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MARKET COMMENTARY


On Thursday, the S&P 500 rose 60 points (+1.47%) to 4,179 and the Nasdaq 100 surged 440 points (+3.56%) to 12,803, both marking five-month highs.

The Dow Jones Industrial Average dropped 39 points (-0.11%) to 34,053, pressured by falling big healthcare stock prices.

The U.S. 10-year Treasury yield slipped a further 2 basis points to 3.396%.

Media (+7.99%), retailing (+4.32%), and automobiles (+3.86%) sectors gained the most.

Meta Platforms (META) soared 23.28% after the parent company of Facebook and Instagram said it will implement stricter cost controls and announced a $40 billion share buyback program.

Align Technology (ALGN) jumped 27.38% as the company reported better-than-expected quarterly earnings and announced a $1 billion share buyback program.

Tesla (TSLA) rose 3.78%, General Motors (GM) jumped 5.60% and Ford Motor (F) was up 3.84%.

On the other hand, Merck & Co (MRK) fell 3.29% as the pharmaceutical giant's 2023 earnings guidance disappointed investors.

UnitedHealth (UNH) fell 5.27%.

In after-market hours, Apple (AAPL), Alphabet (GOOGL) and Amazon.com (AMZN) traded more than 3% lower after the big tech firms reported their quarterly results. Apple (AAPL) reported that sales dropped 5% on year in its fiscal first quarter. Alphabet (GOOGL) posted lower-than-expected top and bottom lines.

Regarding U.S. economic data, factory orders rose 1.8% on month in December (vs +1.2% expected), and the latest number of initial jobless claims declined to 183,000 (vs 187,000 expected).

Investors are watching closely the official U.S. January jobs report to be released later today. It is expected that the economy added 190,000 nonfarm payrolls with the jobless rate ticking up to 3.6%.

European stocks also closed higher. The DAX 40 rose 2.16%, the CAC 40 climbed 1.26%, and the FTSE 100 was up 0.76%.

U.S. WTI crude futures were little changed at $75.92 a barrel.

Gold price was flat at $1,912 an ounce.

The U.S. dollar strengthened against the euro and the British pound after the European Central Bank and the Bank of England raised interest rates. The dollar index rose to 101.74.

EUR/USD dropped 80 pips to 1.0910. As expected, the European Central Bank increased its key interest rates by 50 basis points. The central bank said it intended to hike by another 50 basis points in March.

GBP/USD declined 150 pips to 1.2226. The Bank of England raised its key interest rate by 50 basis points, as expected. However, the central bank revised its economic outlook saying it now forecasts a shorter and shallower recession than previously projected in November.

USD/JPY slid 26 pips to 128.72.

AUD/USD fell 60 pips to 0.7077.

USD/CHF added 50 pips to 0.9133, and USD/CAD increased 23 pips to 1.3314.

Bitcoin briefly exceeded $24,000 before retreating to $23,600.

 

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MARKET COMMENTARY


On Friday, U.S. stocks came under pressure as a much-stronger-than-expected jobs report stirred up worries that the Federal Reserve would keep hiking interest rates. The Nasdaq 100 slid 229 points (-1.79%) to 12,573, the S&P 500 fell 43 points (-1.04%) to 4,136, and the Dow Jones Industrial Average declined 127 points (-0.38%) to 33,926.

Still, the Nasdaq 100 marked its fifth weekly gain.

The U.S. Labor Department reported that the economy added 517,000 nonfarm payrolls in January, well above the 190,000 market estimate, while the jobless rate dropped to 3.4%, the lowest level since 1969. Average hourly earnings increased 0.3% on month (as expected).

Also, the Institute for Supply Management (ISM) services purchasing managers index jumped to 55.2 in January (vs 50.6 expected).

The U.S. 10-year Treasury yield jumped 13.2 basis points to 3.525%.

Retailing (-5.03%), media (-2.35%), and utilities (-2.07%) sectors lost the most.

Apple (AAPL) shares ended up 2.44% despite quarterly earnings missing expectations.

On the other hand, Alphabet (GOOGL) fell 2.75%, and Amazon.com (AMZN) slumped 8.43%.

