highs with the 12 February high at ¥154.80 being tested. If overcome the 3 February peak at ¥155.88 should be next in line.

​Immediate support sits between the late October-to-early November highs at ¥154.48-35 with an uptrend line coming in at ¥153.57.

USD/JPY daily candlestick chart Source: TradingView ​Silver price on track for sixth straight day of gains

​The silver price has resumed its ascent on Fed rate cut expectations and is approaching the $53.00 per troy ounce region with the mid-October high at $53.6235 representing the next technical upside target.

​Potential slips may find support around the 9 October peak at $51.2425.​​

Spot silver daily candlestick chart Source: TradingView Important to know

^{This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.}

MENAFN12112025000076011015ID1110334590