2024-02-01 14:05:07
After the final bell that marks the closing of the market in the United States, this Thursday three of the “Magnificent 7” (Apple, Meta, Amazon) will publish your business results. The reports come following the disappointments that the market gave Microsoft y Alphabetso operators remain cautious.
In this context, in the premarket, the shares of Meta they have a marginal increase of (+1%); those of Amazon also climbed (+1.2%), while the Apple They do so by (+0.9%), following registering a decrease of 3.2% in Wednesday’s session.
US futures indicate a possible rebound, likely supported by the decline in Treasury yields yesterday and the belief in a start of rate cuts in May, but it is perceived as fragile pending reports from large technology companies.
After Federal Reserve Chair Powell’s comments this Wednesday, the Fed needs to see more confirmation that inflation is on a sustainable path towards its 2% targetinvestors will be paying close attention to fresh data coming out this morning, including Q4 2023 Productivity and Unit Labor Cost, S&P Global Manufacturing PMI for January, and ISM Manufacturing Index for January.
In that data set, the market will look to determine not only whether inflation continued to cool on a year-over-year basis, but tAlso whether the economy is weakening enough for the Fed to start its rate cutting cycle before it is too late.
Today’s panorama
Asia-Pacific stock markets ended the day mixed as they absorbed both yesterday’s Fed comments on the path of interest rates and market stabilization efforts in China.
China’s Shanghai Composite lost 0.64%, Japan’s Nikkei fell 0.76% and Australia’s ASX All Ordinaries closed 1.19% lower in a broad decline led by Electronic Technology and Transportation names. Taiwan’s TAIEX rose 0.44%, Hong Kong’s Hang Seng added 0.52%, India’s SENSEX gained 0.61% and South Korea’s KOSPI gained 1.82% in a broad rebound that saw Business Services the only sector to close lower.
Market and Fed watchers will also pick up commentary from those job creation reports as they prepare for tomorrow’s January Employment Report and prepare for Big Tech earnings reports to continue.
Traders sobered up pretty quickly during Fed Chair Powell’s press conference when they realized the rate cut fairy wasn’t coming to them anytime soon. From a sector perspective and to borrow some poker phraseology, the big players continue to push the table. The most loaded sectors, such as Consumer Discretionary (-1.82%), Technology (-2.10%) and Communication Services (-2.47%), which represent almost 50% of the S&P 500, led the decline of the markets.
1706811719
#Wall #Street #giants #present #results #actions #react
