Market Outlook 🚀 - Major US indexes set for winning week

Cryptos rising

Inside.com Part of   Network March 24, 2023

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US Markets Futures are flat overnight after all three major indexes closed up on Thursday. Clothing retailer Torrid surged more than 9% overnight after announcing better-than-expected earnings.  All three major indexes are on track for a winning week. The Dow and S&P 500 are both up 0.8% so far this week, and the Nasdaq has gained 1.4%.  The current 10 Year U.S. Treasury yield is set at 3.39290% Dow Jones  32,105.25 0.23% S&P 500  3,948.72 0.30% Nasdaq  11,787.40 1.01% Russell 2000 1,720.29 -0.41% *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.

Canadian Markets Ontario released a new budget on Thursday that includes about $205B in spending.  The budget forecasts a $1.3B deficit this fiscal year and surpluses of $200M in 2024-25 and $4.4B the following year.  Ontario expects $20B in additional revenue this fiscal year thanks in part to faster-than-expected economic recovery.  TSX  19,459.92 -0.37% *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 stocks fell slightly on Thursday as investors reacted to monetary policy decisions by the U.S. Federal Reserve and the Bank of England.  The Stoxx 600 slipped 0.2%, led by a decline in banking stocks, which fell 2.5%, and construction and oil and gas, both of which dropped 1%.  Tech stocks bucked the trend by rising 2.2%. The Bank of England hiked rates by 25 basis points after official data showed that the annual inflation rate reached 10.4% in February, up from a 10.1% increase in January. Euro STOXX 50  4,207.14 0.27% UK (FTSE 100)  7,499.60 -0.89% Germany (DAX)  15,210.39 -0.04% France (CAC 40) 7,139.25 0.11% *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Asian Markets Stocks in Asia fell on Friday morning as investors continue to be concerned about the health of the banking industry.  U.S. Treasury Secretary Janet Yellen first claimed the government would not provide additional insurance to U.S. bank deposits without approval from Congress, but later said that it could insure deposits if another bank were to be in distress. The conflicting statements have caused uncertainty in markets.  Factory activity in Japan increased in March for the first time in 12 months.  Japan's annual inflation rate reached 3.3% in February, down from 4.3% in January. Core inflation hit 3.1% in February, down from 4.2% a month earlier.  S&P Asia 50 4,690.62 2.54% Japan (Nikkei 225) 27,295.04 -0.45% South Korea (KOSPI) 2,401.89 -0.93% China (Hang Seng) 19,934.62 -0.57% India (SENSEX) 57,925.28 -0.50% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Oil prices closed down 1% on Thursday after rising earlier in the day. Brent lost 1% on the day and U.S. West Texas Intermediate crude fell 1.3%.  Energy Secretary Jennifer Granholm said the U.S. would need several years to refill its Strategic Petroleum Reserve (SPR), adding to market demand.  The U.S. is expected to sell another 26 million barrels from the SPR already approved by Congress before it begins to replenish the reserve.  Oil (NYSEARCA:OIL) 26.60 -1.08% Gold (NYSEARCA:GLD) 185.74 1.25% Silver (NYSEARCA:SLV) 21.28 0.85% Corn (NYSEARCA:CORN) 24.40 -0.25% Lumber (NASDAQ:WOOD) 69.65 -0.40% *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 on Thursday following new interest rate decisions in the U.S., U.K., and Switzerland. The British pound rose slightly after the Bank of England hiked interest rates by 25 basis points.  The Swiss National Bank raised rates by 50 basis points, causing the Swiss Franc to rise.  The Euro is currently at a seven-week high against the U.S. Dollar.  The U.S. Dollar Index has been down for six consecutive days. UK(GBP) £0.81 -0.39% Europe (EURO) €0.92 -0.49% Canada (Canadian Dollar) $1.37 0.14% Japan (Yen) ¥130.63 -1.30% *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 prices rose on Thursday despite attempts by the U.S. government to increase regulatory oversight over the industry.  Oppenheimer said that crypto is facing an "unhealthy regulatory climate" in the U.S. after the SEC targeted Coinbase with a Wells Notice claiming that the crypto exchange violated securities laws.  The SEC also issued an alert advising investors against holding cryptocurrency assets.  Bitcoin is on track for a second consecutive week of gains and has been above the $25,000 psychological threshold for a fortnight.  Bitcoin $28,353.20 0.54% Ethereum $1,821.15 4.69% Litecoin $93.76 7.14% Bitcoin Cash $129.47 -3.63% *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 lawyer who grew his tech startup to $35M.  Providing legal information to help entrepreneurs analyze legal issues like a lawyer and building AI-powered legal software to reduce legal costs. If you are an entrepreneur, let's connect on Twitter. 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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