NYSE Dow Jones finished today at:

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ASX 200 expected to edge lower​

The Australian share market looks set to start the week slightly in the red despite a solid finish to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day a modest 3 points lower this morning.

A late-afternoon turnaround on Wall Street left stocks higher Friday as the market shook off a weak start amid worries about banks on both sides of the Atlantic.

The S&P 500 rose 0.6% after slipping for most of the morning. The benchmark index marked its second straight weekly gain. The Dow Jones Industrial Average rose 0.4%, while the Nasdaq composite ended 0.3% higher.

the S&P 500 rose 22.27 points to 3,970.99. The Dow added 132.28 points to 32,237.53. The Nasdaq gained 36.56 points to close at 11,823.96.

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Asian shares mostly rise on relief over US bank strength

Asian shares are mostly higher as investors got some relief from worries over troubled U.S. banks with a planned takeover of failed Silicon Valley Bank.

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Most stocks tick up, including a jump for beaten-down banks​

By STAN CHOE, DAMIAN J. TROISE and ALEX VEIGA

A choppy day of trading on Wall Street ended with stocks mostly higher Monday, as battered banks showed more strength, at least for now.

The S&P 500 eked out a 0.2% gain after having been up by as much as 0.8%. Banks and energy stocks led the gainers in the benchmark index, outweighing losses in technology and communications companies.

The Dow Jones Industrial Average rose 0.6%, while the Nasdaq composite fell 0.5%, reflecting losses in Google parent Alphabet and other tech companies. Gainers outnumbered decliners on the New York Stock Exchange by nearly 3-1.

The S&P and Nasdaq are coming off two straight weekly gains, even as markets have been in turmoil following the second- and third-largest U.S. bank failures in history earlier this month. Investors have been hunting for which banks could be next to fall as the system creaks under the pressure of much higher interest rates.

Still, financial stocks were among the biggest gainers Monday. First Citizens ′ stock soared 53.7% after it said it would buy most of Silicon Valley Bank, whose failure sparked the industry’s furor earlier this month. As part of the deal, the Federal Deposit Insurance Corp. agreed to share some of the losses that may arise from some of the loans First Citizens is buying.

Other banks that investors have highlighted as the next potential victims of a debilitating exodus of customers also strengthened.

First Republic Bank jumped 11.8% and PacWest Bancorp rose 3.5%. Most of the focus in the U.S. has been on banks that are below the size of those that are seen as “too big to fail.”

A broader worry has been that all the weakness for banks could cause a pullback in lending to small and midsized businesses across the country. That in turn could lead to less hiring, less growth and a higher risk of a recession. Many economists were already expecting an economic downturn before all the struggles for banks.

“Unfortunately this is what happens when you tighten policy that quickly,” Amanda Agati, chief investment officer of PNC Asset Management Group, said about the past year’s swift rise in interest rates. “Things break in the system. Some of the weakest links are starting to show up.”

The worries are international. In Europe, Credit Suisse’s stock tumbled so quickly this month that regulators brokered its takeover by rival Swiss banking giant UBS. At the end of last week, the market’s sights set on Deutsche Bank, whose stock fell sharply as analysts questioned why it had come under pressure.

“So far, regulators and lawmakers have worked together to keep the crisis under control, and they have used all the help they could to do so,” Naeem Aslam of Zaye Capital Markets said in a commentary. “This particular element is keeping the hope alive that whatever the issue was with Deutsche Bank, lawmakers are going to address it, as there is simply too much to lose if things are left alone.”

On Monday, Deutsche Bank shares rose 6.1% in Germany. Other big banks across Europe also found some stability. These giant banks don’t share many characteristics with the smaller and mid-sized banks in the United States that have been under pressure. But all are navigating much more scrutiny from investors broadly. Their world has become much more difficult because interest rates have jumped very high very quickly.

The Federal Reserve and other central banks announced their latest increases to interest rates in recent weeks as they fight inflation that’s still gripping worldwide. Higher rates can undercut inflation by slowing the economy, but they raise the risk of a recession. They also hurt prices for stocks, bonds and other investments.

The Fed has pulled its key overnight rate to a range of 4.75% to 5%, up from virtually zero at the start of last year. It indicated last week that the troubles in the banking system could end up acting like rate hikes on their own, by slowing lending.

The managing director of the International Monetary Fund, Kristalina Georgieva, told a conference in Beijing on Sunday that risks to financial stability have risen as interest rates climbed. She said actions by central banks and other regulators have helped to ease strains on markets, “but uncertainty is high, which underscores the need for vigilance.”

The Fed has hinted it may raise rates just one more time this year before leaving them alone for a while. Traders on Wall Street, though, don’t believe it. Many are betting the central bank will have to cut rates as soon as this summer to prop up the economy.

Such hopes for rate cuts have helped stocks recently despite all the bank turmoil. But they could also be setting the market up for disappointment.

PNC’s Agati said she believes the Fed and doesn’t expect a rate cut imminently. Even if one were to arrive, it would likely be a signal of a much worse economy, which itself would be bad for stocks. She’s expecting profits to fall this year for companies amid a mild recession, which means she sees stocks potentially falling 10% to 15%.

“We’re just not there,” she said. “Either the market is completely delusional or the market is already looking past” a possible recession based on “how benign it is compared with the pandemic or financial crisis” of 2008. “In either case, I think the market is delusional to think of it that way.”

Huge, quick swings in expectations for the Fed have caused historic-sized moves in the bond market.

Yields jumped Monday in their latest lunge. The yield on the 10-year Treasury, which helps set rates for mortgages and other important loans, rose to 3.53% from 3.37% late Friday. It was above 4% earlier this month.

Lower rates can act like steroids for stocks, and technology and other high-growth stocks tend to get a particularly big boost. That has helped the S&P 500, which is dominated by such Big Tech stocks as Apple and Microsoft.

Other areas of the market that don’t benefit from such Big Tech stocks have been weaker. The Russell 2000 index of smaller stocks, for example, is on track for a 7.6% loss this month versus a 0.2% gain for the S&P 500.

The Russell outgained the broader market Monday, however. The index rose 18.75 points, or 1.1%, to 1,753.67.

Elsewhere on Wall Street, the S&P 500 rose 6.54 points to 3,977.53. The Dow added 194.55 points to 32,432.08, and the Nasdaq fell 55.12 points to 11,768.84.

ASX 200 expected to rise​

The Australian share market looks set to rise again on Tuesday following a solid start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 29 points or 0.4% higher.

A choppy day of trading on Wall Street ended with stocks mostly higher Monday, as battered banks showed more strength, at least for now.

The S&P 500 eked out a 0.2% gain after having been up by as much as 0.8%. Banks and energy stocks led the gainers in the benchmark index, outweighing losses in technology and communications companies.

