Hello traders, and welcome to Thursday’s trading session. The ongoing government shutdown in the US continues to leave the macro calendar nearly empty, limiting fundamental drivers for the markets. The only notable data release today comes from Canada, where retail sales are expected to show a 1% increase. Aside from that, traders will mostly focus on corporate earnings and technical setups, as fundamentals remain muted.
Let’s start with earnings, where the spotlight yesterday was on Tesla. The company reported earnings per share lower than expected, while revenue came slightly above estimates. The market’s reaction was clearly negative — Tesla shares are trading nearly 4% lower in pre-market, as investors express disappointment with slowing margins and lack of near-term catalysts. Today, the focus will shift to other big names — Intel and T-Mobile, which are among the most important companies releasing their results before and after today’s session. These earnings could inject some volatility into the otherwise calm Thursday trading.
In the broader markets, indices experienced a sharp decline on Wednesday, especially during the American session. However, towards the end of the trading day, futures began to climb slightly higher, suggesting that some dip buying might be emerging. Over in the commodities space, we saw a pause in the selloff on metals. Both gold and silver have stabilized after their steep declines earlier in the week. Thursday opens with a bullish attempt on precious metals, signaling that the uptrend might not be completely over yet and buyers are testing the waters again.
Where the uptrend is much clearer, however, is on oil. After finding strong support around $60 per barrel, WTI has rebounded sharply and is now trading around $64–$65, marking its second consecutive positive day. The rebound has been steady and supported by technical buying, suggesting the potential for a more sustained recovery. Meanwhile, in the FX world, the Japanese Yen continues to weaken, and pairs with Yen are approaching major technical buy signals — a setup worth keeping an eye on in the coming sessions.
Finally, looking at cryptocurrencies, the situation remains mixed. Bitcoin and Ethereum ended Wednesday’s trading on the back foot, hitting new local lows. However, Thursday brings a bullish reversal attempt — for instance, Ethereum is currently forming its ninth consecutive bullish hourly candle. If this momentum persists through the European session, it could mark the beginning of a stronger recovery. But if it fades, the move might just be another temporary correction within a broader bearish phase.