Today's economic calendar is light, with only US building permits and housing starts scheduled for release.
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Today's economic calendar is light, with only US building permits and housing starts scheduled for release.
UK jobs data released today showed a surprise increase in wages, which boosted the odds of another 25 basis point rate hike by the Bank of England (BoE) to 90%.
This week is relatively quiet on news this week, with the major headline being the FOMC minutes being released on Wednesday.
Despite March typically being a tough month for stocks, the Nasdaq Composite and the S&P 500 have hit new highs, thanks to strong interest in big technology companies and excitement about artificial intelligence (AI).
In a remarkable turn of events, the Nasdaq Composite surged to a record close for the first time since 2021, leading the charge as major stock averages ended February with their fourth successive monthly advance.
In a market atmosphere thick with anticipation, US stocks and Bitcoin navigate a landscape marked by the looming release of crucial inflation data. Wednesday's trading session saw a subtle pullback in major US stock indices, where investors are eyeing the forthcoming personal consumption expenditure report with keen interest.
Monday saw a retreat in the S&P 500 as investors shifted focus to key inflation data, with the index stepping back from its recent record highs. The Dow Jones Industrial Average edged lower by 0.1%, while the S&P 500 experienced a 0.3% decline, and the Nasdaq Composite slipped 0.1%. Notably, Amazon made its debut in the 30-stock Dow, replacing Walgreens Boots Alliance, a move expected to reshape the index's composition and amplify its exposure to the tech and consumer retail sectors.
Markets exhibited a complex range of highs and lows, navigating through a mix of record-setting achievements and underlying economic uncertainties. The S&P 500 and Dow Jones Industrial Average both notched fresh records, underscoring the robust appetite for risk among investors, lifted by a combination of corporate earnings beats and positive economic indicators.
The recent upswing in global financial markets, fuelled by Nvidia's remarkable quarterly earnings, underscored the significant impact of artificial intelligence (AI) technology on the financial landscape.
Wednesday's trading session closed with mixed sentiments across major indexes as investors navigated through a landscape of earnings reports and economic indicators. The Nasdaq Composite edged lower for the third consecutive day, reflecting a wary stance among traders eagerly awaiting Nvidia's quarterly earnings revelation.
The S&P 500 and Nasdaq Composite session closed in the red, primarily dragged down by a significant drop in Nvidia's stock ahead of its highly anticipated earnings report. The Dow Jones Industrial Average slightly dipped, reflecting a cautious stance among investors across the board. Nvidia's nearly 4.4% fall underscored concerns over its valuation, casting a shadow on the tech sector and influencing declines in other major tech stocks like Amazon and Microsoft.
With US markets closed for Presidents Day, global financial markets showed mixed results on Monday. European stocks edged higher, building on the positive momentum from last week, despite the lack of US trading activity.
In a reversal from its recent upward trajectory, the stock market faced a downturn on Friday, shaken by the latest inflation reports that spurred a re-evaluation of the Federal Reserve's expected timeline for interest rate adjustments.
As the global economic landscape contends with rising uncertainties, recent economic downturns in the UK and Japan raise fears of recession, shaking the stability of worldwide markets. The UK has entered a technical recession after its economy shrank in the last quarter of 2023, showing how fragile its recovery is. Japan also fell into a recession and was surpassed by Germany as the world's third-largest economy, marking a difficult start to the year and revealing weaknesses in its economy.
In a healthy rebound from the previous day's losses, Wall Street saw a notable recovery on Wednesday, driven by a mix of better-than-expected earnings reports and a steadying of economic indicators. The Dow Jones Industrial Average climbed by 151.52 points, while the S&P 500 and Nasdaq Composite advanced by 0.96% and 1.3% respectively.
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