The Dow Jones Industrial Average rose 0.6%, while the Nasdaq composite fell 0.5%, reflecting losses in Google parent Alphabet and other tech companies. Gainers outnumbered decliners on the New York Stock Exchange by nearly 3-1.

on Wall Street, the S&P 500 rose 6.54 points to 3,977.53. The Dow added 194.55 points to 32,432.08, and the Nasdaq fell 55.12 points to 11,768.84.

MARKET WATCH

 

[bigdog]

Asian stocks mixed as anxiety over banks starts to fade

Asian stocks are mixed after anxiety about the global financial system began to fade following three high-profile bank failures. Shanghai followed Wall Street lower.

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Stocks mostly hold steady as Wall Street regains stability​

By STAN CHOE

Stocks were mixed Tuesday as Wall Street regains some stability at the tail end of what’s been a turmoil-filled month.

The S&P 500 dipped 6.26 points, or 0.2%, to 3,971.27, though the majority of stocks within the index rose. The Dow Jones Industrial Average slipped 37.83, or 0.1,%, to 3,394.25, and the Nasdaq composite fell 52.76, or 0.4%, to 11,716.08.

There was relative calm even in the bond market, which has been home to some of Wall Street’s wildest moves since fears flared about the banking system earlier this month. Yields were rising only modestly following their historic-sized moves in prior weeks.

This month has been dominated by worries that banks around the world may be cracking under the pressure of much higher interest rates. But some calm has returned to the market recently after regulators made big moves to protect the system.

That has much of Wall Street’s attention back on interest rates and what central banks will do next with them. The Federal Reserve and other central banks have a tough decision: Inflation is still high, which would typically call for even higher interest rates. But the weakness for banks has shown some fragility in the system that higher rates could worsen.

“I think the global central banks have put us in that middling zone, where we’re waiting for clarity on: Are they done?” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.

After the Fed hiked its key overnight rate all the way to a range of 4.75% to 5%, up from virtually zero early last year, the market could find some relief if the Fed does take a pause after hiking one more time as it’s hinted, Haworth said.

“That’s a dramatic change” in rates over just a year, he said. “Just getting to some form of stability provides some clarity for planning to begin.”

Traders built bets Tuesday to say the Fed will raise rates at its next meeting in May, though the slight majority is still calling for it to hold rates steady.

Higher rates try to slow inflation by hitting the entire economy with a blunt hammer. They also drag on prices for stocks along the way, particularly technology and other high-growth stocks.

Apple, Microsoft and other Big Tech stocks were among the heaviest weights on the S&P 500 Tuesday after dipping modestly.

On the winning side was McCormick & Co., which jumped 9.6% after the spices and seasonings company reported stronger profit and revenue for its latest quarter than analysts expected.

Other stocks were mixed, including financial stocks that have had a turbulent month. Most of those in the S&P 500 rose, but some banks that investors have highlighted as most at risk fell after erasing gains from the morning.

First Republic fell 2.3%, while PacWest Bancorp. was down 5%.

The harshest focus has been on smaller and midsized banks in the hunt for who could be next to suffer an exodus of customer akin to the run that toppled Silicon Valley Bank.

One of the broader worries has been that all the furor for banks could lead to a pullback in lending to businesses across the country. That in turn could lead to less economic growth and a higher risk of a recession.

Jan Hatzius, chief economist and head of global investment research at Goldman Sachs, recently raised his probability of a recession over the next year to 35% from 25%. But in a report, he called the banking industry’s struggles “a headwind, not a hurricane” for the economy.

Reports on the economy have been coming in mixed. The job market remains remarkably solid, while smaller corners of the economy have been showing more weakness.

On Tuesday, one report showed that confidence among consumers is strengthening, contrary to economists’ expectations for a moderation. Another report suggested U.S. home prices softened in January from December, but not by quite as much as economists expected.

Traders are still largely betting the Fed will have to cut rates as soon as this summer to prop up the economy. Such bets have returned in force since the banking industry’s woes began. They also materialized almost as quickly as a prior round of bets for rate cuts had earlier disappeared following data suggesting stickier-than-expected inflation.

Such drastic shifts in expectations for the Fed have led to huge swings in the bond market. On Tuesday, yields were rising by only a bit.

The yield on the 10-year Treasury, which helps set rates for mortgages and other important loans, rose to 3.55% from 3.54% late Monday.

The two-year yield, which moves more on expectations for the Fed, rose to 4.05% from 4.01% late Monday. It was above 5% earlier this month and at its highest level since 2007.

ASX 200 expected to tumble​

The Australian share market looks set to tumble on Wednesday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 26+ points or 0.4% lower this morning.
Stocks were mixed Tuesday as Wall Street regains some stability at the tail end of what’s been a turmoil-filled month.

The S&P 500 dipped 6.26 points, or 0.2%, to 3,971.27, though the majority of stocks within the index rose. The Dow Jones Industrial Average slipped 37.83, or 0.1,%, to 3,394.25, and the Nasdaq composite fell 52.76, or 0.4%, to 11,716.08.

MARKET WATCH

 

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Asian stocks mixed after Wall St rally as bank fears ease

Asian shares are trading mixed following a rally on Wall Street as worries over banks following the collapses of several lenders in recent weeks eased further.

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Stocks rally on Wall Street as bank fears ease further​

By STAN CHOE

Stocks rallied Wednesday as Wall Street shakes off more of the fear that dominated it earlier this month.

The S&P 500 rose 1.4% for its fourth gain in the last five days. The Dow Jones Industrial Average climbed 323 points, or 1%, while the Nasdaq composite jumped 1.8%.

They followed similar sized gains in other markets around the world and put the S&P 500 on track to close a tumultuous month with a modest gain. That’s despite the month being dominated by worries about banks and whether the industry is cracking under the pressure of much higher interest rates.

Forceful actions by regulators have helped to calm some of the worries about banks. By Wednesday, a measure of fear among stock investors on Wall Street fell to nearly where it was on March 8. That was the day before Silicon Valley Bank’s customers suddenly yanked out $42 billion in a panicked dash. It became the second-largest U.S. bank failure in history and sparked harsher scrutiny of banks around the world.

“I think the market has been very much focused on a set of extremes, like what we saw in the COVID period, where it was either: The sky is falling, or everything is euphoric,” said Zach Hill, head of portfolio management at Horizon Investments

While he doesn’t think fears about banks are completely gone, he says now “we’re in much more of a middle ground environment, in terms of the economy and in terms of rate hikes flowing through to economic activity.”

