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Macro Roundup (Feb 3)
2023-2-3
This is a roundup of global macroeconomic news last night and what is expected today.
Stock futures slid on Thursday evening after several high-profile earnings misses cast doubt on the recent market rally.
Futures for the S&P 500 fell 0.6%, while Nasdaq 100 futures lost 1.4%. Dow Jones Industrial Average futures slumped 62 points, or 0.2%.
The move in futures threatened to erase some large gains for the market on Thursday. The Nasdaq Composite rose 3.25% for its best day since November and is on track for a fifth-straight winning week. The S&P 500 gained 1.47%.
The Dow, however, finished Thursday slightly lower, weighed down by health-care stocks, but is still positive for the week.
Oil prices settled lower as U.S. industrial-linked factory orders dipped, while the dollar strengthened, making crude more expensive for non-American buyers.
Brent crude futures settled at $81.98 a barrel, shedding 86 cents, or 1.04%. West Texas Intermediate crude (WTI) settled at $75.77 a barrel, down 64 cents, or 0.84%.
While new orders for U.S. manufactured goods rose broadly in December, orders for industrial equipment and other machinery fell, according to the latest Commerce Department data.
A rebound in the dollar index , which hit a nine-month low earlier in the session on softer U.S. Federal Reserve rate hike bets, also weighed on oil prices, according to Jim Ritterbusch of Ritterbusch and Associates. A stronger greenback makes dollar-priced oil more expensive for holders of other currencies.
Gold prices slipped nearly 2% as the dollar rebounded and some investors locked in profits after bullion scaled a nine-month peak on dovish remarks from Federal Reserve Chair Jerome Powell.
Spot gold dipped 1.91% to $1,9153.09 per ounce, having hit its highest since April 2022 earlier in the session.
U.S. gold futures settled down 0.77% at $1,927.8.
European markets closed higher Thursday as investors digested interest rate hikes by European central banks and the latest move by the U.S. Federal Reserve.
The pan-European Stoxx 600 index closed 1.4% higher, with sectors mostly positive. Technology stocks rocketed 4.6%, while oil and gas led losses, dropping 1.5%.
Stock futures slid on Thursday evening after several high-profile earnings misses cast doubt on the recent market rally.
Futures for the S&P 500 fell 0.6%, while Nasdaq 100 futures lost 1.4%. Dow Jones Industrial Average futures slumped 62 points, or 0.2%.
The move in futures threatened to erase some large gains for the market on Thursday. The Nasdaq Composite rose 3.25% for its best day since November and is on track for a fifth-straight winning week. The S&P 500 gained 1.47%.
The Dow, however, finished Thursday slightly lower, weighed down by health-care stocks, but is still positive for the week.
Oil prices settled lower as U.S. industrial-linked factory orders dipped, while the dollar strengthened, making crude more expensive for non-American buyers.
Brent crude futures settled at $81.98 a barrel, shedding 86 cents, or 1.04%. West Texas Intermediate crude (WTI) settled at $75.77 a barrel, down 64 cents, or 0.84%.
While new orders for U.S. manufactured goods rose broadly in December, orders for industrial equipment and other machinery fell, according to the latest Commerce Department data.
A rebound in the dollar index , which hit a nine-month low earlier in the session on softer U.S. Federal Reserve rate hike bets, also weighed on oil prices, according to Jim Ritterbusch of Ritterbusch and Associates. A stronger greenback makes dollar-priced oil more expensive for holders of other currencies.
Gold prices slipped nearly 2% as the dollar rebounded and some investors locked in profits after bullion scaled a nine-month peak on dovish remarks from Federal Reserve Chair Jerome Powell.
Spot gold dipped 1.91% to $1,9153.09 per ounce, having hit its highest since April 2022 earlier in the session.
U.S. gold futures settled down 0.77% at $1,927.8.
European markets closed higher Thursday as investors digested interest rate hikes by European central banks and the latest move by the U.S. Federal Reserve.
The pan-European Stoxx 600 index closed 1.4% higher, with sectors mostly positive. Technology stocks rocketed 4.6%, while oil and gas led losses, dropping 1.5%.
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