Ford Motor (F) slid 7.61% after the car-maker posted a full-year loss of $2 billion and gave a lower-than-expected earnings guidance.

Starbucks (SBUX) dropped 4.44%, as the global coffee chain reported declining comparable sales due to weak performance in China,

Meanwhile, Nordstrom (JWN) surged 24.79% after the Wall Street Journal reported that activist investor Ryan Cohen is building a large stake in the fashion retailer,

European stocks closed mixed. The DAX 40 fell 0.21%, while the CAC 40 rose 0.94%, and the FTSE 100 was up 1.04%.

Commodity prices were pressured by a stronger U.S. dollar, which was boosted by the extraordinarily-strong January jobs report. U.S. WTI crude futures dropped $2.70 (-3.56%) to $73.20 a barrel.

Gold price slumped $47 (-2.46%) to $1,865 an ounce.

The U.S. dollar index gained over 1% to 102.96.

EUR/USD dropped 111 pips to 1.0799. Data showed that the Eurozone's producer prices jumped 24.6% on year in December (vs +22.5% expected). France's industrial production grew 1.1% on month in December (vs +0.6% expected).

USD/JPY jumped 251 pips (+1.95%) to 131.19.

GBP/USD fell 170 pips to 1.2055.

AUD/USD declined 154 pips (-2.18%) to 0.6923.

USD/CHF climbed 126 pips to 0.9258, and USD/CAD was up 88 pips to 1.3404.

Over the weekend, Bitcoin dropped below the $23,000 level.

 

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MARKET COMMENTARY


On Monday, U.S. stocks remained under pressure. The Dow Jones Industrial Average dropped 34 points (-0.10%) to 33,891, the S&P 500 fell 25 points (-0.61%) to 4,111, and the Nasdaq 100 was down 108 points (-0.87%) to 12,464.

The U.S. 10-year Treasury yield jumped 11.9 basis points to a four-week high of 3.644%.

U.S. Treasury Secretary Janet Yellen said the U.S. could avoid a recession considering a strong labor market and easing inflation.

Federal Reserve Chair Jerome Powell will speak at the Economic Club of Washington later today.

Automobiles (+1.87%) and insurance (+1.02%) sectors outperformed the market, while cConsumer durables & apparel (-2.04%), technology hardware & equipment (-1.71%), and media (-1.33%) sectors lagged behind.

Newmont Mining (NEM) fell 4.51% after the gold and copper mining company offered to acquire Australian-based gold producer Newcrest Mining for about $17 billion.

Dell Technologies (DELL) dropped 3.03% after the personal computer firm announced plans to cut about 6,650 jobs or about 5% of its workforce.

Tyson Foods (TSN) lost 4.61% as the biggest U.S. meat company's quarterly results missed expectations.

Catalent (CTLT) surged 19.54% on news reports that Danaher (DHR), a manufacturer of scientific instruments and consumables, is interested in buying the company.

Meanwhile, Tesla (TSLA) rose 2.52% as the electric-vehicle maker increased prices of its Model Y vehicles in the U.S.

European stocks also closed lower. The DAX 40 fell 0.84%, the CAC 40 declined 1.34%, and the FTSE 100 was down 0.82%.

U.S. WTI crude futures gained $1.10 to $74.50 a barrel. Turkey's major oil export hub in Ceyhan saw its operations halted after a massive earthquake hit the region, which stopped key crude oil flows from Iraq and Azerbaijan.

Gold price added $2 to $1,867 an ounce following a 2.5% slide Friday.

The U.S. dollar remained firm against other major currencies. The dollar index climbed to 103.63.

EUR/USD slid 70 pips to 1.0725. In the Eurozone, data showed that retail sales dropped 2.7% on month in December (vs -2.3% expected).

Germany's factory orders grew 3.2% on month in December (vs +1.9% expected).

USD/JPY jumped 145 pips to 132.64. This morning, Japan's data showed that household spending declined 1.3% on year in December (vs -0.1% expected).

GBP/USD declined 35 pips to 1.2021. In the U.K., the S&P Global construction purchasing managers index posted at 48.4 in January (vs 46.5 expected).