Among the big actions taken by regulators was a government-brokered takeover by one Swiss banking giant of another. In that deal, UBS said Wednesday it’s bringing back former CEO Sergio Ermotti to help it absorb its troubled rival, Credit Suisse. Ermotti led the bank through its turnaround following the 2008 financial crisis.

UBS stock in Switzerland rose 3.7%. Other big banks across the continent also strengthened, which helped indexes there to rise 1% or more.

On Wall Street, nearly all of the financial stocks in the S&P 500 rose, and some of the banks that have been hit hardest in recent weeks rose sharply. First Republic Bank jumped 5.6%, and PacWest Bancorp. gained 5.1%.

The Federal Deposit Insurance Corp. announced the sale of much of Silicon Valley Bank’s assets at the start of this week. Regulators earlier this month also announced programs to help banks raise cash more easily. That, plus the implicit promise U.S. officials have seemed to make about protecting depositors at other banks, should help support the industry, analysts say.

Easing fears about the banking system have helped Treasury yields to steady in the bond market, following some historic-sized moves earlier this month.

The two-year Treasury yield, which tends to moves on expectations for the Fed and has been particularly unsettled, ticked up to 4.09% from 4.08% late Tuesday. Earlier this month, it went from more than 5% to less than 3.80%, which is a massive move.

The path ahead for the Federal Reserve and other central banks has become much more difficult because of the banking industry’s struggles. Typically, the still-high inflation seen around the world would call for even higher interest rates. But that would risk more pressure on banks, which could pull back on lending and squeeze the economy.

Traders are largely betting the Fed will have to cut rates as soon as this summer, something that can act like steroids for markets. That’s helped Big Tech and other high-growth stocks in particular, which are seen as some of the biggest beneficiaries of lower rates.

It’s also why a quick glance at the index that gets the most attention on Wall Street could be deceiving, Hill said.

“Looking just at the S&P 500, you could potentially draw wrong conclusions from that,” he said. “The rotations beneath the surface, we think it makes some sense.”

Gains for Big Tech stocks, which dominate the top of the S&P 500, have helped buoy that index. But smaller stocks are still down sharply for the month, as are financial stocks.

The Fed has hinted it sees one more hike before holding rates steady through this year. Many professionals on Wall Street take the Fed at its word, saying rate cuts would likely come more quickly only if the economy is in serious trouble

For now, a resilient job market has been holding up the economy, even as portions of it weaken under higher interest rates. Most of Wall Street will soon begin reporting how much profit they made in the first three months of the year under such conditions.

Lululemon jumped 12.7% after the athletic apparel company reported stronger profit and revenue for its latest quarter than expected.

Micron Technology rose 7.2% even though it reported a bigger loss and weaker revenue than expected. Analysts said they were expecting a rough quarter, and they see some signs of optimism on the horizon as bloated inventories in the industry appear to be working down.

All told, the S&P 500 rose 56.54 points to 4,027.81. The Dow rose 323.35 to 32,717.60, and the Nasdaq added 210.16 to 11,926.24.

ASX 200 expected to jump​

The Australian share market is expected to have a strong session on Thursday after Wall Street charged higher. According to the latest SPI futures, the ASX 200 is expected to open the day 48 points or 0.7% higher this morning.

Stocks rallied Wednesday as Wall Street shakes off more of the fear that dominated it earlier this month.

The S&P 500 rose 1.4% for its fourth gain in the last five days. The Dow Jones Industrial Average climbed 323 points, or 1%, while the Nasdaq composite jumped 1.8%.

the S&P 500 rose 56.54 points to 4,027.81. The Dow rose 323.35 to 32,717.60, and the Nasdaq added 210.16 to 11,926.24.

MARKET WATCH

 

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Asian stocks follow Wall St up ahead of US inflation update

Asian stocks have followed Wall Street higher ahead of a United States inflation update that traders hope might prompt the Federal Reserve to ease plans for more interest rate hikes. Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices declined. Wall Street rose Thursday as worries about...

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Stocks head toward winning March as Wall Street’s fear falls​

By STAN CHOE

Stocks rose Thursday as a bit more fear evaporated from Wall Street, keeping its main index of health on track for a winning month.

The S&P 500 rose 23.02 points, or 0.6%, to 4,050.83 for its fifth gain in the last six days. It’s been on a sharp turnaround after struggling in earlier weeks on worries about whether the banking system was cracking under the weight of higher interest rates.

The Dow Jones Industrial Average rose 141.43, or 0.4%, to 32,859.03, and the Nasdaq composite gained 87.24, or 0.7%, to 12,013.47.

Forceful actions by regulators worldwide have helped build confidence that the current trouble for banks won’t torpedo the economy like the 2008 financial crisis did. Traders have also begun betting heavily that the Federal Reserve will have to cut interest rates soon. Such cuts could offer relief after a year of relentless hikes to rates, and they also tend to act like steroids for markets.

To be sure, all the recent ebullience has some professionals on Wall Street wary.

“Markets are pricing the best of both worlds: a recession that brings inflation down rapidly and keeps rates low, yet one where corporate earnings do not fall sharply,” according to analysts at Barclays led by Ajay Rajadhyaksha, global chairman of research.

They are skeptical and think both bonds and U.S. stocks look too expensive.

Since Silicon Valley Bank earlier this month became history’s second-biggest U.S. bank failure, Treasury yields in the bond market have tumbled as traders built bets the Federal Reserve would have to take it easier on interest rates.

The Fed has pulled its key overnight rate to a range of 4.75% to 5%, up from virtually zero at the start of last year, to drive down inflation. High rates can do that, but only by taking a blunt hammer to the entire economy. They also drag down prices for stocks and other investments.

The bet on Wall Street has been that the Fed may cut rates as soon as this summer, to release some of the pressure built up on the economy and banks. That has caused the price to soar and the yield to tumble for the two-year Treasury, which tends to move on expectations for Fed action.

Its yield plunged from above 5% earlier this month, when it was at its highest level since 2007, back below 3.60% last week. That’s a massive move for the bond market. It rose Thursday to 4.12% from 4.11% late Wednesday.

Expectations for easier rates in turn have helped to buoy the Big Tech stocks that dominate the S&P 500 and other indexes. That’s because tech and high-growth stocks are seen as some of the biggest beneficiaries of low rates.

Gains for Microsoft, Apple and Amazon on Thursday were the strongest forces pushing the S&P 500 higher. Amazon rose 1.7%, while the others were up more modestly.

But many professionals on Wall Street are saying the Fed would likely cut rates only if a more serious recession for the economy were on the way, one that would pull down corporate earnings even more sharply than what’s already expected.

The Fed has indicated it plans to raise rates one more time before holding steady through the end of this year. While it’s acknowledged that the turmoil for banks could almost act like a rate hike on its own, inflation is still too high for comfort.

