What You Need to Know Before the Market Opens on October 9th

What You Need to Know Before the Market Opens on October 9

The S&P 500 reached an all-time high for the 33rd time this year, while the Nasdaq 100 index rose by over 1%. The AI-themed rallies continue in Asian stock markets, with the Nikkei index approaching record levels.

In the Fed minutes published yesterday, most members expressed that further rate cuts would be appropriate for the remainder of the year. Today, the speeches by Fed Chairman Powell are expected to be a critical factor in determining the market direction. According to assessments, the markets have largely priced in 25 basis point rate cuts in October and December. While U.S. Treasury yields are falling, the dollar index is strengthening.

In Europe, the euro fell to as low as 1.16 due to weak industrial data. On the geopolitical front, the ceasefire and hostage agreement between Israel and Hamas seem to have eased risk perception in the short term. This has led to a decline in oil prices; however, investors remain cautious.

IMF President Kristalina Georgieva stated that global growth is expected to weaken and uncertainty has become the “new normal.” Gold, amid the search for safe havens, is trading sideways after reaching a historic peak of $4,059.

BIST 100 Index Movement Between 10,700 and 11,000

The BIST 100 index tested the 10,900 level before declining on profit sales, closing the day down at 10,756 points. The 10,700 support level is critical from a short-term perspective. Reaction purchases could be seen above this level, while a break above 10,900 could bring the 11,000 resistance back into play. In the event of a close below 10,700, the 10,400 level emerges as the next support point.

The banking index declined from the 14,800 level, and HALKB shares gained over 6% due to positive expectations regarding a lawsuit and statements from President Erdoğan. Additionally, mining stocks stood out among shares benefiting from the rise in precious metals.

With the news of a ceasefire today, an upward reaction movement may be observed in the BIST 100 index. The VIOP began the morning session with a 0.49% increase.

Stocks with Strong Technical Outlook

In the BIST 100 index, the stocks that are above their 9, 21, 50, and 200-day exponential moving averages and have an MACD above 0 are as follows:

• Pacific Eurasia Logistics (PASEU)
• Gülermak Heavy Industry (GLRMK)
• Fertilizer Factories (GUBRF)

The information provided here does not constitute investment advice.