Market Outlook 🚀 - US stock futures rising

Bitcoin price volatile

Inside.com Part of   Network February 23, 2023

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US Markets Stock futures were up overnight after a mixed trading day on Wednesday. Nvidia gained more than 8% overnight after announcing higher-than-expected earnings and revenue for Q4 2022.  Lucid lost 9% overnight after its Q4 revenue fell below expectations.  The current 10 Year U.S. Treasury yield is set at 3.92530% Dow Jones  33,045.09 -0.26% S&P 500  3,991.05 -0.16% Nasdaq  11,507.07 0.13% Russell 2000 1,894.67 0.34% *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 A recent report from RE/MAX shows that 59% of Canadians have concerns about the housing market in 2023.  The top three concerns of Canadians “related to their home-buying or selling journey” are the cost of living and inflation (34%), lack of affordable housing options in their community (25%), and cost of rent (25%).  32% of homeowners said they are optimistic about the housing market rebalancing this year.  66% believe that housing affordability should be a top priority for elected officials.  TSX  20,193.33 -0.29% *Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services

European Markets European markets fell on Wednesday as investors continued reassessing the global economic outlook.  The Stoxx 600 closed down 0.3%, with almost all sectors ending in red territory.  Mining stocks lost 2.1% and bank stocks dropped 1.6%.  Media companies bucked the trend, gaining 1.4%.  Euro STOXX 50  4,242.88 -0.18% UK (FTSE 100)  7,930.63 -0.59% Germany (DAX)  15,399.89 0.01% France (CAC 40) 7,299.26 -0.13% *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Asian Markets Asian stocks were mixed on Thursday morning as investors reacted to the release of the last U.S. Federal Reserve meeting minutes, which show that policymakers will likely continue to hike interest rates to fight inflation.  The Bank of Korea kept its benchmark rate steady at 3.5% after increasing rates over the previous 11 months.  Japanese markets are closed today to celebrate the Emperor's birthday.  Singapore is expected to announce that its CPI was up 7.1% year over year in January.  S&P Asia 50 4,709.76 -0.36% Japan (Nikkei 225) 27,104.32 -1.34% South Korea (KOSPI) 2,444.41 1.11% China (Hang Seng) 20,534.79 0.54% India (SENSEX) 59,871.91 0.21% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities On Wednesday, oil prices dropped to their lowest point in two weeks.  Brent crude and U.S. West Texas Intermediate crude both lost 3% on Wednesday.  The benchmarks are at their lowest point since Feb. 3.  A snowstorm in the Northern Plains and Upper Midwest has led to a drop in U.S. fuel demand, with 3,500 flights delayed or canceled on Wednesday.  Oil (NYSEARCA:OIL) 28.20 -2.56% Gold (NYSEARCA:GLD) 169.66 -0.56% Silver (NYSEARCA:SLV) 19.75 -1.59% Corn (NYSEARCA:CORN) 26.54 -0.93% Lumber (NASDAQ:WOOD) 73.49 -0.06% *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 Index is at a seven-week high after the Euro slipped following the release of negative economic data on Tuesday.  The Euro dropped to its lowest point versus the USD since early January after Eurozone inflation data for January came in slightly above expectations. The Australian Dollar rose on Wednesday after falling 0.7% on Tuesday.  The Japanese Yen is up ahead of the Governor of the Bank of Japan addressing parliament on Friday.  UK(GBP) £0.83 0.42% Europe (EURO) €0.94 0.30% Canada (Canadian Dollar) $1.35 -0.07% Japan (Yen) ¥134.82 -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, click here.

Cryptocurrency Bitcoin was volatile on Wednesday, falling over $1,000 before rising again to challenge the $25,000 price point.  A federal judge in the Dapper Labs case ruled that NBA Top Shot NFTs could be considered securities.  LinksDAO has decided to put in an offer to purchase the Spey Bay Gold Club in Scotland.  BUSD fell to $0.20 on Binance after a regulatory issue negatively impacted the stablecoin.  Bitcoin $24,515.90 0.25% Ethereum $1,670.11 1.65% Litecoin $95.71 0.49% Bitcoin Cash $143.38 -1.33% *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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