“In sharp recessions – which seems to us the only way to justify bond market pricing, given how high US inflation is – corporate earnings easily drop 30-35%,” Rajadhyaksha and his Barclays colleagues wrote in a report. They added that Big Tech stocks would not be immune from such a downturn.

Nevertheless, the increasingly dominant force on Wall Street seems to be calm.

A measure of nervousness among stock investors on Wall Street on Thursday touched its lowest level since before a mad dash by Silicon Valley Bank customers earlier this month caused its failure and sparked the harsher scrutiny on banks globally.

Financial stocks in the S&P 500 went from gains in the morning to losses in the afternoon, and they ended mixed. But the movements weren’t as jagged as they were earlier this month when fears about the banking system were at their height.

A report on Thursday showed that slightly more U.S. workers applied for unemployment benefits last week than expected. That could be a sign of increased layoffs, but the number still remains very low compared with history.

In a separate report, the government revised down its estimate for how much the U.S. economy grew during the last three months of 2022. But it also still showed growth.

“Today’s data may have some investors more willing to see the light at the end of the tunnel for rate hikes but remember a multitude of data will be released before the Fed’s next decision,” said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office.

On Friday, the Commerce Department issues its February report on consumer spending. That’s the heart of the U.S. economy. Perhaps more importantly, the report will also give the latest update on the measure of inflation that Fed policymakers prefer to use.

“And we have just seen how quickly the market can be disrupted by unplanned turmoil,” Loewengart said, “so investors should remain alert.”

ASX 200 expected to rise again​

The Australian share market looks set to end the week on a very positive note following a solid night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 38 points or 0.55% higher this morning.

Stocks rose Thursday as a bit more fear evaporated from Wall Street, keeping its main index of health on track for a winning month.

The S&P 500 rose 23.02 points, or 0.6%, to 4,050.83 for its fifth gain in the last six days. It’s been on a sharp turnaround after struggling in earlier weeks on worries about whether the banking system was cracking under the weight of higher interest rates.

The Dow Jones Industrial Average rose 141.43, or 0.4%, to 32,859.03, and the Nasdaq composite gained 87.24, or 0.7%, to 12,013.47.

MARKET WATCH

 

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Stocks rally to cap a winning month, quarter for Wall Street

Stocks rallied on Wall Street and closed out a winning March despite a long list of worries for investors. The S&P 500 gained 1.4% Friday and rose 3.5% for the month, with tech stocks leading the way. The index also notched its second winning quarter in a row after tumbling through most of last...

apnews.com

Stocks rally to cap a winning month, quarter for Wall Street​

By STAN CHOE

Stocks rallied Friday to close out a winning March and first quarter of the year, feats that looked questionable just a couple weeks ago when Wall Street was tumbling in turmoil.

The S&P 500 rose 1.4% to cap a 3.5% gain for the month. It also locked in a second winning quarter in a row after falling sharply most of last year on worries about high interest rates meant to get inflation under control.

The Dow Jones Industrial Average rose 415 points, or 1.3%, while the Nasdaq composite climbed 1.7%. For the Nasdaq, big leaps for technology stocks drove a gain of 16.8% for the quarter, its best since the surge out of the coronavirus-caused crash in the spring of 2020.

Friday’s gains came after a report showed inflation across the United States slowed in February, though it was still high relative to history. A continued slowdown could give the Federal Reserve more leeway to take it easier on interest rates after jacking them higher at a furious pace over the last year.

The threat of higher rates has been behind the stock market’s struggles since it peaked in early 2022. High rates can undercut inflation but only by bluntly slowing the entire economy, which raises the risk of a recession. They also drag down prices for stocks, bonds and other investments

A blitz of economic reports earlier in the year suggesting stubbornly high inflation raised worries the Fed would have to keep rates even higher than feared for longer.

A recession hasn’t hit the economy, at least not yet, but the pressure of higher interest rates helped cause the banking industry to crack earlier this month.

The second- and third-largest U.S. bank failures in history rocked markets after depositors rushed to pull their money out of Silicon Valley Bank and Signature Bank. The runs pushed investors to cast harsher scrutiny on banks globally in the hunt for seemingly weak links.

Forceful actions by regulators have since helped to rebuild some confidence. Almost as importantly, traders have also built bets that the banking system’s woes will force the Fed to stop hiking rates soon and even to begin cutting rates later this year.

The overriding mood in the market seems to be that the “Fed blinked and off we rally into April” before waiting to see if a recession or new panics around commercial real estate or something else awaits in the second half of the year, investment strategist Michael Hartnett wrote in a BofA Global Research report.

Expectations for an easier Fed have helped Big Tech stocks in particular because high-growth stocks are seen as some of the biggest beneficiaries of lower rates. That’s helped to prop up the S&P 500, where Big Tech stocks play an outsized role because of their massive size. Apple, Microsoft and Google’s parent Alphabet each posted double-digit gains for March.

Strength in tech has helped to mask weakness for other parts of the market that are still down for the month but play smaller roles in indexes, such as smaller-sized stocks or financial companies.

Some professional investors on Wall Street say the expectations for rate cuts are premature and could be setting the market up for disappointment. Cuts can act like steroids for markets, but they’re likely coming only if the economy looks to be in serious trouble.

The Fed, meanwhile, has hinted it envisions raising rates one more time before keeping them steady through this year. Friday’s data suggests that could still be the case, economists said.

“Elevated price pressures coupled with strong job growth that is restoring incomes and is supporting demand should keep the Fed on track to hike rates further over coming meetings,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics.

What makes the Fed’s upcoming decisions particularly tricky is that the banking industry’s troubles could act like hikes to interest rates on their own if they cause banks to pull back on lending. That in turn could stifle hiring and growth for the economy.

All the drastically changing expectations for what the Fed will do have meant historic-sized moves for Treasury yields in the bond market.

The yield on the two-year Treasury zoomed through particularly rattling moves. It was sitting above 5% at its highest level since 2007 earlier this month, when investors were bracing for the Fed to keep rates higher for longer.

It then quickly plunged below 3.60% as bets built for the Fed to ease up because of the banking industry’s troubles. Analysts said the moves were so violent because so many bets had piled up on the same side: for yields only to climb higher.

The yield has since steadied somewhat. It fell to 4.04% Friday from 4.12% late Thursday.

The 10-year yield, which helps set rates for mortgages and other important loans, fell to 3.48% from 3.55%. It also swung sharply through the quarter, but not by as much as the two-year yield. It was sitting above 4% earlier in the month.

All told, the S&P 500 rose 58.48 points to 4,109.31 Friday. The Dow gained 415.12 to 33,274.15, and the Nasdaq jumped 208.44 to 12,221.91.

