News

Trump lashed out at Elon Musk for his criticism of the Republican tax-cut and spending bill, leading the CEO to later suggest Trump should be impeached.

Omada Health is set to start trading on the Nasdaq, hitting the market a few weeks after Hinge Health, another emerging company in the space.

CNBC’s Jim Cramer suggested looking at stocks that recently hit new 52-week highs to understand market trends and themes.

ThinkMarkets, a global leader in online CFD trading, continues to strengthen its position in the industry by enhancing its proprietary platform with the upcoming launch of Traders’ Gym, its exclusive backtesting tool, on the ThinkTrader mobile app for iOS and Android this Monday. This means traders will soon be able to backtest their trading strategies 24/7 in realtime – whether on web or mobile app.

This release forms part of the broker’s commitment to building one of the industry’s most powerful trading platforms, offering a seamless trading experience no matter the device or location.

Commenting on the news, Nauman Anees, CEO and co-founder of ThinkMarkets, said the following:

“We’re delighted to bring Traders’ Gym to the ThinkTrader mobile app, giving traders the ability to backtest strategies anytime, anywhere. This addition has been highly requested and will help enhance the overall trading experience for our clients. Our goal at ThinkMarkets is to build the most advanced trading platform, packed with features for active traders and beginners, including charting, signals, multiple order types, real-time backtesting, and a wealth of resources on market news and data – to help clients trade the markets confidently. We’re confident this release will help us build on that goal and contribute to the company’s continued success.”

About ThinkMarkets

ThinkMarkets (https://www.thinkmarkets.com) is a global, multi-regulated online brokerage established in 2010 offering clients quick and easy access to 4,000 CFD instruments across FX, indices, commodities, equities, and more. ThinkMarkets has offices in London and Melbourne, along with hubs in the Asia-Pacific, Europe, and South Africa. It also operates under several financial licences around the globe and delivers some of the industry’s most recognised trading platforms, including its award-winning platform, ThinkTrader.

This article was written by FL Contributors at www.forexlive.com.

Bank of America remains broadly constructive on the euro, particularly versus the USD, CHF, and JPY, as geopolitical events and fiscal developments in Europe provide tailwinds. While the EUR may look overvalued by traditional models, structural buyers and asymmetric USD risks suggest further gains are possible into the NATO and EU summits later this month.

Key Points:

• Constructive EUR View:BofA favors the EUR over USD, CHF, and JPY, but remains cautious against GBP and the Scandies. The EUR’s overvaluation versus traditional macro drivers may reflect strong structural demand and unusual correlations to interest rates and risk sentiment.

• Tariffs Skew Risks Toward USD Weakness:Even if EU faces economic headwinds from US tariffs, broad-based US tariffs weaken the USD, particularly with limited Fed room to respond. In contrast, the ECB still has room to support growth.

• EUR Supported by Reform Momentum and Fiscal Stimulus Potential:Structural reform momentum from the Letta and Draghi reports could be EUR-positive. German infrastructure spending, if front-loaded, adds further fiscal stimulus to support the euro.

• June Summit Calendar Is Key:Upside risks for the EUR are tied to:

  • NATO defense ministers’ meeting (June 5)

  • Full NATO summit (June 24–25)

  • EU leaders summit (June 26–27)Defense-related announcements could boost long-term investment and confidence in EU unity and fiscal direction.

Conclusion:

BofA expects the euro to benefit from geopolitical events and asymmetric USD downside risks, despite concerns around short-term overvaluation. The EUR could see renewed upside momentum into and after the NATO and EU summits, especially if defense and fiscal expansion commitments are confirmed.

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This article was written by Adam Button at www.forexlive.com.

The electric vehicle maker lost $152 billion in market cap Thursday as traders reacted to a public feud between Elon Musk and President Donald Trump.

The downbeat forecast overshadowed the company’s better-than-expected earnings and revenue results.

The S&P 500 is above 6000 for the first time since February.

I think there are economic risks out there but the price action right now is telling. There is a strong inclination to buy the dip and a belief in a Trump put. Call it at TACO trade or a belief that trade deals will come but it’s bullish.

Today’s data dimmed the odds of a Fed rate cut in the near and medium-term but it didn’t hurt stock markets at all.

In addition, you have impressive technicals here. The slump yesterday was instantly bought and we’re now above the May highs with a clear target at the February high of 6147.

A big risk I see is the US budget bill falling apart or Trump re-instating tariffs but hope reigns supreme at the moment.

This article was written by Adam Button at www.forexlive.com.

Tech and Automotive Surge: Examining Today’s Bullish Market Momentum

With a buoyant atmosphere prevailing in the market today, significant advances have been noted in the technology and automotive sectors. The heatmap paints a predominantly green landscape, showcasing positive sentiment and momentum in these industries.

📈 Tech Sector Outperforms: Navigating the Uptrend

• Microsoft (MSFT) and Oracle (ORCL) are notable gainers, up 0.91% and 1.00% respectively, as investors continue to favor stability in the software infrastructure space.
• In semiconductors, Nvidia (NVDA) shows an impressive increase of 1.28%, leading the charge in a rebounding semiconductor segment. Conversely, Broadcom (AVGO) suffers a substantial dip of 3.78%, indicating sector-specific challenges.
• Google (GOOGL) and Meta (META) are major winners in communication services, posting rises of 2.65% and 1.87% respectively, fueled by investor confidence in continued ad revenue growth.

🚗 Automotive and Related Industries Drive Higher

• Tesla (TSLA) steals the spotlight within the automotive sector with a sharp rise of 3.85%, reflecting bullish sentiment towards electric vehicles and innovative tech integration.

🏦 Financial Sector: Steady Growth with Key Highlights

• JPMorgan Chase (JPM) leads diversified banks with a solid 1.45% increase, while other key players like Visa (V) show steady gains.
• The financial sector’s resilience continues to attract investor interest amid a stable economic outlook.

📚 Key Market Insights and Strategic Recommendations

The overall market sentiment is somewhat optimistic, with today’s advances implying a shift towards tech-heavy portfolios. The positive moves in consumer electronics, driven by Apple (AAPL)’s 1.44% gain, further signify growth optimism in the consumer tech landscape.

• Despite mixed results in semiconductor stocks, selective investments may be prudent, particularly focusing on proven leaders such as Nvidia.
• Investors are encouraged to maintain portfolio diversification across strong performing sectors like technology, automotive, and financials to mitigate any potential volatility.
• Keeping an eye on upcoming tech sector developments will be crucial for identifying emerging growth opportunities.

Stay informed with real-time updates and expert analysis to navigate the dynamic market environment at ForexLive.com, where comprehensive investment insights await. 📊💼

This article was written by Itai Levitan at www.forexlive.com.