https://www.fapjunk.com https://pornohit.net london escort london escorts buy instagram followers buy tiktok followers
Tuesday, February 20, 2024

Stocks Drop While Dollar Rallies to One-Month High: Markets Wrap

Must read

Magnificent Seven Stocks To Buy And Watch: Nvidia, Tesla Slide

Dubbed the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms and Tesla lived up to their name in 2023...

Stock Market Today: Dow Jones Falls After Home Depot, Walmart Earnings; Nvidia, SMCI Dive

The Dow Jones Industrial Average dropped Tuesday, as Wall Street reacted to earnings reports from index components Home Depot (HD) and Walmart (WMT)....

Nvidia Weighs on Tech Stocks Ahead of Earnings

Live Coverage FeedNvidia Weighs on Tech Stocks Ahead of EarningsNvidia stock was on track for its worst day since last May on Tuesday ahead...

Super Micro Computer Stock Could Hit $1300, Analyst Says. Here’s Why.

Please enable JS and disable any ad blocker

(Bloomberg) — Global stocks retreated and the dollar rose to a one-month high as central bank officials pushed back against bets on aggressive interest rate cuts.

Most Read from Bloomberg

US futures slid, while the Stoxx Europe 600 index headed for a five-week low. The MSCI Asia Pacific Index lost 1.5%, the most in three months. Two-year Treasury yields rose six basis points to 4.2%. An index of the dollar climbed 0.6%.

Banks led equity declines in Europe as JPMorgan Chase & Co. analysts said lending revenue will be capped by the peak in interest rates. Goldman Sachs Group Inc. and Morgan Stanley are due to release earnings results later today.

It’s too early to declare victory on inflation, European Central Bank Governing Council member Francois Villeroy de Galhau said in Davos, Switzerland. Traders are awaiting Federal Reserve Governor Christopher Waller’s speech later Tuesday for cues on the timing of a Fed rate cut, with money markets seeing a two-in-three chance of a reduction in March.

“Central banks pushing back on rate cuts is not helping risky assets,” said Mohit Kumar, chief European economist at Jefferies International. “The market has gone a bit ahead of itself.”

Stocks pared losses after the ECB’s monthly survey showed consumer expectations for euro-zone inflation fell to the lowest in more than 1 1/2 years in November. Money markets held interest-rate cut wagers broadly steady after the ECB data, pricing the first quarter-point reduction by April followed by almost five more by year-end.

ECB Governing Council member Robert Holzmann indicated on Monday that cuts this year were not assured given lingering inflation and geopolitical risks. His sentiments echoed prior comments from ECB President Christine Lagarde warning that it’s too early to talk about trimming borrowing costs. A raft of ECB speakers are on the WEF roster for Wednesday.

Economic data in the UK, meanwhile, supported the case for Bank of England rate cuts in the coming months, with wage growth cooling at one of the fastest paces on record. The pound weakened as much as 0.8% against the dollar and gilt yields edged lower.

READ: A Pessimist’s Guide to Global Economic Risks in 2024

Morgan Stanley and Goldman Sachs Group Inc. are among the companies reporting results Tuesday, and are expected to reveal the continued lull in investment banking activity as high borrowing costs, geopolitical tensions and recessionary risks dampen deal-making.

Elsewhere, oil prices were steady as continued Houthi attacks on ships in the Red Sea that are keeping tensions high in the Middle East were offset by a shaky global economic outlook and gains in the dollar. Global benchmark Brent held above $78 a barrel, while West Texas Intermediate traded around $73.

Some key events in markets this week:

  • US Empire Manufacturing, Tuesday

  • Goldman Sachs Group Inc., Morgan Stanley to report earnings, Tuesday

  • Federal Reserve Governor Christopher Waller speaks, Tuesday

  • China GDP, property prices, retail sales and industrial production, Wednesday

  • Eurozone CPI, Wednesday

  • UK CPI, Wednesday

  • US retail sales, industrial production, business inventories, Wednesday

  • Federal Reserve issues Beige Book survey, Wednesday

  • European Central Bank President Christine Lagarde speaks at Davos, Wednesday

  • New York Fed President John Williams speaks, Wednesday

  • Australia unemployment, Thursday

  • Japan industrial production, Thursday

  • European Central Bank publishes account of December policy meeting, Thursday

  • US housing starts, initial jobless claims, Thursday

  • Atlanta Fed President Raphael Bostic speaks, Thursday

  • Japan CPI, Friday

  • US existing home sales, University of Michigan consumer sentiment, Friday

  • US Congress faces deadline to pass spending agreement before part of federal government shuts down, Friday

  • San Francisco Fed President Mary Daly speaks, Friday

Here are some of the main moves in markets:

Stocks

  • S&P 500 futures fell 0.6% as of 5:52 a.m. New York time

  • Nasdaq 100 futures fell 0.7%

  • Futures on the Dow Jones Industrial Average fell 0.5%

  • The Stoxx Europe 600 fell 0.6%

  • The MSCI World index fell 0.5%

Currencies

  • The Bloomberg Dollar Spot Index rose 0.6%

  • The euro fell 0.6% to $1.0883

  • The British pound fell 0.8% to $1.2629

  • The Japanese yen fell 0.7% to 146.71 per dollar

Cryptocurrencies

  • Bitcoin rose 0.4% to $42,842.26

  • Ether rose 0.5% to $2,532.29

Bonds

  • The yield on 10-year Treasuries advanced six basis points to 4.00%

  • Germany’s 10-year yield declined one basis point to 2.22%

  • Britain’s 10-year yield declined two basis points to 3.77%

Commodities

  • West Texas Intermediate crude rose 0.6% to $73.09 a barrel

  • Spot gold fell 0.8% to $2,040.62 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Divya Patil, Lynn Thomasson and Jan-Patrick Barnert.

(A previous version corrected headline, first paragraph to say dollar is headed for a one-month high.)

Most Read from Bloomberg Businessweek

©2024 Bloomberg L.P.

More articles

Latest article

Magnificent Seven Stocks To Buy And Watch: Nvidia, Tesla Slide

Dubbed the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms and Tesla lived up to their name in 2023...

Stock Market Today: Dow Jones Falls After Home Depot, Walmart Earnings; Nvidia, SMCI Dive

The Dow Jones Industrial Average dropped Tuesday, as Wall Street reacted to earnings reports from index components Home Depot (HD) and Walmart (WMT)....

Nvidia Weighs on Tech Stocks Ahead of Earnings

Live Coverage FeedNvidia Weighs on Tech Stocks Ahead of EarningsNvidia stock was on track for its worst day since last May on Tuesday ahead...

Super Micro Computer Stock Could Hit $1300, Analyst Says. Here’s Why.

Please enable JS and disable any ad blocker

Nvidia and Intel Stock Investors Have an Intense Week Ahead

In today's video, I discuss recent updates impacting Intel (NASDAQ: INTC) and Nvidia (NASDAQ: NVDA). Check out the short video to learn more, consider...