Market Outlook S&P 500 breaks four-day losing streak

 

US Markets U.S. stock futures were down overnight despite the S&P 500 ending its four-day losing streak on Thursday.  Despite gains on Thursday, all three major indexes are set to finish the week in the red. So far this week, the Dow Jones has lost 1.99%, the Nasdaq 1.67%, and the S&P 500 1.64%.  The personal consumption expenditures prices index due out this morning will likely impact the Federal Reserve's next interest rate decision. Personal income data that will be published later today is excepted to show a 1.2% year-over-year increase.  The current 10 Year U.S. Treasury yield is set at 3.88270% Dow Jones  33,153.91 0.33% S&P 500  4,012.32 0.53% Nasdaq  11,590.40 0.72% Russell 2000 1,908.09 0.71% *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 Loblaws, the largest grocer in Canada, said it plans to increase prices again due to higher costs.   Despite rising costs, Loblaws forecasts an increase in profits in 2023.  Statistics Canada this week reported that grocery prices in the country rose by 11.4% in January from a year earlier.  Butter (+19.1%), bread (+18.1%), eggs (+15.6%), and chicken (+14%) are some of the food staples whose prices have surged over the past 12 months. TSX  20,188.19 -0.03% *Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services

European Markets Stocks in Europe were up on Thursday as investors reacted to the release of the U.S. Federal Reserve meeting minutes. The Stoxx 600 gained 0.1%, led by a 1.1% increase in the oil and gas sector.  Technology stocks fell early in the day but reversed course to finish up 0.4%. Mining stocks dragged down markets with a 1.6% drop.  Rolls-Royce shares surged 23% after the company announced that its profits increased by 57% in full-year 2022.  Euro STOXX 50  4,258.16 0.36% UK (FTSE 100)  7,907.72 -0.29% Germany (DAX)  15,475.69 0.49% France (CAC 40) 7,317.43 0.25% *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 mixed on Thursday as markets were impacted by local economic data and news.  Apple announced that Luxshare, its Chinese supplier, will help develop the company's augmented reality devices.  Hong Kong Exchanges and Clearing reported a 20% decline in profit in the 2022 fiscal year.  Singapore's Consumer Price Index recorded a 6.5% jump in the 12 months to January; with transportation, food, and clothing prices rising the most. Stocks in Singapore fell after the publication of CPI data.  S&P Asia 50 4,685.20 0.86% Japan (Nikkei 225) 27,104.32 -1.34% South Korea (KOSPI) 2,439.09 0.89% China (Hang Seng) 20,351.35 -0.35% India (SENSEX) 59,605.80 -0.23% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Oil prices rose on Thursday as investors anticipate significant declines in Russian oil exports.  Brent crude and U.S. West Texas intermediate both gained 2% on the day.  Russia said it plans a 25% cut in exports from its western ports in March, which is higher than the 500,000 barrel per day decline that had previously been expected.  U.S. crude stockpiles rose by 7.6 million barrels last week, well above the 2.1 million barrel increase expected by analysts.  Oil (NYSEARCA:OIL) 28.87 2.30% Gold (NYSEARCA:GLD) 169.57 -0.05% Silver (NYSEARCA:SLV) 19.63 -0.61% Corn (NYSEARCA:CORN) 26.09 -1.77% Lumber (NASDAQ:WOOD) 73.47 0.04% *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 was flat on Thursday as investors continued to react to the release of the Federal Reserve's meeting minutes a day earlier.  The U.S. Dollar Index gained 0.36% after the minutes were released but lost 0.01% on Thursday.  Investors expect rates to increase by 25 basis points in March and that they will reach 5.36% by July.  After falling slightly on Thursday, the Euro is at its lowest level since the first week of 2023.  UK(GBP) £0.83 0.76% Europe (EURO) €0.94 0.49% Canada (Canadian Dollar) $1.35 0.06% Japan (Yen) ¥134.51 -0.35% *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 Crypto markets were largely flat on Thursday as Bitcoin continues to hover around the $25,000 price point. The SEC has objected to Binance.US purchasing Voyager for $1B.  The IMF's Executive Board urged countries not to grant Bitcoin legal tender status.  Sam Bankman-Fried faces a new set of charges following another indictment on Thursday.  Bitcoin $23,978.30 -1.95% Ethereum $1,653.10 0.62% Litecoin $94.90 -0.36% Bitcoin Cash $138.80 -4.49% *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them,