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MARKET COMMENTARY


On Tuesday, U.S. stocks closed mixed. The Dow Jones Industrial Average rose 104 points (+0.31%) to 33,733, while the S&P 500 declined 2.99 points (-0.07%) to 4,016, and the Nasdaq 100 was down 25 points (-0.22%) to 11,846.

Capital goods (+1.26%) and telecoms services (+1.21%) sectors gained the most, while transportation (-1.06%) and media (-1.02%) sectors lagged behind.

Alphabet (GOOGL) fell 2.09% on reports that the U.S. Justice Department would file an antitrust lawsuit against the company over its dominance on the digital advertising market.

3M (MMM) dropped 6.21% after the company gave a lower-than-expected full-year earnings forecast.

Advanced Micro Devices (AMD) declined 2.39% after the stock was downgraded to "market perform" at Bernstein.

On the other hand, Lockheed Martin (LMT) rose 1.80% as the company's fourth-quarter results beat expectations.

In after-market hours, Microsoft (MSFT) bounced over 4% as the company reported better-than-expected second-quarter earnings.

The U.S. 10-year Treasury yield retreated 5.5 basis points to 3.455%..

Regarding U.S. economic data, the S&P Global manufacturing purchasing managers index (PMI) posted at a contraction reading of 46.8 for January (vs 45.0 expected), and the services PMI at 46.6 (vs 45.0 expected).

European stocks also closed mixed. The DAX 40 dipped 0.07%, and the FTSE 100 dropped 0.35%, while the CAC 40 gained 0.26%.

U.S. WTI crude futures dropped $1.50 to $80.12 a barrel.

Gold price advanced $6 to $1,937 an ounce.

The U.S. dollar index dipped back below 102.00.

EUR/USD added 11 pips to 1.0883. In Europe, January S&P Global manufacturing PMI was reported at 47.0 (vs 48.5 expected) for the Eurozone, at 47.0 (vs 48.1 expected) for Germany, and at 50.8 (vs 49.8 expected) for France.

In Germany, the GfK consumer confidence index was improved slightly -33.9 for February (vs -34.0 expected). France's business confidence index edged up to 103 (vs 102 expected).

USD/JPY dropped 52 pips to 130.15.

GBP/USD fell 45 pips to 1.2334. The S&P Global U.K. manufacturing PMI posted at 46.7 in January (vs 46.0 expected).

AUD/USD added 14 pips to 0.7043. This morning, Australia's data showed that inflation rate ran up to 7.8% on year in the fourth quarter (vs 7.6% expected).

NZD/USD added 15 pips to 0.6505. New Zealand's inflation rate remained high at 7.2% on year in the fourth quarter (vs 7.1% expected).

USD/CHF rose 10 pips to 0.9228, and USD/CAD edged up 2 pips to 1.3370.

Bitcoin traded lower to $22,500.

 

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MARKET COMMENTARY


On Wednesday, U.S. stocks were little changed. The Dow Jones Industrial Average rose 9 points (+0.03%) to 33,743, while the S&P 500 dipped less than one point to 4,016, and the Nasdaq 100 declined 31 points (-0.27%) to 11,814.

Telecoms services (+2.5%) and banks (+1.17%) sectors were the top performers, while transportation (-1.43%) and utilities (-1.36%) sectors underperformed the market.

Microsoft (MSFT) fell 0.59%. The software giant said it expects a continuation of a slowdown in cloud business that occurred in December.

Intuitive Surgical (ISRG) dropped 5.50%, and NextEra Energy (NEE) sank 8.71%, after both companies posted disappointing fourth-quarter results.

On the other hand, AT&T (T) rose 6.58% as the company reported higher-than-expected quarterly earnings.

Philip Morris International (PM) rose 2.09% after the stock was upgraded to "buy" at Goldman Sachs.

In after-market hours, Tesla (TSLA) was little changed after the company reported higher-than-expected fourth-quarter revenue of $24.32 billion and earnings per share of $1.19.

The U.S. 10-year Treasury yield was down 0.9 basis points to 3.443%.

European stocks closed lower. The DAX 40 dipped 0.08%, the CAC 40 declined 0.09%, and the FTSE 100 was down 0.16%.

U.S. WTI crude futures settled flat at $80.47 a barrel. The U.S. Energy Department reported an addition of 533,000 barrels in the crude-oil stockpiles (vs +971,000 barrels expected).

Gold price advanced $9 to $1,946 an ounce.

The U.S. dollar softened further against other major currencies. The dollar index dropped to 101.65.

EUR/USD rose 28 pips to 1.0915. In Germany, the Ifo business climate index rose to 90.2 in January (vs 89.9 expected).

