Market Outlook 🚀 - US futures rise

European markets fall

Inside.com Part of   Network January 20, 2023

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US Markets U.S. stock futures were up overnight after falling on Thursday.  After a three-day losing streak, the Dow has turned negative on the year but the S&P 500 and Nasdaq are both still in the green.  In the first four days of the week, the Dow lost 3.67%, the S&P 500 shed more than 2.5%, and the Nasdaq lost around 2%. Netflix surged 7% in after-hours trading after announcing higher-than-expected subscriber numbers. The firm said that co-CEO and founder Reed Hastings will be stepping down to become executive chairman. Nordstrom was down more than 5% after the retailer reported lower-than-expected holiday sales. The current 10 Year US Treasury yield is set at 3.41810% Dow Jones  33,044.56 -0.76% S&P 500  3,898.85 -0.76% Nasdaq  10,852.27 -0.96% Russell 2000 1,836.35 -0.97% *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 The Teranet-National Bank National Composite House Price Index shows that home prices were down 1.1% in December 2022.  Prices decreased in Winnipeg, Calgary, Montreal, and Toronto.  Prices rose in Quebec City, Victoria, and Hamilton.  The index was also down yearly for the first time since 2009.  The decline in December was lower than the 1.3% drop in November.  TSX  20,341.44 -0.17% *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 down on Thursday amid pessimism about the global economy.  The Stoxx 600 was down 1.6%, led by a 2.9% decline in technology stocks.  The CEO of Norway's aluminum and energy producer Hydro, Hilde Merete Asasheim, wants the EU to sanction Russian aluminum, which would cause an increase in commodity prices and further impact EU markets.  Sentiment about the global economy has turned negative as company executives, investors, and policymakers continue meeting at the World Economic Forum in Davos, Switzerland. Euro STOXX 50  4,094.28 -1.92% UK (FTSE 100)  7,747.29 -1.07% Germany (DAX)  14,920.36 -1.72% France (CAC 40) 6,951.87 -1.86% *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Asian Markets Markets are up on Friday in response to economic data across the continent.  Japan's Consumer Price Index was up 4% in December, the largest increase since 1981.  The People's Bank of China announced that the 1 and 5-year prime loan rates would remain unchanged.  Stocks in South Korea fell on Thursday. In Australia, stocks fell to start the trading session before rising later in the day.  S&P Asia 50 4,949.10 0.61% Japan (Nikkei 225) 26,411.94 0.03% South Korea (KOSPI) 2,378.19 -0.09% China (Hang Seng) 21,848.85 0.91% India (SENSEX) 60,858.43 -0.31% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Oil prices were up on Thursday, continuing a rally that started earlier in the week caused by higher demand from China. Brent crude rose 1.4% and U.S. West Texas Intermediate crude climbed 1.1%.  Demand for oil in China was up by 1 million barrels per day from October to November of last year.  The U.S. said it added 8.4 million barrels of crude to its stockpiles last week.  Oil (NYSEARCA:OIL) 30.68 1.52% Gold (NYSEARCA:GLD) 179.89 1.59% Silver (NYSEARCA:SLV) 21.96 1.81% Corn (NYSEARCA:CORN) 26.49 -0.90% Lumber (NASDAQ:WOOD) 75.08 -0.56% *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.

Currency Exchange Rates The U.S. Dollar fell again on Thursday, continuing the downward trend this week.  The Australian Dollar lost 0.4% after data showed that the country lost jobs in December. The New Zealand Dollar was down after Prime Minister Jacinda Ardern said she will step down next month.  The U.S. Dollar Index lost 0.28% on Thursday.  UK(GBP) £0.81 -0.81% Europe (EURO) €0.92 -0.44% Canada (Canadian Dollar) $1.35 0.48% Japan (Yen) ¥128.75 0.37% *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 Bitcoin is now trading at over $21,000 after gaining slightly early on Friday.  Jeremy Allaire, CEO of Circle, said he thinks Congress should focus on regulating stablecoins because they have strong growth potential and are more stable than other cryptocurrencies. China has added smart contract functionality to the digital yuan.  Gemini's Bitcoin inflows are at a six-year low, a sign that the exchange may be facing financial issues.  Bitcoin $21,103.00 -0.24% Ethereum $1,554.67 2.84% Litecoin $84.20 1.89% Bitcoin Cash $121.70 -0.87% *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 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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