Dow Jones & Nasdaq 100 Stabilize with Nvidia Earnings, FOMC Ahead
Later on Wednesday, the FOMC Meeting Minutes will fuel speculation about a December Fed rate cut. Hawkish minutes underscoring concerns about inflation would likely weigh on US stock futures. On the other hand, a greater focus on a cooling labor market could lift sentiment.
Ahead of today’s minutes, Several FOMC members have poured cold water on hopes for further monetary policy easing, citing high inflation.
According to the CME FedWatch Tool, the chances of a Fed December rate cut have fallen from 66.9% on November 11 to 48.9% on November 18.
While increasing focus on inflation would be a headwind for US equity futures, strong earnings from Nvidia could lift sentiment ahead of key US jobs data on Thursday, November 20.
Key Technical Levels for Dow Jones, Nasdaq 100, and S&P 500
Despite Wednesday’s early gains, US stock futures remained below their 50-day EMA, signaling a bearish near-term bias.
Near-term trends will hinge on the FOMC Meeting Minutes, Fed speakers, and Nvidia’s earnings. Key levels to monitor include:
Dow Jones
- Resistance: 46,500 50-day EMA (46,717), 47,000, 47,500, and the November 12 record high of 48,528.
- Support: 46,000, then 45,500.