In markets abroad, stocks across Europe rose modestly after a report showed inflation in the 20 countries that use the euro currency slowed to the slowest level in a year, though food costs were still on the rise.

Stocks rose modestly in Shanghai after a report said China’s factory activity was stronger in March than expected. They also gained across much of the rest of Asia.

 

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ASX 200 expected to climb​

The Australian share market looks set to continue its positive run on Monday thanks to a strong finish on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 45 points or 0.6% higher this morning.

On Wall Street, the Dow Jones was up 1.25%, the S&P 500 rose 1.45%, and the NASDAQ climbed 1.75%.

The S&P 500 rose 58.48 points to 4,109.31 Friday. The Dow gained 415.12 to 33,274.15, and the Nasdaq jumped 208.44 to 12,221.91.

MARKET WATCH

 

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Asian shares mixed as surging oil prices fan inflation fears

Shares are mixed in Asia as investors watch for the latest moves by central banks. Benchmarks rose in Tokyo, Shanghai and Seoul but fell in Hong Kong and Sydney. On Monday, big gains for energy stocks offset losses for some big technology stocks on Wall Street. The S&P 500 rose 0.4% and the...

apnews.com

Stocks end mixed as jump in oil prices fans inflation fears​

By STAN CHOE

NEW YORK (AP) — Stock markets around the world were mixed Monday, as a jump in oil prices threatens to add upward pressure on inflation.

The S&P 500 gained 15.20 points, or 0.4%, to 4,124.51, though more stocks in the index fell than rose. The Dow Jones Industrial Average climbed 327.00, or 1%, to 33,601.15, while the Nasdaq composite fell 32.45, or 0.3%, to 12,189.45.

Oil jumped 6.3% after Saudi Arabia and other crude-producing countries said over the weekend they would cut production. That lifted stocks of energy companies, including a 5.9% rise for Exxon Mobil, 9.9% leap for Marathon Oil and 4.3% gain for BP.

While oil’s jump helps energy producers, it also weighs on much of the rest of the market. Beyond raising gasoline prices and other costs for everyone, it also dents one of the main themes that helped stocks rise in this year’s just completed first quarter: that turmoil in the banking system and a continued slowdown in inflation could push the Federal Reserve to ease its hikes to interest rates

The Fed has already jacked rates up at a feverish pace over the last year in hopes of undercutting high inflation. Higher rates can do that by slowing the economy, but they risk causing a recession later on.

They also drag down prices for stocks, bonds and other investments. That’s a factor that helped cause the second-largest U.S. bank failure in history last month, which in turn meant harsher scrutiny on banks worldwide. The fear is that the banking industry’s troubles could lead to a pullback in lending, which would further hurt the economy.

Hope on Wall Street had been rising that the Fed may already be done raising rates and that cuts to rates could even happen later this year. Such cuts would release some of the pressure on the economy, which is still growing thanks to a strong job market but has shown pain in the housing market and other corners.

Cuts to rates also tend to act like steroids for financial markets. U.S. stocks have tended to return an average of 8% in the three months following the peak of the Fed’s federal funds rate, according to Goldman Sachs. That includes six instances going back to 1982.

That’s why so much furor has built among traders as they bet on how much further the Fed will raise rates. On Friday, they were leaning slightly toward the Fed holding steady at their next meeting in May, which would be the first time in more than a year that it didn’t hike rates.

But following Monday’s leap for oil prices, bets built that the Fed may hike rates by another quarter of a percentage point in May, according to CME Group.

Short-term Treasury yields initially rose on such expectations, though they eased following the release of a disappointing report on the U.S. economy. It showed manufacturing activity in the U.S. weakened last month by more than economists expected.

March marked its fifth straight month of contraction and showed the biting effects of past rate hikes are already working through the system. Following that report, the two-year Treasury yield fell to 3.97% from 4.04% late Friday. It had been above 4.11% earlier in the morning

It got its initial push higher from the rally for oil prices. A barrel of U.S. crude oil jumped $4.75 to settle at $80.42 after oil producers said over the weekend they would cut production from May until the end of the year.

Less supply of oil would raise its price, as long as demand stays steady.

Brent crude, the international standard, rose $5.04 to $84.93 per barrel. It’s roughly back to where it was a month ago, though it’s still well below where it was in March 2022, when it topped $130 per barrel after Russia’s invasion of Ukraine raised worries about energy supplies.

“This will create both political waves across Europe and even higher general inflation in the USA, leading to renewed pressure on the Federal Reserve to keep hiking rates aggressively,” Clifford Bennett, chief economist at ACY Securities, said in a report.

Higher interest rates hurt all kinds of stocks, but they tend to hit high-growth companies the hardest. That puts extra pressure on the Big Tech stocks that have an outsized effect on the S&P 500 and other indexes because of their immense size.

In the first quarter, hopes for easier interest rates meant Big Tech stocks were among the main reasons for a gain in the S&P 500. Strategists at Morgan Stanley led by Michael Wilson are skeptical they’ll continue to hold up better than others when the market is still under downward pressure, as they expect.

“We see little evidence that a new bull market has begun and believe the bear still has unfinished business,” Wilson wrote in a report.

Amazon was one of the heaviest weights on the index Monday after it slipped 0.9%.

Tesla fell 6.1% after it said over the weekend that deliveries in the first three months of the year fell short of analysts’ expectations, even though it still set a record.

In markets abroad, stock indexes were mixed across Europe and Asia.

ASX 200 expected to rise​

The Australian share market looks set to rise again on Tuesday following a solid start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 4 pointsor 0.1% higher.

Stock markets around the world were mixed Monday, as a jump in oil prices threatens to add upward pressure on inflation.

The S&P 500 gained 15.20 points, or 0.4%, to 4,124.51, though more stocks in the index fell than rose. The Dow Jones Industrial Average climbed 327.00, or 1%, to 33,601.15, while the Nasdaq composite fell 32.45, or 0.3%, to 12,189.45.


MARKET WATCH

 

[bigdog]

Asian shares mixed after Wall St dips on weak economic data

Asian shares are trading mixed following a decline on Wall Street after reports on the U.S. economy came in weaker than expected. Japan’s benchmark Nikkei 225 fell in morning trading, while Australia’s S&P/ASX 200 stood little changed. South Korea’s Kospi gained. Trading was closed in Hong Kong...

apnews.com

Wall Street dips, snaps win streak after weak economic data​

By STAN CHOE and DAMIAN J. TROISE

NEW YORK (AP) — Stocks fell on Wall Street Tuesday after reports on the economy came in weaker than expected.

