Market Outlook Investors await Jerome Powell testimony

 

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US Markets U.S. stock futures were flat overnight as investors awaited comments from Federal Reserve Chair Jerome Powell, who is due to give congressional testimony on Tuesday and Wednesday. In overnight trading, WW International (formerly WeightWatchers) rose after announcing plans to acquire Sequence, a subscription telehealth platform that focuses on the management of chronic weight conditions. Analysts predict that the consumer credit data due out this afternoon will show a $22B increase in January, following a rise of $11.6B in December. The Russell 2000 is up almost 8% since the start of the year, compared to 5.4% for the S&P 500. The current 10 Year U.S. Treasury yield is set at 3.96860% Dow Jones  33,431.44 0.12% S&P 500  4,048.42 0.07% Nasdaq  11,675.74 -0.11% Russell 2000 1,899.76 -1.48% *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 Prime Minister Justin Trudeau has appointed a special investigator to look into allegations of Chinese interference in Canadian elections. The Canadian government is investigating allegations that China meddled in the 2019 and 2021 elections by spreading misinformation and providing funds to certain candidates. Two-thirds of Canadians believe that China interfered in the elections. Over 50% of Canadians view electoral meddling by a foreign nation as a threat to democracy.  Trudeau's Liberal party has been open to doing business with China, unlike the Conservative party, which argues that bilateral relations should be curtailed due to security concerns and Beijing's alleged human rights abuses.  TSX  20,514.80 -0.32% *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 mixed on Monday after a volatile day of trading.  The Stoxx 600 lost 0.02% on the day. Travel and leisure stocks were the best-performing, gaining 1.9%, while mining stocks dragged down markets, falling 2.7%.  The FTSE 100 was the only major national index in Europe to fall on the day.  European markets had opened up but were hit with downward pressure when China lowered its 2023 growth target to 5%, from "around 5.5%."  Euro STOXX 50  4,313.78 0.44% UK (FTSE 100)  7,929.79 -0.22% Germany (DAX)  15,653.58 0.48% France (CAC 40) 7,373.21 0.34% *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Asian Markets Shares in Asia were mixed but mostly rising on Tuesday morning as investors awaited national economic data.  Stocks fell in Australia as policymakers are expected to hike rates by 25 basis points to 3.6% later today.  Consumer prices in the Philippines rose 8.6% in the 12 months to February.  40% of tech companies in Singapore raised salaries by 20% or more in 2022.  S&P Asia 50 4,730.77 1.15% Japan (Nikkei 225) 28,353.34 0.41% South Korea (KOSPI) 2,469.72 0.29% China (Hang Seng) 20,773.75 0.83% India (SENSEX) 60,224.46 0.69% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Natural gas futures in the U.S. lost over 15% on Monday after meteorologists forecast warmer weather in the U.S. over the next two weeks, which would lead to lower energy demand.  Brent crude oil rose 0.34% on Monday and U.S. West Texas Intermediate gained 0.38%. Natural gas prices hit a five-week high at the end of last week, surging 9% on Friday due to the winter storms that hit several states, including California, as well as higher export flows.  Price volatility put downward pressure on the stock of commodity trading companies like Chesapeake Energy, which lost 5% on the day.  Oil (NYSEARCA:OIL) 30.60 1.12% Gold (NYSEARCA:GLD) 171.62 -0.50% Silver (NYSEARCA:SLV) 19.32 -1.18% Corn (NYSEARCA:CORN) 25.25 -0.43% Lumber (NASDAQ:WOOD) 74.23 -1.54% *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, .

urrency Exchange Rates The U.S. Dollar was down on Monday, extending losses from late last week.  Jerome Powell's testimony to Congress will likely impact the U.S. Dollar on Tuesday and Wednesday.  The U.S. Dollar Index lost 0.17% on the day but has seen strong gains since February, when economic data began to show that aggressive interest rate hikes may be required.  The Chinese Yuan fell after the country lowered its 2023 growth target.  UK(GBP) £0.83 -0.03% Europe (EURO) €0.94 -0.37% Canada (Canadian Dollar) $1.36 -0.10% Japan (Yen) ¥136.01 0.12% *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 After falling last weekend, Bitcoin was stable on Monday as the wider crypto market stabilized following the Silvergate collapse.  Alameda is suing Greyscale and DCG to obtain $250M in funds that it claims belong to FTX debtors.  Tether's U.S. Dollar stablecoin (USDT) market share hit 54%, its highest level in the last 15 months.  ETHDenver was able to turn a profit, which means that its DAO members may receive some returns.  Bitcoin $22,465.70 0.57% Ethereum $1,574.93 0.62% Litecoin $87.87 -2.41% Bitcoin Cash $125.38 0.75% *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them,.