U.S. Markets Stock futures are up overnight after an eight consecutive losing session for the S&P 500. - The Labour Department announced an increase in jobless claims this morning.
- All three major indexes are on pace for their worst year since the Great Recession. The Dow is down 9.5%, S&P 500 is down 20.6%, and the Nasdaq is down 34.7%.
- The current 10 Year U.S. Treasury yield is set at 3.86560%
| Dow Jones | 32,875.71 | -1.10% | | S&P 500 | 3,783.22 | -1.20% | | Nasdaq | 10,213.29 | -1.35% | | Russell 2000 | 1,722.02 | -1.57% | *Stock Market data as of the last closing bell. Data received directly from the references indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
| |
Insights Here are three major stories to watch today: - Apple has hit a fresh 52-week low after falling 1% yesterday. The company has struggled with supply chain issues this fall and winter which has limited the sale of new iPhones. The company could see a rebound in 2023 when supply issues clear as China reopens or they could be further impacted if a severe recession lowers spending power for their core consumers.
- Russia continues to intensify its attacks in Ukraine launching over 100 missiles today at various targets including Kyiv. Russia demands that Ukraine recognize areas of the country under Russian control as legally annexed which Ukraine considers a non-starter.
- Elon Musk is attempting to rally employees at Tesla amid financial difficulties for the company in the stock market and a decline in public image and support for the brand. In the note, he wrote that he still believes that "Tesla will be the most valuable company on Earth!"
| |
Canadian Markets Investors expect the TSX to rise in 2023 as the Bank of Canada eases interest rate hikes. - The Bank of Canada has raised rates eight times this year which has created cashflow issues for many companies and raised the cost of carrying debt.
- A majority of Bay Street analysts believe that the bull market in Canada will return in 2023, although it may not be until H2, when interest rate hikes end.
- These predictions go against the general sentiment in the United States. But historically, Canadian stocks have significantly outperformed U.S. stocks during recessions.
*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 are volatile on Thursday after finishing down slightly on Wednesday. - So far this year, the Stoxx 600 has fallen by 12%.
- Today the Stoxx 600 is up 0.3%, having fallen more than 0.5% this morning.
- Tech stocks are leading European markets, gaining 0.8%, while travel stocks are the worst, falling by 0.4%.
- The Stoxx 600 is on pace for its worst year in 5 years.
| Euro STOXX 50 | 3,829.38 | 0.54% | | UK (FTSE 100) | 7,497.03 | 0.00% | | Germany (DAX) | 14,003.79 | 0.56% | | France (CAC 40) | 6,540.79 | 0.47% | *European stock prices are as of 7 am ET. Data received directly from the references indexes through ICE Data Services.
| |
Asian Markets Markets in Asia were down on Thursday, following the lead of U.S. stocks from Wednesday. - Stocks in China were down despite more COVID-19 restrictions being removed as cases rise throughout the country.
- China also granted 44 licenses for imported games, which ends its freeze on new licenses and reopens the market to global players.
- The Bank of Japan announced another $4.5B in bond purchases.
| S&P Asia 50 | 4,415.23 | -1.00% | | Japan (Nikkei 225) | 26,093.67 | -0.94% | | South Korea (KOSPI) | 2,236.40 | -1.93% | | China (Hang Seng) | 19,741.14 | -0.79% | | India (SENSEX) | 61,133.88 | 0.37% | *Asian stock prices are as of 7 am ET. Data received directly from the references indexes through ICE Data Services.
| |
Currency Exchange Rates The U.S. dollar was down on Thursday after rising slightly on Wednesday. - The Yen gained after bond purchases by the Bank of Japan.
- The Euro and British pound both rose despite uncertainty and volatility in Europe.
- The Yuan was also up as China continued to remove COVID-19 restrictions.
- The U.S. dollar index was down 0.08% this morning.
- The Australian and New Zealand dollars are both down as investors moved away from these higher-risk currencies.
| UK(GBP) | £0.83 | -0.18% | | Europe (EURO) | €0.94 | -0.18% | | Canada (Canadian Dollar) | $1.36 | 0.34% | | Japan (Yen) | ¥133.24 | -0.19% | *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.
| |
Cryptocurrency Crypto markets remain stable this week despite the usually volatile trading during the holiday season. - Gemini is being sued by its investors over its Gemini Earn program, which promises interest to customers who lend crypto assets. The suit claims they did not register those assets properly as securities under U.S. law.
- Alameda Research has liquidated much of its crypto position as the firm has already filed for bankruptcy.
- China is launching the first NFT marketplace backed by a nation-state.
| Bitcoin | $16,599.40 | -0.60% | | Ethereum | $1,199.69 | 0.87% | | Litecoin | $66.66 | 0.54% | | Bitcoin Cash | $99.63 | -2.00% | *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.
| |
 |  | Liam Gill is a founder, lawyer and investor.
He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law in Vancouver, Canada.
|   | | Editor | Vibha Chapparike is a Freelance Writer & Editor at Inside.com. With her post-graduation in Management and Finance completed, Vibha is expanding her knowledge in venture capital, business, startups, and technology. She has had a career in public relations and communications. An ardent reader and writer currently residing in Singapore, you can follow Vibha on Twitter @VChapparike. | |
