Crypto market down as interest rates are expected to rise
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US Markets Stock futures were flat overnight as investors continued to process jobs data and testimony from Fed Chair Jerome Powell. - Private payroll data from ADP showed that 242,000 new jobs were added in February, beating estimates of 205,000 new jobs.
- BJ's Wholesale and JD.com will report earnings today, providing more insights into consumer spending patterns.
- The current 10 Year U.S. Treasury yield is set at 3.97860%
| Dow Jones | 32,798.40 | -0.18% | | S&P 500 | 3,992.01 | 0.14% | | Nasdaq | 11,576.01 | 0.40% | | Russell 2000 | 1,879.48 | 0.04% | *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 Bank of Canada kept interest rates steady on Wednesday. - The pause comes after eight consecutive increases took rates from 0.25% to 4.5%.
- Some analysts believe that policymakers will hold rates steady for the rest of the year as they analyze the impact of higher rates on the economy.
- Inflation is currently at 5.9%, well above the 2% target set by the Bank of Canada.
*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 slightly on Wednesday as investors continued to react to Jerome Powell's testimony. - The Stoxx 600 gained 0.12% on the day, led by a 1.2% increase in bank stocks.
- Healthcare dragged down markets with a 0.65% drop.
- The German markets outperformed the rest of the continent thanks to auto parts manufacturers, with Continental gaining 7%.
| Euro STOXX 50 | 4,288.45 | 0.22% | | UK (FTSE 100) | 7,929.92 | 0.13% | | Germany (DAX) | 15,631.87 | 0.46% | | France (CAC 40) | 7,324.76 | -0.20% | *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 Shares in Asia rose on Thursday morning, as the Bank of Japan started its monetary policy meeting. - It will be the last meeting under the current governor Haruhiko Kuroda.
- China's CPI data for February is expected to show a 1.9% increase in prices year over year.
- Stocks fell in China but other Asia-Pacific countries saw gains.
| S&P Asia 50 | 4,586.85 | -2.23% | | Japan (Nikkei 225) | 28,710.98 | 0.94% | | South Korea (KOSPI) | 2,440.28 | 0.34% | | China (Hang Seng) | 20,051.25 | -2.35% | | India (SENSEX) | 60,348.09 | 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 fell as investors reacted negatively to the news that the U.S. could continue to hike interest rates aggressively. - Brent crude lost 0.9%, and U.S. West Texas Intermediate crude dropped 1.3%.
- Traders fear that more aggressive interest rate hikes by the Fed will put downward pressure on economic growth, which would lead to lower demand for oil.
- The U.S. Energy Information Administration reported that gasoline stocks increased by 1.1 million barrels last week, less than the 1.8-million-barrel increase expected by analysts.
| Oil (NYSEARCA:OIL) | 29.12 | -1.09% | | Gold (NYSEARCA:GLD) | 168.54 | -0.05% | | Silver (NYSEARCA:SLV) | 18.40 | -0.27% | | Corn (NYSEARCA:CORN) | 24.76 | -1.45% | | Lumber (NASDAQ:WOOD) | 73.98 | 1.45% | *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 is slightly below its three-month high as investors reacted to testimony from Jerome Powell. - The U.S. Dollar Index fell 0.09% on Wednesday during U.S. trading hours.
- The USD fell slightly after stronger-than-expected jobs data.
- Higher-risk currencies like the Chinese Yuan and Australian Dollar were up on Wednesday.
| UK(GBP) | £0.84 | 1.54% | | Europe (EURO) | €0.95 | 1.36% | | Canada (Canadian Dollar) | $1.38 | 1.43% | | Japan (Yen) | ¥136.99 | 0.74% | *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 Bitcoin hit a three-week low as the cryptocurrency market fell. - Concerns about high inflation and increasing interest rates are causing cryptocurrencies to decline.
- The market was also impacted by Silvergate announcing a voluntary liquidation.
- JPMorgan has stopped working with the Gemini crypto exchange but is still working with Coinbase and investing in the wider industry.
| Bitcoin | $21,754.80 | -2.91% | | Ethereum | $1,541.41 | -1.32% | | Litecoin | $82.93 | -3.87% | | Bitcoin Cash | $117.42 | -5.48% | *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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 |  | | |   | | 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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