USD/JPY retreated 62 pips to 129.55.

GBP/USD increased 66 pips to 1.2400.

AUD/USD added 60 pips to 0.7106.

USD/CAD gained 18 pips to 1.3387. As expected, the Bank of Canada raised its key interest rate by 25 basis points to 4.50%, the highest level in 15 years. However, the central bank indicated that it would hold rates steady going forward.

USD/CHF slid 46 pips to 0.9180.

Bitcoin kept its upward momentum crossing above $23,000.

 

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MARKET COMMENTARY


On Thursday, U.S. stocks closed higher. The Dow Jones Industrial Average rose 205 points (+0.61%) to 33,949, the S&P 500 increased 44 points (+1.10%) to 4,060, and the Nasdaq 100 jumped 236 points (+2.00%) to 12,051.

Automobiles (+8.25%), energy (+3.32%), and Media (+2.1%) sectors led the market higher.

Tesla (TSLA) soared 10.97% after the leading electric-car maker reported record quarterly revenue and earnings. The company also said it targets 1.8 million car-deliveries in 2023, up from 1.3 million in 2022.

Chevron (CVX) rose 4.86% as the oil giant announced a $75 billion share-buyback program.

Las Vegas Sands (LVS) increased 6.09% on the company's better-than-expected quarterly earnings.

On the other hand, IBM (IBM) fell 4.48%. The company posted lower-than-expected quarterly free cash flow, and announced plans to cut about 3,900 jobs, roughly 1.5% of its workforce.

Southwest Airlines (LUV) slid 3.17% as the company's fourth-quarter adjusted loss per share was wider than expected.

In after-market hours, Intel (INTC) sank 6% after the company reported first-quarter revenue below Wall Street expectations.

The U.S. 10-year Treasury yield increased 5.7 basis points to 3.498%.

Regarding U.S. economic data, gross domestic product grew at an annualized rate of 2.9% on quarter in the fourth quarter (vs +2.7% expected). The latest number of initial jobless claims fell to 186,000 (vs 202,000 expected).

U.S. durable goods orders jumped 5.6% on month in December (vs +2.2% expected). The Chicago Fed National Activity Index posted at -0.49 (vs -0.18 expected). And the number of new home sales increased to an annualized rate of 616,000 units in December (vs 590,000 units expected).

European stocks also close higher. The DAX 40 rose 0.34%, the Cac 40 gained 0.74%, and the FTSE 100 was up 0.21%.

U.S. WTI crude futures added $1.00 to $81.11 a barrel.

Gold price dropped $16 to $1,929 an ounce.

The U.S. dollar turned stable against other major currencies, supported by a series of upbeat economic data. The dollar index rose to 101.81.

EUR/USD declined 24 pips to 1.0892.

USD/JPY gained 69 pips to 130.28. This morning, Japan's data showed that Tokyo's consumer prices increased 4.4% on year in January (vs +4.2% expected).

GBP/USD climbed 12 pips to 1.2415.

AUD/USD added 11 pips to 0.7115. This morning, Australia's data showed that producer prices increased 5.8% on year in the fourth quarter (vs +5.9% expected).

USD/CHF rose 22 pips to 0.9202, while USD/CAD dropped 69 pips to 1.3323.

Bitcoin kept trading on and off the $23,000 level.

 

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MARKET COMMENTARY


On Friday, U.S. stocks closed higher for a second session. The Dow Jones Industrial Average added 28 points (+0.08%) to 33,978, the S&P 500 increased 10 points (+0.25%) to 4,070, and the Nasdaq 100 rose 115 points (+0.96%) to 12,166.

The Nasdaq 100 has posted a four-week winning streak, and rebounded 11.21% year to date.

Automobiles (+9.07%), retailing (+1.45%), and technology hardware & equipment (+1.12%) sectors gained the most, while energy (-1.99%), household & personal products (-1.16%), and insurance (-1%) sectors underperformed the market.

Tesla (TSLA) jumped 10.99% after gaining 10.97% Thursday. Company CEO Elon Musk met with U.S. White House officials to discuss ways to advance electric vehicle production.

American Express (AXP) bounced 10.54% after the credit card company provided a better-than-expected guidance on its 2023 earnings.

Visa (V) climbed 2.99% after the company's first-quarter results beat expectations.

Intel (INTC) fell 6.41% after the company gave a disappointing earnings guidance.

Chevron (CVX) dropped 4.44%, as the company posted lower-than-expected fourth-quarter results.

Regarding U.S. economic data, the core personal consumption expenditure (PCE) price index grew 4.4% on year in December (vs +4.6% expected, +4.7% in November).

The number of pending home sales rose 2.5% on month in December (vs -1.0% expected).

