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MARKET COMMENTARY


On Friday, U.S. stocks closed higher for a second session. The Dow Jones Industrial Average added 28 points (+0.08%) to 33,978, the S&P 500 increased 10 points (+0.25%) to 4,070, and the Nasdaq 100 rose 115 points (+0.96%) to 12,166.

The Nasdaq 100 has posted a four-week winning streak, and rebounded 11.21% year to date.

Automobiles (+9.07%), retailing (+1.45%), and technology hardware & equipment (+1.12%) sectors gained the most, while energy (-1.99%), household & personal products (-1.16%), and insurance (-1%) sectors underperformed the market.

Tesla (TSLA) jumped 10.99% after gaining 10.97% Thursday. Company CEO Elon Musk met with U.S. White House officials to discuss ways to advance electric vehicle production.

American Express (AXP) bounced 10.54% after the credit card company provided a better-than-expected guidance on its 2023 earnings.

Visa (V) climbed 2.99% after the company's first-quarter results beat expectations.

Intel (INTC) fell 6.41% after the company gave a disappointing earnings guidance.

Chevron (CVX) dropped 4.44%, as the company posted lower-than-expected fourth-quarter results.

Regarding U.S. economic data, the core personal consumption expenditure (PCE) price index grew 4.4% on year in December (vs +4.6% expected, +4.7% in November).

The number of pending home sales rose 2.5% on month in December (vs -1.0% expected).

The U.S. 10-year Treasury yield added 2 basis points to 3.515%.

European stocks closed slightly higher. The DAX 40 rose 0.11%, the CAC 40 edged up 0.02%, and the FTSE 100 was up 0.05%.

U.S. WTI crude futures dropped $1.50 to $79.47 a barrel.

Gold price was little changed at $1,928 an ounce.

The U.S. dollar index was stable at 101.94.

EUR/USD dropped 24 pips to 1.0868. France's official consumer confidence index edged down to 80 in January (vs 84 expected).

USD/JPY slid 39 pips to 129.83.

GBP/USD lost 10 pips to 1.2398.

AUD/USD edged down 6 pips to 0.7109.

USD/CHF edged up 4 pips to 0.9210, and USD/CAD declined 10 pips to 1.3311.

Over the weekend, Bitcoin kept its upward momentum rising to $23,800.

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MARKET COMMENTARY


On Monday, U.S. stocks closed lower, as investors awaited the upcoming rate decision by the Federal Reserve and earnings reports by big tech firms. The Dow Jones Industrial Average fell 260 points (-0.77%) to 33,717, the S&P 500 dropped 52 points (-1.29%) to 4,017, and the Nasdaq 100 slid 254 points (-2.09%) to 11,912.

The U.S. 10-year Treasury yield increased 3.9 basis points to 3.542%.

Automobiles (-5.48%), semiconductors (-3.04%), and energy (-2.29%) sectors led the market lower.

Ford Motor (F) fell 2.86%. The giant car-maker announced plans to slash prices of its electric vehicle Mustang Mach-E.

Tesla (TSLA) slid 6.32%, and General Motors (GM) dropped 4.37%.

Nvidia (NVDA) sank 5.91% on reports that the company's chief financial officer sold about 11,000 shares of the company.

Regarding U.S. economic data, the Dallas Fed manufacturing index improved to -8.4 in January (vs -11.0 expected).

European stocks closed mixed. The DAX 40 rose 0.16%, the FTSE 100 gained 0.25%, while the CAC 40 dropped 0.16%.

U.S. WTI crude futures fell $2.00 to $77.71 a barrel.

Gold price retreated $5 to $1,922 an ounce.

The U.S. dollar strengthened against other major currencies, as it was widely expected the Fed will raise interest rates by 25 basis points Thursday. The dollar index rebounded to 102.26.

EUR/USD lost 20 pips to 1.0848. Germany's data showed that gross domestic product fell 0.2% on quarter in the fourth quarter (vs +0.0% expected, +0.5% in the third quarter).

USD/JPY jumped 55 pips to 130.43. This morning, Japan's data showed that its jobless rate remained stable at 2.5% in December (as expected). Retail sales grew 1.1% on month (vs +0.6% expected), while industrial production dipped 0.1% on month (vs -1.3% expected) in December.

GBP/USD dipped 34 pips to 1.2348.

AUD/USD fell 41 pips to 0.7059. This morning, Australia's data showed that retail sales dropped 3.9% on month in December (vs -0.4% expected).

USD/CHF added 42 pips to 0.9252, and USD/CAD jumped 74 pips to 1.3385.

Bitcoin sank back to $22,770.

