Pile of blue crude oil barrels amid Oil Is Below $70 Levels
Nvidia’s stock rose by about 3% yesterday, Tuesday, marking a new record closing after rising for the third consecutive session. The company’s market value briefly reached a trillion dollars during the session when the stock traded above $404.86 levels. However, it failed to stay at those levels, and the market value closed at around $991 billion.
European stock indices declined at the end of Tuesday’s session on May 30, led by food and beverage companies, while monitoring the latest developments related to the debt ceiling crisis.
At the end of the session, the STOXX600 index declined by about 0.9% to 456 points. The German DAX also fell by 0.27% to 15,908 points, and the UK’s FTSE declined by about 1.38% to 7,522 points. Additionally, the French CAC ended the session down by approximately 1.29% at 7,209 points.
The US dollar started trading higher yesterday, Tuesday, before turning downwards. The dollar traded near a two-month peak at the beginning of the session as traders priced in the possibility of a Federal Reserve interest rate hike, along with the passage of the US debt ceiling deal through Congress.
However, some news reports indicate complications in the US debt ceiling crisis, which caused the index to decline by 0.31% to 103.815.
| Resistance level | Support level |
| 104.35 | 103.67 |
| 104.70 | 103.40 |
| 104.95 | 103.00 |
Gold futures rose during Tuesday’s May 30th session as US Treasury bond yields declined, and the most active contract touched its lowest level since March.
At the close, gold futures increased by about $14 or 0.7% to $1977.1 per ounce after reaching $1931 per ounce during the session.
| Resistance level | Support level |
| 1970 | 1939 |
| 1982 | 1920 |
| 1993 | 1908 |
US stock indices closed with mixed results in Tuesday’s session amid concerns over opposition from US lawmakers to a $31.4 trillion debt ceiling deal. However, they were supported by the continued momentum in Nvidia’s shares, which briefly entered the trillion-dollar club during today’s session.
In other news, data showed that consumer confidence rose more than expected in May, which may fuel speculation that the Federal Reserve could raise interest rates further to combat inflation. Fedwatch data indicated that the likelihood of a 25-basis point rate hike reached 65% at the Federal Reserve meeting on June 13th and 14th.
In Tuesday’s session, the Dow Jones index declined by about 0.15%, equivalent to 50 points, remaining below the 50-day moving average.
| Resistance level | Support level |
| 33215 | 32915 |
| 33375 | 32765 |
| 33525 | 32605 |
Oil prices declined at the close of Tuesday’s May 30th session to the lowest level in 4 weeks, with US crude reaching levels below $70.
Upon settlement, Brent crude futures fell by about 4.6% or $3.53 per barrel to $73.54 per barrel, while US crude futures dropped by 4.4% to $69.46 per barrel.
| Resistance level | Support level |
| 72.25 | 67.90 |
| 74.95 | 66.30 |
| 76.55 | 63.55 |
This material provides real-time market analysis from contributing analysts. Please note that any views expressed in this material do not constitute operational advice. It is important to assess your risk tolerance and make independent trading decisions. STARTRADER holds no responsibility for any trading consequences that may arise from relying on the views expressed in this material.
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