The S&P 500 dropped 23.91 points, or 0.6%, to 4,100.60 to break a four-day winning streak. The Dow Jones Industrial Average fell 198.77, or 0.6%, to 33,402.38, and the Nasdaq composite sank 63.13, or 0.5%, to 12,126.33.

Investors are still split on whether the U.S. economy will fall into a recession and how badly corporate profits are set to drop. The biggest question remains what the Federal Reserve will do next with interest rates after hiking them furiously over the last year to get high inflation under control.

The reports on job openings and factory orders released Tuesday may have heightened recession fears. But they may also give the Fed reason to hold rates steady at its next meeting, for the first time in more than a year, offering a possible upside for markets.

One report showed employers advertised 9.9 million job openings in February, a sharper fall-off than economists expected. The Fed has been paying close attention to the numbers because the job market has remained so strong despite higher rates. The hope is that a softening in the number of openings could take some pressure off inflation without having to throw many people out of work.

A separate report showed that factory orders weakened in February more than economists expected. That could give the Fed another reason to hold off on hiking rates again to beat inflation, which has been slowing but remains too high.

“It’s all suggesting that the economy is slowing down, which was the Fed’s intent all along in terms of raising rates,” said Michael Arone, chief investment strategist for SPDR business at State Street Global Advisors.

What the Fed does has such a grip on Wall Street because higher interest rates undercut inflation by slowing the entire economy, which raises the risk of a recession. They also hurt prices for stocks, bonds and other investments.

A potentially more impactful report will arrive Friday, when the U.S. government gives the latest monthly update on how many jobs were created across the country.

Some relatively encouraging data on inflation came in from other parts of the world Tuesday.

In Europe, a survey by the European Central Bank showed expectations for inflation in the coming year is falling among consumers in the region. That’s key because lower expectations can help the economy avoid a vicious cycle where inflation keeps building momentum.

A separate report also showed inflation at the wholesale level in the region slowed by more in February than economists expected.

In Australia, the country’s central bank kept its key interest rate unchanged at 3.60%. It said it wanted time to see how its past hikes to interest rates are working through the system.

While Australia’s economy is much smaller than that of the U.S. or European Union, its central bank and that of New Zealand tend to “set the tone for monetary policy cycles,” Ipek Ozkardeskaya of Swissquote.com said in a commentary.

In the U.S., traders flipped bets back toward the Fed holding steady on rates at its meeting next month. A day earlier, a slight majority was betting on another increase in rates. That helped yields in the bond market to fall.

The yield on the 10-year Treasury fell to 3.34% from 3.42% late Monday. It helps set rates for mortgages and other important loans. The two-year Treasury, which moves more on expectations for the Fed, dropped to 3.82% from 3.97%.

Longer term, there seems to be more confidence on Wall Street that the Fed will have to cut rates later this year.

That has helped to buoy stocks, particularly technology and other high-growth companies, because rate cuts tend to act like steroids for markets. But the Fed has been consistent in saying it does not expect any rate cuts this year.

Critics also are skeptical, saying inflation still remains too high for the Fed’s liking. And any cut in rates would likely come only if the economy were in much weaker shape, something that could torpedo stocks too.

Tuesday’s weaker-than-expected readings on the economy follow a report on Monday that showed U.S. manufacturing continues to shrink faster than economists forecast.

Given such weakness, this is “not the time to chase growth,” suggested Mark Haefele, chief investment officer of UBS Global Wealth Management.

On Wall Street, shares of Virgin Orbit plunged 23.2% to 15 cents after the company filed for Chapter 11 bankruptcy protection. It’s been contending with the fallout of a failed mission this year and increasing difficulty in raising funding for future missions.

Stocks in industries whose profits are closely tied to the strength of the economy also fell more than the rest of the market, such as industrial and energy companies. Valero Energy fell 8% for one of the biggest losses in the S&P 500.

Oil prices swung through the day before adding to their big gains from Monday, when they shot higher on worries about tighter supplies.

Benchmark U.S. crude rose 29 cents to $80.71 per barrel. Brent crude, the international standard, rose a penny to $84.94 per barrel.

ASX 200 expected to fall​

The Australian share market looks set to fall on Wednesday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 13 points or 0.2% lower this morning.

Stocks fell on Wall Street Tuesday after reports on the economy came in weaker than expected.

The S&P 500 dropped 23.91 points, or 0.6%, to 4,100.60 to break a four-day winning streak. The Dow Jones Industrial Average fell 198.77, or 0.6%, to 33,402.38, and the Nasdaq composite sank 63.13, or 0.5%, to 12,126.33.


MARKET WATCH

 

[bigdog]

Asian shares mostly fall amid worries about slowing economy

Wall Street futures are mostly unchanged leading up to a series of economic reports and employment data that could influence the Federal Reserve’s monetary policies in its lengthening fight against inflation.

apnews.com

Wall Street slips following latest signs of slowing economy​

By STAN CHOE

NEW YORK (AP) — Stocks on Wall Street mostly slipped Wednesday following the latest signals that the U.S. economy is slowing under the weight of much higher interest rates.

The S&P 500 dipped 10.22 points, or 0.2%, to 4,090.38, a day after it broke a four-day winning streak. The Dow Jones Industrial Average rose 80.34, or 0.2%, to 33,482.72, and the Nasdaq composite dropped 129.47, or 1.1%, to 11,996.86.

Yields also fell in the bond market following weaker-than-expected reports on the health of U.S. services industries and the job market. They’re the latest signs that the economy is losing momentum following a feverish set of hikes to interest rates by the Federal Reserve meant to get inflation under control.

One report from the Institute for Supply Management said that growth in the U.S. services sector slowed last month by more than economists expected, as the pace of new orders cooled. A separate report suggested private employers added 145,000 jobs in March, down sharply from February’s 261,000. Perhaps more importantly for markets, pay raises also weakened for workers, according to the ADP Research Institute.

“Our March payroll data is one of several signals that the economy is slowing,” said Nela Richardson, chief economist at ADP. “Employers are pulling back from a year of strong hiring and pay growth, after a three-month plateau, is inching down.”

Higher interest rates can undercut inflation, but only by slowing the entire economy with a blunt hammer. The hope is that the Fed can pull off the tricky balancing act of slowing the economy and job market just enough to stamp out high inflation, but not so much that it causes a recession. The Fed has hiked rates over the last year at the fastest pace in decades.

ADP’s private payroll report could offer a preview of what Friday’s more comprehensive jobs report from the U.S. government will show. Economists expect it to say employers added 240,000 jobs last month, down from 311,000 in February.

If the job market really is slowing from the strong growth that’s helped to prop up the larger economy recently, it could offer the Fed reason to pause on its hikes to interest rates.

That’s a big deal for markets not only because it could lessen the odds of an upcoming recession, which some economists already see as a high probability. Higher rates also drag on prices for stocks, bonds and other investments.