AUD/USD fell 40 pips to 0.6883. This morning, Australia's data showed that trade surplus declined to A$12.2 billion in December with exports falling 1% on month.

Later today, Australia's central bank is expected to raise its key interest rate by 25 basis points to 3.35%.

USD/CHF added 23 pips to 0.9284, and USD/CAD gained 52 pips to 1.3449.

Bitcoin failed to regain the $23,000 level.

 

[v1forex]

MARKET COMMENTARY


On Tuesday, U.S. stocks rebounded as investors viewed comments given by Federal Reserve Chairman Jerome Powell as dovish. The Dow Jones Industrial Average rose 265 points (+0.78%) to 34,156, the S&P 500 climbed 52 points (+1.29%) to 4,164, and the Nasdaq 100 jumped 263 points (+2.12%) to 12,728.

Powell said that inflation is beginning to ease, while adding: "If we continue to get, for example, strong labor market reports or higher inflation reports, it may well be the case that we have do more and raise rates more than is priced in."

The U.S. 10-year Treasury yield rose 3.9 basis points to 3.679%.

Semiconductors (+3.19%), media (+3.1%), and energy (+3.08%) sectors were the top performers.

ON Semiconductor (ON) rose 6.38%, Nvidia (NVDA) gained 5.14%, and Qualcomm (QCOM) was up 2.78%.

Microsoft (MSFT) climbed 4.20% after the company unveiled new versions of its Bing search engine and Edge browser powered by technology from OpenAI.

Activision Blizzard (ATVI) gained 5.62% after the video-game publisher reported better-than-expected quarterly operations figures.

Take-Two Interactive Software (TTWO) also rose 7.85%.

Baidu (BIDU) surged 12.18% after the Chinese tech giant said it would launch its AI chatbot product in March.

On the other hand, Pinterest (PINS) fell 5.16% after the social media firm posted lower-than-expected fourth-quarter sales.

European stocks closed mixed. The DAX 40 fell 0.16%, the CAC 40 dipped 0.07%, while the FTSE 100 gained 0.36%.

Oil prices were boosted by easing concerns on interest rates and expectations of recovering oil demand in China. U.S. WTI crude futures jumped $3.20 (+4.32%) to $77.35 a barrel.

Gold price added $4 to $1,871 an ounce.

The U.S. dollar weakened against other major currencies, as Powell reiterated his view on easing inflation, leading investors to expect the Federal Reserve to be less hawkish on raising interest rates. The dollar index declined to 103.38.

EUR/USD was little changed at 1.0725. Data showed that Germany's industrial production declined 3.1% on month in December (vs -1.4% expected).

USD/JPY slid 157 pips (-1.18%) to 131.09. This morning, Japan's data showed that current account surplus dropped to 33.4 billion yen in December (vs 2.10 trillion yen expected).

GBP/USD added 23 pips to 1.2042. In the U.K., the Halifax house price index was unchanged on month in January (vs -0.3% expected).

AUD/USD increased 72 pips to 0.6955. As expected, Australia's central bank lifted its key interest rate by 25 basis points to 3.35%.

USD/CHF dropped 60 pips to 0.9223, and USD/CAD fell 46 pips to 1.3400.

Bitcoin regained the $23,000 as it jumped 2% to $23,200.

 

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MARKET COMMENTARY


On Wednesday, U.S. stocks closed lower giving up most gains made in the prior session. The Dow Jones Industrial Average dropped 207 points (-0.61%) to 33,949, the S&P 500 fell 46 points (-1.11%) to 4,117, and the Nasdaq 100 slid 232 points (-1.83%) to 12,495.

The U.S. 10-year Treasury yield retreated 5.3 basis points to 3.621%.

Media (-4.75%), consumer durables & apparel (-2.25%), and semiconductors (-1.87%) sectors lost the most.

Alphabet (GOOGL) dropped 7.68% after its new AI chatbot product "Bard" did not perform well.

Lumen Technologies (LUMN) plunged 20.84% after the digital-solution provider gave a disappointing 2023 full-year earnings guidance.

On the other hand, Tesla (TSLA) rose 2.28% after CEO Elon Musk tweeted that the company will unveil its "Master Plan 3" on the March 1 company investor day.

