Market Outlook Oil prices are rising on increasing Chinese demand7-2-2023

 

Market Outlook Oil prices are rising on increasing Chinese demand7-2-2023 US Markets Stock futures are up slightly overnight as investors are awaiting comments from Federal Reserve Chair Jerome Powell later today.  Chegg lost more than 22% overnight after issuing weak guidance for the current quarter and full year 2023.  9 of the 11 sectors of the S&P 500 were down on Monday.  Utility stocks bucked the trend, gaining 0.87%.  So far, 69% of the companies in the S&P 500 that have reported Q4 earnings have beaten expectations.  The current 10 Year U.S. Treasury yield is set at 3.62390% Dow Jones  33,891.02 -0.10% S&P 500  4,111.08 -0.61% Nasdaq  11,887.45 -1.00% Russell 2000 1,957.72 -1.40% *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures?

Canadian Markets Nestle is removing many of its frozen meals from the Canadian market, including brands such as Delissio, Stouffer's, and Lean Cuisine.  Experts believe the decision is due to rising food prices and supply challenges.  Nestle's exit will create opportunities for other companies, said Sylvain Charlebois, director of the Agri-Food Analytics Lab at Dalhousie University.  Food inflation has started to slow, but food suppliers still face high costs, which may be having a negative effect on Nestle's margins.  TSX  20,628.92 -0.62% *Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services

European Markets European markets were down on Monday as investors reacted to economic data and corporate earnings. The Stoxx 600 lost 0.8% on the day, led by losses in retail stocks, which dropped 2.1%.  The FTSE was down on the day, retreating from the record high it set on Friday.  Darktrace, a British cybersecurity company, is being targeted by short sellers following allegations that it has inflated its revenue. The company's stock has fallen by 37% in the past 12 months.  Euro STOXX 50  4,205.45 -1.23% UK (FTSE 100)  7,836.71 -0.82% Germany (DAX)  15,345.91 -0.84% France (CAC 40) 7,137.10 -1.34% *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Asian Markets Stocks in Asia were up on Monday and Tuesday.  Investors are expecting the Bank of Australia to raise rates by 25 basis points.  Goldman Sachs now sees a 25% chance of a U.S. recession, down from 35%.  Stocks in China are up with the Hang Seng, Shenzhen Component, and Shanghai Composite all up on the day.  S&P Asia 50 4,924.09 -2.93% Japan (Nikkei 225) 27,767.92 0.27% South Korea (KOSPI) 2,445.60 2.10% China (Hang Seng) 21,288.39 0.31% India (SENSEX) 60,506.90 -0.55% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Oil prices were up at the end of a volatile trading day on Monday.  Brent crude gained 1.3% and U.S. West Texas Intermediate crude rose 1% on the day.  The International Energy Agency expects China to account for more than half of the increase in demand for oil from 2022 to 2023.  Analysts predict that the U.S. added 2.2 million barrels of crude oil to its stockpiles last week.  Oil (NYSEARCA:OIL) 28.47 1.86% Gold (NYSEARCA:GLD) 173.82 0.21% Silver (NYSEARCA:SLV) 20.48 -0.44% Corn (NYSEARCA:CORN) 26.66 0.30% Lumber (NASDAQ:WOOD) 77.58 -1.75% *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities,

Currency Exchange Rates The U.S. Dollar reached a four-week high on Monday as investors continued to react to the jobs data from last week. After falling in recent days, the Euro is about 1.6% below the 10-month high it hit last week.  The Japanese Yen lost ground following conflicting reports regarding who will be the next governor of the country's central bank.  The Turkish Lira is at a record low after a massive earthquake hit the country.  UK(GBP) £0.83 0.09% Europe (EURO) €0.93 0.87% Canada (Canadian Dollar) $1.34 0.16% Japan (Yen) ¥132.40 0.93% *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them,

Cryptocurrency Bitcoin fell to around $23,000 during Monday's trading, its fifth consecutive day of losses after rising to over $24,000 last week. Despite the drop, Bitcoin has gained approximately 40% so far this year as crypto investors react positively to the loosening of monetary policy.  Ethereum gained 1.3% on Monday.  Over the last seven days, Bitcoin has lost 0.55% and Ethereum has gained 3.79%.  Despite falling 5.5% on Monday, FTM has gained around 15% during the past week.  Bitcoin $22,844.70 -2.08% Ethereum $1,625.72 -0.22% Litecoin $96.46 -0.25% Bitcoin Cash $132.17 -4.26% *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.