Other reports on the economy this week also came in weaker than expected, including readings on the number of job openings across the country and the health of the manufacturing sector.

The reports have traders increasing bets for the Fed to hold rates steady at its next meeting in May, which would be the first time that’s happened in more than a year. Many traders are also betting the Fed will have to cut rates later this year, something that can act like steroids for markets.

The Fed, though, has consistently said it doesn’t expect to cut rates this year. Inflation is still high, and the Fed has talked often about the risk of letting up on the battle too soon. Other central banks around the world are staying aggressive to fight it.

New Zealand’s central bank raised its key rate by half a percentage point to 5.25%, double the size of what many economists were expecting. It was the Reserve Bank of New Zealand’s 11th straight rate hike as it tries to cool inflation.

On Wall Street, the majority of stocks fell within the S&P 500, but many of the moves were modest.

On the winning side was Johnson & Johnson, which rose 4.5% after it proposed to pay nearly $9 billion to cover allegations that its baby powder containing talc caused cancer. It was one of the biggest drivers of the Dow Jones Industrial Average’s gain for Wednesday.

In the bond market, the yield on the 10-year Treasury dipped to 3.30% from 3.34% late Tuesday. It helps set rates for mortgages and other loans. The two-year yield, which tends to move more on expectations for the Fed, slipped to 3.80% from 3.82%.

Gold held relatively steady and dipped $2.60 to settle at $2,035.60 per ounce. It’s up more than 11% so far this year after jumping last month amid worries about the strength of the global banking system

ASX 200 expected to fall​

The Australian share market is expected to have a subdued session on Thursday after a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 7 points or 1% lower this morning.

Stocks on Wall Street mostly slipped Wednesday following the latest signals that the U.S. economy is slowing under the weight of much higher interest rates.

The S&P 500 dipped 10.22 points, or 0.2%, to 4,090.38, a day after it broke a four-day winning streak. The Dow Jones Industrial Average rose 80.34, or 0.2%, to 33,482.72, and the Nasdaq composite dropped 129.47, or 1.1%, to 11,996.86.

MARKET WATCH

 

[bigdog]

NYSE HOLIDAY FRIDAY APRIL 7th & TRADING ON MONDAY APRIL 10th

S&P 500 up for day, but loss for week is 1st in past 4

Stocks ticked higher Thursday on Wall Street, offering a quiet end to a shortened trading week dogged by worries about a slowing economy.

www.arkansasonline.com

S&P 500 up for day, but loss for week is 1st in past 4​

by STAN CHOE

Stocks ticked higher Thursday on Wall Street, offering a quiet end to a shortened trading week dogged by worries about a slowing economy.

The S&P 500 rose 14.64 points, or 0.4%, to 4,105.02. The benchmark index ended with a 0.1% loss for the week, its first losing week in the past four. The U.S. stock market will be closed today in observance of Good Friday.

The Dow Jones Industrial Average edged up 2.57 points, or less than 0.1%, to 33,485.29, while the Nasdaq composite gained 91.10 points, or 0.8%, to 12,087.96.

A report Thursday showed that fewer U.S. workers filed for unemployment benefits last week, though the number was still higher than expected. The Labor Department changed how it tracks the numbers, which was expected to cause some swings.

Thursday's unemployment data followed a string of reports on the economy earlier in the week that were weaker than expected. That included everything from the number of job openings across the country to the strength of the U.S. manufacturing and services industries.

The spotlight swings next to the U.S. government's comprehensive jobs report that will be released today. Economists expect the report to show employers added 240,000 jobs last month, down from 311,000 in February.

The economy has been slowing under the weight of much higher interest rates, and the big question is how much higher they will go.

The Federal Reserve is trying to pull off the delicate balancing act of raising rates just enough to drive down high inflation, but not so much that it causes a recession. It's difficult because interest rates are a notoriously blunt tool, one that works only by slowing the entire economy and dragging down prices for stocks, bonds and other investments.

"Ultimately no one knows what it will take to bring inflation back down to the 2% target, but the odds are much higher that it will cause a recession -- and even a significant recession -- than most people are currently willing to believe," said Chris Zaccarelli, chief investment officer of Independent Advisor Alliance.

The stock market has remained relatively resilient in the face of recession worries, even as analysts expect the upcoming earnings reporting season to show the worst drop since the spring of 2020. That was when the pandemic was wrecking the global economy.

Strategists at Goldman Sachs say they're more likely to downgrade their forecasts for corporate profits in 2023 than to raise them, given strains in the banking system that flared last month. The second- and third-largest U.S. bank failures in history rattled the industry, and the fear is that outcomes of the failures will lead to a pullback in lending that weakens the rest of the economy.

That has critics saying the stock market looks too expensive and is poised for disappointment if more discouraging data arrives. Given all the risks, high-quality bonds look to have a better risk-return trade-off than stocks over the next six to nine months, said Jason Draho, UBS Global Wealth Management's head of asset allocation, Americas.

There has been more fear in the bond market, where Treasury yields have sunk sharply over the past month on worries about both a weaker economy and the banking system's struggles.

The 10-year Treasury yield slipped to 3.29% from 3.31% late Wednesday and from more than 4% last month. It helps set rates for mortgages and other important loans.

The two-year yield is down to 3.82% from more than 5% last month. It tends to more closely track expectations for the Fed.

Traders are split on whether the weaker economy and the banking system's woes will push the Fed to hold rates steady at its next meeting in May, or if policymakers will raise rates again. The central bank has raised rates in every meeting since March 2022.

Beyond that, many traders are betting the Fed will cut rates later this year to prop up the economy. The Fed, meanwhile, has been adamant so far in saying it does not plan any rate cuts this year. Rate cuts can relax conditions for the economy and financial markets, but they can also give inflation more oxygen.

On Wall Street, Costco Wholesale Corp. fell 2.2% after the warehouse membership retailer said an important measure of its sales fell in March as consumers pulled back spending on big-ticket items.

Levi Strauss & Co. fell 16% despite reporting stronger profit and revenue for the latest quarter than expected. Analysts said some of the sales may have been the result of discounting, pointing to squeezed profit margins.

In markets abroad, stock indexes were mixed across Europe and Asia.

 

[bigdog]

On Monday markets in New Zealand, Austrailia and In Europe, many stock markets were closed.

Stocks end mixed on Wall Street amid rate hike expectations

Stocks were mixed on Wall Street Monday in their first trading after a report heightened speculation the Federal Reserve may tap the brakes again on financial markets and the economy. The S&P 500 gained 0.1%. Big tech stocks were worst off as bets built for the Fed to raise interest rates at its...

apnews.com

Stocks end mixed on Wall Street amid rate hike expectations​

By STAN CHOE

NEW YORK (AP) — Stocks were mixed Monday in their first trading after a report heightened speculation the Federal Reserve may tap the brakes a little harder on financial markets and the economy.

