US Markets U.S. equities fell on their first day of trading in 2023 as concerns about interest rates, high inflation, and the tech sector continue. - Both Tesla and Apple fell, causing significant downward pressure on markets. Tesla shares lost 12.24% on the day and are now at their lowest point since August 2020.
- The U.S. Purchasing Managers Index came in below expectations, a negative sign for the health of the U.S. economy.
- Statistically, this should be a positive year for the S&P 500 -- on average, the index gains more than 15% the year after it losses more than 1%.
- The current 10 Year U.S. Treasury yield is set at 3.76890%
| Dow Jones | 33,136.37 | -0.03% | | S&P 500 | 3,824.14 | -0.40% | | Nasdaq | 10,386.98 | -0.76% | | Russell 2000 | 1,750.73 | -0.60% | *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? Check out our explainer.
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Canadian Markets Home sales in Calgary and the surrounding area were down 31% year over year in December, according to data from the Calgary Real Estate Board. - Despite the decline, 2022 was a record year for home sales in Calgary.
- That's in part because the Canadian economy did not begin to slow down until the spring, months after the U.S. economy started to show signs of a downturn.
- Low inventory and strong demand before interest rates started rising contributed to the strong sales seen in 2022.
- Despite the drop in sales in December, home prices in Calgary increased by 5% from a year earlier, to an average of $451,250.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets European markets rose on Tuesday for a second day running. - The Stoxx 600 gained 1.3%. All sectors, with the exception of oil and gas, finished up on the day.
- Banks performed the best, rising 2.4%, while oil and gas companies lost 0.7%.
- Germany's annual inflation rate reached 9.6% in December, below the 10% annual rate recorded in November.
| Euro STOXX 50 | 3,887.59 | 0.82% | | UK (FTSE 100) | 7,554.09 | 1.37% | | Germany (DAX) | 14,181.67 | 0.80% | | France (CAC 40) | 6,623.89 | 0.44% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Asian Markets Stocks in Asia were mixed on Tuesday, continuing the disparities seen in markets a day earlier. - Stocks in Australia and South Korea fell while those in China and India rose.
- Tesla tasked Tom Zhu, who runs the company's Chinese operations, with overseeing operations in North America, as well. This could be a sign that Tesla's Chinese operations will become more crucial to the company's overall strategy and growth instead of a separate unit, as it was presented when the Shanghai factory opened in 2019.
- Indian cement stocks rose considerably amid an increase in construction, while Australian mining stocks fell following lower demand for metals in China.
| S&P Asia 50 | 4,490.73 | 1.45% | | Japan (Nikkei 225) | 26,094.50 | 0.00% | | South Korea (KOSPI) | 2,218.68 | -0.31% | | China (Hang Seng) | 20,145.29 | 1.84% | | India (SENSEX) | 61,294.20 | 0.21% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Oil prices were down in a volatile trading day on Tuesday amid growing concerns about the health of the Chinese economy. - Brent crude fell by 4.2%, the largest decline for the benchmark since September.
- U.S. West Texas Intermediate crude lost 3.9%, its largest drop in over a month.
- U.S. crude stockpiles rose by 2.2 million last week despite the government releasing 2.7 million barrels from the Strategic Petroleum Reserve.
| Oil (NYSEARCA:OIL) | 29.37 | -3.70% | | Gold (NYSEARCA:GLD) | 171.06 | 0.84% | | Silver (NYSEARCA:SLV) | 22.05 | 0.14% | | Corn (NYSEARCA:CORN) | 26.63 | -1.11% | | Lumber (NASDAQ:WOOD) | 72.77 | 0.03% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates The U.S. Dollar rose on Tuesday after the Federal Reserve released its minutes from last month's meeting. - The minutes indicate that the Fed still plans aggressive interest rate hikes to fight against inflation.
- Traders expect the Fed funds rate to peak at 4.98% in June before declining in the second half of 2023.
- The U.S. Dollar Index was up 0.82% on the day.
| UK(GBP) | £0.84 | 1.13% | | Europe (EURO) | €0.95 | 1.48% | | Canada (Canadian Dollar) | $1.37 | 1.00% | | Japan (Yen) | ¥131.03 | 0.09% | *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.
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Cryptocurrency Sam Bankman Fried pleaded "not guilty" to fraud and conspiracy charges being brought against him in the U.S. - The case is expected to go to trial in October. SBF has been released on bail and agreed to stay at his parent's home in California.
- The government says it cannot access the funds that SBF, FTX, and Alameda misappropriated.
- The discovery would be ready in a few weeks, prosecutors said, implying that the evidence-gathering process is well underway.
| Bitcoin | $16,664.80 | 0.36% | | Ethereum | $1,211.34 | -0.25% | | Litecoin | $75.34 | 0.72% | | Bitcoin Cash | $99.32 | 2.64% | *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.
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 |  | 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 | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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