CVS Health (CVS) gained 3.47%. The pharmacy & healthcare company agreed to buy Oak Street Health (OSH) for $39 per share in cash, or an enterprise value of $10.6 billion.

Uber Technologies (UBER) closed 5.53% higher as the rideshare platform's fourth-quarter sales beat expectations.

Fortinet (FTNT) jumped 10.90% as the cybersecurity firm reported better-than-expected quarterly earnings.

U.S. data showed that wholesale inventories increased 0.1% on month in December (as expected).

European stocks closed mixed. The DAX 40 rose 0.60%, the FTSE 100 gained 0.26%, while the CAC 40 was down 0.18%.

U.S. WTI crude futures added $1.30 to $78.42 a barrel. The U.S. Energy Department reported an addition of 2.42 million barrels in the crude-oil stockpiles, meeting expectations.

Gold price edged up $2 to $1,875 an ounce.

The U.S. dollar held relatively firm against other major currencies. The dollar index was little changed at 103.47.

New York Fed President John Williams commented that the Federal Reserve could raise its key interest rate to 5.00-5.25% within this year.

EUR/USD dropped 13 pips to 1.0713.

USD/JPY gained 34 pips to 131.41. This morning, the Bank of Japan reported that M2 money stock increased 2.7% on year in January (vs +2.9% in December).

GBP/USD added 21 pips to 1.2069.

AUD/USD fell 35 pips to 0.6924.

USD/CHF dipped 10 pips to 0.9209, and USD/CAD was up 50 pips to 1.3449.

Bitcoin dipped back below $23,000.

 

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MARKET COMMENTARY


On Thursday, U.S. stocks pared early gains to close lower. The Dow Jones Industrial Average fell 249 points (-0.73%) to 33,699, the S&P 500 dropped 36 points (-0.88%) to 4,081, and the Nasdaq 100 was down 114 points (-0.91%) to 12,381.

The U.S. 10-year Treasury yield rebounded 5.2 basis points to 3.662%.

Media (-3.06%), transportation (-1.77%), and banks (-1.69%) sectors lost the most.

Alphabet (GOOGL) dropped a further 4.39% after the company's new AI chatbot product "Bard" gave inaccurate results.

Walt Disney (DIS) declined 1.27%. The entertainment and media giant posted upbeat quarterly results, but announced plans to cut 7,000 jobs.

Mattel (MAT) plunged 10.68% after the children's toy maker posted lower-than-expected fourth-quarter earnings.

On the other hand, Tesla (TSLA) gained a further 3.00% as investors looked forward to the electric-car maker's "Master Plan 3" to be released on March 1.

MGM Resorts International (MGM) rose 6.44%. The resort operator reported better-than-expected quarterly earnings and enlarged its share buyback by $2 billions.

Regarding U.S. economic data, the latest number of initial jobless claims increased to 196,000 (vs 189,000 expected).

European stocks closed higher. The DAX 40 rose 0.72%, the CAC 40 added 0.96%, and the FTSE 100 was up 0.33%.

U.S. WTI crude futures declined $0.80 to $77.64 a barrel.

Gold price sank $14 to $1,861 an ounce.

The U.S. dollar index dropped to 103.25.

EUR/USD climbed 25 pips to 1.0737. Data showed that Germany's inflation rate ticked up to 8.7% on year in January (vs 9.1% expected, 8.6% in December).

USD/JPY gained 17 pips to 131.57. This morning, data showed that Japan's producer prices increased 9.5% on year in January (vs +10.6% expected).

GBP/USD rose 45 pips to 1.2117. In the U.K., the Royal Institute of Chartered Surveyors house prices balance posted at -47% in January (vs -50% expected, -42% in December).

AUD/USD rose 13 pips to 0.9223.

USD/CHF added 9 pips to 0.6934, and USD/CAD was up 9 pips to 1.3456.

Bitcoin slumped nearly 5% to $21,900. Crypto investors were discouraged by crypto exchange Kraken's agreement with the U.S. Securities and Exchange Commission on discontinuing its crypto staking products.

 

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