The S&P 500 rose 4.09 points, or 0.1%, to 4,109.11. It did not trade on Friday, when data showing a resilient U.S. jobs market heightened expectations the Fed would hike interest rates again at its next meeting.

Big Tech stocks fell more than the rest of the market, which helped drag the Nasdaq composite down 3.60, or less than 0.1%, to 12,084.36. It was down as much as 1.4% earlier in the day. The Dow Jones Industrial Average was steadier, and it rose 101.23, or 0.3%, to 33,586.52.

Higher rates tend to hit tech and other high-growth stocks the hardest, and Apple and Microsoft were the two heaviest drags on the S&P 500. Apple fell 1.6%, and Microsoft slipped 0.8.%.

Tesla also dipped 0.3% after paring a sharper, early loss. The company cut prices on its entire U.S. model lineup in an apparent attempt to to entice buyers amid rising interest rates, which make auto loans more expensive.

The Fed has raised interest rates at a furious pace over the last year in hopes of undercutting high inflation. Higher rates can do that, but only by bluntly slowing the entire economy in one fell swoop. That raises the risk of a recession in the future and drags down prices for stocks, bonds and other investments.

Traders are betting on a roughly 70% probability the Fed will raise its key overnight interest rate in May by 0.25 percentage points to a range of 5% to 5.25%, according to data from CME Group. A day before Friday’s jobs report, they saw a roughly coin flip’s chance that the Fed would stand pat at its next meeting.

The Fed has jacked up rates at every one of its meetings over the past year, forcing them up from near zero at the start of 2022.

While the jobs report raised expectations for another rate hike, it also showed a steady-enough labor market to bolster hopes among some investors that the Fed could pull off what’s called a “soft landing” for the economy. That’s where the Fed succeeds in raising rates just enough to stifle inflation but not so much as to create a severe recession.

Besides Friday’s jobs report showing a slowdown in growth for workers’ wages, which could take some pressure off inflation, a report from earlier last week showed employers are advertising fewer job openings.

“This is encouraging because policymakers need to limit labor demand for now so that supply can catch up, and a decline in job openings is the most painless way to achieve this,” David Mericle and other Goldman Sachs economists wrote in a report.

Hopes for a soft landing helped support stocks whose profits tend to be most closely tied with the strength of the economy. Stocks of industrial companies in the S&P 500 rose 0.9%, for example, most among the 11 sectors that make up the index. That included a 3% gain for Caterpillar. Energy companies and raw-material producers also rose.

The overriding bet within the bond market, though, seems to be that the economy will weaken so much that the Federal Reserve will have to cut rates as soon as this summer.

Lower rates can relax the pressure on the economy and financial markets, but it also could give inflation more room to run. The Fed has so far said it sees no rate cuts happening this year.

Another report due on Wednesday could have a bigger impact on expectations for the Fed. That’s when the U.S. government will release its latest monthly update on prices across the economy at the consumer level. Economists expect it to show inflation slowed last month but remains well above the Fed’s target.

Also this week, earnings reporting season will begin for the biggest U.S. companies. Delta Air Lines, JPMorgan Chase and UnitedHealth Group will be among the first S&P 500 companies to tell investors how much profit they made during the first three months of the year.

Expectations are low, and analysts are forecasting the sharpest drop in earnings per share for S&P 500 companies since the pandemic pummeled the economy in the spring of 2020.

In markets abroad, stocks were mixed across Asia.

Japan’s Nikkei 225 added 0.4% after the new governor of Japan’s central bank signaled he plans no drastic changes in its ultra-low interest rate policy.

In Europe, many stock markets were closed.

In the bond market, Treasury yields were relatively stable after rising Friday in an abbreviated trading session following the U.S. jobs report. The 10-year yield, which helps set rates for mortgages and other important loans, ticked up to 3.42% from 3.41% Friday.

ASX 200 expected to fall​

The Australian share market looks set to fall again on Tuesday following a subdued start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 12 points or 0.2% lower.

Stocks were mixed Monday in their first trading after a report heightened speculation the Federal Reserve may tap the brakes a little harder on financial markets and the economy.

The S&P 500 rose 4.09 points, or 0.1%, to 4,109.11 after falling as much as 0.8 per cent intraday. The Nasdaq 100 Index clawed its way back from a 1.5 per cent loss to end the day little changed,

The Dow Jones Industrial Average was steadier, and it rose 101.23, or 0.3%, to 33,586.52.

MARKET WATCH

 

[eskys]

Don't know which site is confused or is it me who is muddled. Gold and oil was down according to investing.com from what I see but Market Index said this:

Overnight Summary

Dow Jones +0.30%; S&P 500 +0.10% NASDAQ -0.03%; Russell 2000 +1.02% Gold +0.13% at US$2,006.50 /oz WTI Oil +0.10% at US$79.82 /bb Iron Ore +0.50% at US$119.75 /t AUD -0.01% to 0.6641 US cents Bitcoin +3.67% to AU$44,490

 

[farmerge]

Don't know which site is confused or is it me who is muddled. Gold and oil was down according to investing.com from what I see but Market Index said this:

​ Overnight Summary

​ Dow Jones +0.30%; S&P 500 +0.10% NASDAQ -0.03%; Russell 2000 +1.02% Gold +0.13% at US$2,006.50 /oz WTI Oil +0.10% at US$79.82 /bb Iron Ore +0.50% at US$119.75 /t AUD -0.01% to 0.6641 US cents Bitcoin +3.67% to AU$44,490

Good morning eskys, I think we are all confused including the markets !!!!

 

[divs4ever]

data does vary from the various sources , one must wonder if it is more than just time delays

 

[eskys]

Good morning divs, believe it or not, it's changed now.........gold and oil both up according to investing.com

SPI reverted to black in Commsec when it was red moments ago, down 22

 

[divs4ever]

not just Commsec and Investing.com that have their differences either , sometimes elsewhere have some exotic data as well

 

[farmerge]

not just Commsec and Investing.com that have their differences either , sometimes elsewhere have some exotic data as well

I think I will just stick with that extremely wise sage "the bloke in the mirror" can't go wrong with that.?

 

[divs4ever]

I think I will just stick with that extremely wise sage "the bloke in the mirror" can't go wrong with that.?

on the lookout for a stainless steel mirror ( i ain't so pretty )

 

[farmerge]

on the lookout for a stainless steel mirror ( i ain't so pretty )

Hmm Mr Divs The reflection in the mirror dosn't seem to be anything like me!!!!!