The U.S. 10-year Treasury yield added 2 basis points to 3.515%.

European stocks closed slightly higher. The DAX 40 rose 0.11%, the CAC 40 edged up 0.02%, and the FTSE 100 was up 0.05%.

U.S. WTI crude futures dropped $1.50 to $79.47 a barrel.

Gold price was little changed at $1,928 an ounce.

The U.S. dollar index was stable at 101.94.

EUR/USD dropped 24 pips to 1.0868. France's official consumer confidence index edged down to 80 in January (vs 84 expected).

USD/JPY slid 39 pips to 129.83.

GBP/USD lost 10 pips to 1.2398.

AUD/USD edged down 6 pips to 0.7109.

USD/CHF edged up 4 pips to 0.9210, and USD/CAD declined 10 pips to 1.3311.

Over the weekend, Bitcoin kept its upward momentum rising to $23,800.

 

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MARKET COMMENTARY


On Monday, U.S. stocks closed lower, as investors awaited the upcoming rate decision by the Federal Reserve and earnings reports by big tech firms. The Dow Jones Industrial Average fell 260 points (-0.77%) to 33,717, the S&P 500 dropped 52 points (-1.29%) to 4,017, and the Nasdaq 100 slid 254 points (-2.09%) to 11,912.

The U.S. 10-year Treasury yield increased 3.9 basis points to 3.542%.

Automobiles (-5.48%), semiconductors (-3.04%), and energy (-2.29%) sectors led the market lower.

Ford Motor (F) fell 2.86%. The giant car-maker announced plans to slash prices of its electric vehicle Mustang Mach-E.

Tesla (TSLA) slid 6.32%, and General Motors (GM) dropped 4.37%.

Nvidia (NVDA) sank 5.91% on reports that the company's chief financial officer sold about 11,000 shares of the company.

Regarding U.S. economic data, the Dallas Fed manufacturing index improved to -8.4 in January (vs -11.0 expected).

European stocks closed mixed. The DAX 40 rose 0.16%, the FTSE 100 gained 0.25%, while the CAC 40 dropped 0.16%.

U.S. WTI crude futures fell $2.00 to $77.71 a barrel.

Gold price retreated $5 to $1,922 an ounce.

The U.S. dollar strengthened against other major currencies, as it was widely expected the Fed will raise interest rates by 25 basis points Thursday. The dollar index rebounded to 102.26.

EUR/USD lost 20 pips to 1.0848. Germany's data showed that gross domestic product fell 0.2% on quarter in the fourth quarter (vs +0.0% expected, +0.5% in the third quarter).

USD/JPY jumped 55 pips to 130.43. This morning, Japan's data showed that its jobless rate remained stable at 2.5% in December (as expected). Retail sales grew 1.1% on month (vs +0.6% expected), while industrial production dipped 0.1% on month (vs -1.3% expected) in December.

GBP/USD dipped 34 pips to 1.2348.

AUD/USD fell 41 pips to 0.7059. This morning, Australia's data showed that retail sales dropped 3.9% on month in December (vs -0.4% expected).

USD/CHF added 42 pips to 0.9252, and USD/CAD jumped 74 pips to 1.3385.

Bitcoin sank back to $22,770.

 

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MARKET COMMENTARY


On Tuesday, U.S. stocks gained over 1%. The Dow Jones Industrial Average rose 368 points (+1.09%) to 34,086, the S&P 500 climbed 58 points (+1.46%) to 4,076, and the Nasdaq 100 advanced 189 points (+1.59%) to 12,101.

Ahead of the Federal Reserve announcing its decision on interest rate on Wednesday, the U.S. 10-year Treasury yield dropped 3 basis points to 3.507%.

Automobiles (+4.32%), transportation (+3.19%), and retailing (+2.24%) sectors led the market higher.

General Motors (GM) jumped 8.35%, and United Parcel Service (UPS) climbed 4.67%, after both companies reported better-than-expected quarterly results.

Exxon Mobil (XOM) rose 2.16% after the oil giant reported record 2022 net profit of $56 billion.

Spotify Technology (SPOT) surged 12.72% after the music-streaming company posted an upbeat forecast on its first-quarter active user number.

On the other hand, Caterpillar (CAT) fell 3.52% as the companies fourth-quarter earnings declined 29%. McDonald's (MCD) was down 1.29% as the company said margins in 2023 will be pressured by inflation.

Regarding U.S. economic data, the Conference Board consumer confidence index declined to 107.1 in January (vs 109.0 expected), and the Market News International Chicago business barometer dropped to 44.3 in January (vs 43.0 expected).

U.S. official data showed that employment cost increased 1.0% on quarter in the fourth quarter (vs +1.1% expected).

