Technical analysis & fundamentals
SENIOR MARKET ANALYST
27 Feb 2025 - 2min Read
After breaking its recent trend, the Dow closed lower, while the Nasdaq led with modest gains across major US indices. Investors had been eagerly awaiting Nvidia’s earnings report after the bell, and the company delivered, beating expectations and providing strong guidance.
However, despite an initial surge in activity, the stock—having already risen 3% during regular trading—saw little movement in after-hours trading as markets absorbed the results.
Asian markets posted modest gains overnight, with no major standouts. Meanwhile, reports suggest Beijing is cutting its inflation outlook to the lowest levels in two decades. European futures were mixed but with a softer bias following Trump’s announcement that European tariffs are coming soon.
FX markets remain subdued and are awaiting a key catalyst. The US dollar held firm, though both the euro and pound edged lower. The yen was a touch weaker overall, but remains in a tight range, with a potential move below 148 in play.
Gold dropped below $2,900 overnight, and this level is likely to act as resistance now. Silver was little changed. Oil briefly dipped under $69 per barrel, with yesterday’s surprise draw in inventories providing little support. Gas lost 1%, eyeing the 4 BTU level.
Crypto markets were firmer overnight, with Bitcoin climbing to $86K as bulls took advantage of recent weakness. Ether remains weak and has yet to find an obvious level of support. The VIX slipped below 18, signalling a calmer risk environment—for now.
US and European markets remain divided on Trump’s latest tariff threats. The US dollar faces downside pressure, although the Dollar Index is holding support around 106.00. Today’s economic data could help set the direction.
Gold remains under pressure. Oil continues to struggle on a weak outlook for demand, while supply remains plentiful. While the bears appear to be gaining control, progress is slow.
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