Market Outlook 🚀 - US stocks down overnight after rising on Thursday

Bitcoin holds steady despite volatility in crypto markets

Inside.com Part of   Network March 03, 2023

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US Markets Stock futures are down slightly overnight after a positive day on Thursday.  The Dow gained over 1% on Thursday, its best trading day in over two weeks.  Dell jumped over 3% in after-hours trading after reporting higher-than-expected earnings.  Zscaler lost more than 11% overnight after the cloud security company lowered its future guidance despite beating earnings expectations.  AI software maker C3.ai surged over 15% overnight after its quarterly results surpassed expectations.  The current 10 Year U.S. Treasury yield is set at 4.06160% Dow Jones  33,003.57 1.05% S&P 500  3,981.35 0.76% Nasdaq  11,462.98 0.73% Russell 2000 1,902.66 0.22% *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 Nordstrom plans to close down all of its retail stores in Canada. There are six Nordstrom stores and seven Nordstrom Rack stores in Canada, all of which will be closed by the end of June.  2,500 people are expected to lose their jobs. The U.S. retailer closed its e-commerce store for Canadian shoppers on Thursday, just hours after the announcement.  Nordstrom opened its first store in Canada in September 2014.  TSX  20,337.21 0.38% *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 Thursday after falling earlier in the day.  The Stoxx 600 gained 0.5%, led by a 1.8% rise in food and beverage stocks. The worst-performing sector was banking, which lost 0.8%.  Markets fell earlier in the day after data showed that inflation accelerated in France and Spain. The Eurozone inflation rate for February came in at 8.5% — higher than the 8.2% expected by analysts but below the 8.6% recorded in January.  Euro STOXX 50  4,240.59 0.59% UK (FTSE 100)  7,944.04 0.37% Germany (DAX)  15,327.64 0.15% France (CAC 40) 7,284.22 0.69% *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Asian Markets Markets in Asia fell on Thursday as investors anticipated a potential interest rate hike in the U.S.  It is unclear what the U.S. Federal Reserve will do in the next few months since board members have made different public statements regarding future policy.  Many of Tesla's suppliers saw their stock prices fall after Tesla lost 5% on Thursday due to an underwhelming Investor Day.  China is expected to rise its 2023 GDP growth target to 6%, up from the 4.5%-5.5% target it set in November.  S&P Asia 50 4,649.43 2.71% Japan (Nikkei 225) 27,498.87 -0.06% South Korea (KOSPI) 2,427.85 0.62% China (Hang Seng) 20,429.46 -0.92% India (SENSEX) 58,909.35 -0.84% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Oil prices raised early on Thursday before retreating to close slightly up.  The initial surge followed the release of positive economic data from China, which suggested that oil demand will increase. High Eurozone inflation figures released later in the day fueled fears about further interest rate hikes. Brent crude and U.S. West Texas Intermediate crude both gained 0.41% on the day.  The U.S. has now increased its crude stockpiles for ten consecutive weeks, which is contributing to a narrative of oversupply in the market.  Oil (NYSEARCA:OIL) 29.69 0.30% Gold (NYSEARCA:GLD) 170.66 -0.06% Silver (NYSEARCA:SLV) 19.24 -0.26% Corn (NYSEARCA:CORN) 25.14 -0.20% Lumber (NASDAQ:WOOD) 74.72 0.36% *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.

Currencies The U.S. Dollar saw gains on Thursday after unemployment claims data showed that the U.S. economy remains strong. The two-year U.S. Treasury Note has the highest yield since July 2007.  The U.S. Dollar Index rose 0.62% on Thursday.  The Chinese Yuan was up in anticipation of China's National People's Congress meeting this weekend, in which officials will outline policies for the country's post-pandemic economic recovery.  UK(GBP) £0.84 0.69% Europe (EURO) €0.94 -0.20% Canada (Canadian Dollar) $1.36 -0.36% Japan (Yen) ¥136.66 0.22% *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 continues to show great strength in maintaining its current price point despite the volatility in crypto markets.  Silvergate stock fell more than 50% on Thursday after several clients including Coinbase, Circle, Paxos, Crypto.com, and Gemini said they will cut ties with the crypto bank, which a day earlier delayed the filing of its annual 10-K.  NFT trading volume passed $2B in February, the highest level since May 2022.  FTX's lawyers say that the bankrupt company will have a significant shortfall in its assets as they work with the courts to recover as much value as possible to pay off creditors.  Bitcoin $23,458.00 1.39% Ethereum $1,648.03 -1.03% Litecoin $95.40 -2.42% Bitcoin Cash $131.58 -0.30% *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.

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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