China cuts, Argentina devaluates, USD gains. | MarketTalk: What’s up today? | Swissquote

Show notes

China surprised by cutting its one-year medium-term lending facility (MLF) rates by 15bp to 2.50% today to give a jolt to its economy but Chinese equities remain under pressure, the Chinese yuan fell to the lowest levels against the US dollar since last November, and crude oil stagnates around the $82.50pb.
Elsewhere, Argentina devaluated its currency by 18% to 350 per dollar, the dollar ruble traded past the 100 mark for the first time since Russia invaded Ukraine and the Indian rupee traded near record, as well. All that helped the US dollar index shortly trade above its 200-DMA yesterday, a day before the release of the FOMC minutes.
Today, investors will focus on the US Empire manufacturing index and the retail sales data, and earnings from Home Depot will also hit the wire.
The S&P500 recovered yesterday, as Nasdaq 100 advanced more than 1% with technology stocks leading the rebound. Nvidia was one of the best performers with a 7% jump after a Morgan Stanley analyst reiterated his $500 per share price target yesterday. But Tesla didn’t benefit from the tech rally of yesterday and closed the session below $240 per share after cutting its car prices in China, yet again.
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