Worldwide, the number of COVID-19 cases passed 149 million and more than 3.1 million have died. The United States has confirmed over 32 million cases and has had more than 572,900 deaths from COVID-19, the highest totals in the world.
India reported 379,257 newly diagnosed COVID-19 cases in the last 24 hours. The WHO said India accounted for 38% of the 5.7 million cases worldwide which were reported to it last week. The Philippines has extended restrictions on movement and gatherings after the confirmed coronavirus infections in the country crossed 1 million.
Meanwhile, the new cases and deaths continue to drop in the US. “We’ve made stunning progress,” US president Joe Biden said on Tuesday.
US stock futures recovered from the early session losses following the positive comments from U.S. President Joe Biden. He unveiled plans for a $1.8 trillion stimulus package. Tech giants Apple and Facebook reported stronger-than-expected financial results. Apple stock rallied nearly 3% after hours to $37.35, while Facebook jumped 7% to an all-time $328.80 high.
On the earnings front, Domino's (NYSE: DPZ) and McDonald's (NYSE: MCD) reporting earnings today before the bell while Amazon (NASDAQ: AMZN), Twitter (NYSE: TWTR) and Gilead (NASDAQ: GILD) is scheduled to report results after the market close.
Crude oil prices jump to new weekly heights on Thursday despite weaker-than-expected API and EIA oil inventory data.
In the currency market, the US dollar plunged after the dovish outlook from Federal Reserve. On Thursday during the European session, the Dollar Index slightly rebounded ahead of US GDP figures.
The Safe-haven metal closed higher on Wednesday after Fed Chairman Jerome Powell’s dovish FOMC statement. Moving ahead to the North American session, the gold traders focus now shifts to the release of the US Q1 GDP report.
On the data front, US Federal Reserve Leaves rates unchanged and monthly bond-buying steady. The central bank says Inflation has risen, largely reflecting transitory factors. While Fed chair Jerome Powell maintained that the central bank was not planning to ease off on its asset purchases anytime soon.
"The ongoing public health crisis continues to weigh on the economy, and risks to the economic outlook remain" FOMC statement.
Moving ahead today, the important events to watch:
US – GDP: GMT – 12.30
US – Jobless claims: GMT – 12.30
US –Pending home sales: GMT – 14.00
EUR/USD: The currency pair trading steady above 1.21 on Thursday. The key levels to watch today 1.2050 and 1.2150.
The important levels to watch for today: Support- 1.2080 and 1.2050 Resistance- 1.2150 and 1.2180.
GOLD: The gold price retreats from the previous session highs. At the time of writing, the metal trades below the short-term support area of $1774.
The important levels to watch for today: Support- 1768 and 1760 Resistance- 1784 and 1790.
Quote of the day: “I made my first investment at age eleven. I was wasting my life until then.” Warren Buffet.