In Europe, the DAX 40 and the CAC 40 closed flat, while the FTSE 100 declined 0.17%.

U.S. WTI crude futures rose $1.10 to $79.04 a barrel.

Gold price was little changed at $1,928 an ounce.

The U.S. dollar index stayed stable at 102.07.

EUR/USD rose 13 pips to 1.0864. Data showed that the Eurozone's gross domestic product grew 1.9% on year in the fourth quarter (vs +1.6% expected).

Germany's jobless rate remained stable at 5.5% in January (as expected), while its retail sales dropped 5.3% on month in December (vs +0.4% expected).

France's gross domestic product increased 0.5% on year in the fourth quarter (vs +0.4% expected). The inflation rate ticked up to 6.0% on year in January (vs 6.1% expected).

USD/JPY slid 29 pips to 130.1.

GBP/USD dropped 33 pips to 1.2319.

AUD/USD declined 6 pips to 0.7054.

USD/CHF fell 88 pips to 0.9161 and the USD/CAD decreased 83 pips to 1.3304.

Bitcoin struggled to hold the $23,000 level.

 

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MARKET COMMENTARY


On Wednesday, major U.S. stock indexes pared early losses to close higher, as Federal Reserve Chair Jerome Powell said inflation is easing. The Dow Jones Industrial Average ended up 6 points (+0.02%) to 34,092, the S&P 500 rose 42 points (+1.05%) to 4,119, and the Nasdaq 100 jumped 261 points (+2.16%) to 12,363.

The U.S. 10-year Treasury yield slid 8.8 basis points to 3.419%.

As widely expected, the U.S. Federal Reserve further reduced its interest-rate hike extent to 25 basis points (target rates rose to 4.50-4.75%). However, the central bank added that "ongoing increases" in interest rates will be appropriate to bring the inflation rate down to its target of 2%.

Federal Reserve Chair Jerome Powell commented in a news conference that the economy’s disinflationary process had started, while pointing out that he does not expect the Fed to cut rates this year.

Semiconductors (+5.31%), automobiles (+3.85%) and transportation (+2.1%) sectors gained the most.

Advanced Micro Devices (AMD) jumped 12.63% after the company posted better-than-expected quarterly earnings and gave an upbeat business forecast.

Tesla (TSLA) gained 4.73% on reports that the electric-vehicle maker will raise its output at its Shanghai factory.

Peloton Interactive (PTON) soared 26.53% after the interactive fitness platform's chief executive said it is no longer at the risk of extinction.

On the other hand, Snap (SNAP) plunged 10.29%, Electronic Arts (EA) dropped 9.26%, and Match (MTCH) fell 5.01% after the companies reported lower-than-expected quarterly results.

In after-market hours, Meta Platforms (META) surged 19% after the parent company of Facebook and Instagram reported fourth-quarter revenue that topped market expectations, and announced a $40 billion share buyback program.

Apple (AAPL), Alphabet (GOOGL) and Amazon.com (AMZN) will report quarterly results in after-market hours Thursday.

Regarding U.S. economic data, the Institute for Supply Management (ISM) manufacturing purchasing managers index declined to 47.4 in January (vs 48.0 expected).

The ADP jobs report said the economy added 106,000 private jobs in January (vs +131,000 expected). And official data showed that the number of job openings increased to 11.01 million in January (vs 9.5 million expected).

European stocks closed mixed. The DAX 40 rose 0.35%, while the CAC 40 declined 0.08%, and the FTSE 100 dropped 0.14%.

U.S. WTI crude futures fell $2.10 to $76.80. The U.S. Energy Department reported that the latest crude-oil stockpiles increased 4.14 million barrels (vs +0.38 million barrels expected).

Gold price jumped $22 to $1,951 an ounce.

The U.S. dollar weakened against other major currencies after Powell mentioned easing inflation. The dollar index fell to 101.18.

EUR/USD jumped 125 pips (+1.15%) to 1.0988. Data showed that the Eurozone's inflation rate came down to 8.5% on year in January (vs 8.9% expected).

USD/JPY slid 112 pips to 128.97. This morning, the Bank of Japan reported that the monetary base decreased 3.8% on year in January (vs -6.1% in December).

GBP/USD rose 53 pips to 1.2373. In the U.K., the Nationwide house price index dropped 0.6% on month in January (vs -0.3% expected).

AUD/USD gained 79 pips to 0.7134. This morning, Australia's official data showed that the number of building permits rose 18.5% on month in December (vs -2.3% expected).

USD/CHF fell 78 pips to 0.9084, and the USD/CAD was down 16 pips to 1.3290.

Bitcoin jumped 3% to $23,800.

 

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