MARKET COMMENTARY


On Tuesday, U.S. stocks gained over 1%. The Dow Jones Industrial Average rose 368 points (+1.09%) to 34,086, the S&P 500 climbed 58 points (+1.46%) to 4,076, and the Nasdaq 100 advanced 189 points (+1.59%) to 12,101.

Ahead of the Federal Reserve announcing its decision on interest rate on Wednesday, the U.S. 10-year Treasury yield dropped 3 basis points to 3.507%.

Automobiles (+4.32%), transportation (+3.19%), and retailing (+2.24%) sectors led the market higher.

General Motors (GM) jumped 8.35%, and United Parcel Service (UPS) climbed 4.67%, after both companies reported better-than-expected quarterly results.

Exxon Mobil (XOM) rose 2.16% after the oil giant reported record 2022 net profit of $56 billion.

Spotify Technology (SPOT) surged 12.72% after the music-streaming company posted an upbeat forecast on its first-quarter active user number.

On the other hand, Caterpillar (CAT) fell 3.52% as the companies fourth-quarter earnings declined 29%. McDonald's (MCD) was down 1.29% as the company said margins in 2023 will be pressured by inflation.

Regarding U.S. economic data, the Conference Board consumer confidence index declined to 107.1 in January (vs 109.0 expected), and the Market News International Chicago business barometer dropped to 44.3 in January (vs 43.0 expected).

U.S. official data showed that employment cost increased 1.0% on quarter in the fourth quarter (vs +1.1% expected).

In Europe, the DAX 40 and the CAC 40 closed flat, while the FTSE 100 declined 0.17%.

U.S. WTI crude futures rose $1.10 to $79.04 a barrel.

Gold price was little changed at $1,928 an ounce.

The U.S. dollar index stayed stable at 102.07.

EUR/USD rose 13 pips to 1.0864. Data showed that the Eurozone's gross domestic product grew 1.9% on year in the fourth quarter (vs +1.6% expected).

Germany's jobless rate remained stable at 5.5% in January (as expected), while its retail sales dropped 5.3% on month in December (vs +0.4% expected).

France's gross domestic product increased 0.5% on year in the fourth quarter (vs +0.4% expected). The inflation rate ticked up to 6.0% on year in January (vs 6.1% expected).

USD/JPY slid 29 pips to 130.1.

GBP/USD dropped 33 pips to 1.2319.

AUD/USD declined 6 pips to 0.7054.

USD/CHF fell 88 pips to 0.9161 and the USD/CAD decreased 83 pips to 1.3304.

Bitcoin struggled to hold the $23,000 level.

MARKET COMMENTARY


On Wednesday, major U.S. stock indexes pared early losses to close higher, as Federal Reserve Chair Jerome Powell said inflation is easing. The Dow Jones Industrial Average ended up 6 points (+0.02%) to 34,092, the S&P 500 rose 42 points (+1.05%) to 4,119, and the Nasdaq 100 jumped 261 points (+2.16%) to 12,363.

The U.S. 10-year Treasury yield slid 8.8 basis points to 3.419%.

As widely expected, the U.S. Federal Reserve further reduced its interest-rate hike extent to 25 basis points (target rates rose to 4.50-4.75%). However, the central bank added that "ongoing increases" in interest rates will be appropriate to bring the inflation rate down to its target of 2%.

Federal Reserve Chair Jerome Powell commented in a news conference that the economy’s disinflationary process had started, while pointing out that he does not expect the Fed to cut rates this year.

Semiconductors (+5.31%), automobiles (+3.85%) and transportation (+2.1%) sectors gained the most.

Advanced Micro Devices (AMD) jumped 12.63% after the company posted better-than-expected quarterly earnings and gave an upbeat business forecast.

Tesla (TSLA) gained 4.73% on reports that the electric-vehicle maker will raise its output at its Shanghai factory.

Peloton Interactive (PTON) soared 26.53% after the interactive fitness platform's chief executive said it is no longer at the risk of extinction.

On the other hand, Snap (SNAP) plunged 10.29%, Electronic Arts (EA) dropped 9.26%, and Match (MTCH) fell 5.01% after the companies reported lower-than-expected quarterly results.

In after-market hours, Meta Platforms (META) surged 19% after the parent company of Facebook and Instagram reported fourth-quarter revenue that topped market expectations, and announced a $40 billion share buyback program.

Apple (AAPL), Alphabet (GOOGL) and Amazon.com (AMZN) will report quarterly results in after-market hours Thursday.

Regarding U.S. economic data, the Institute for Supply Management (ISM) manufacturing purchasing managers index declined to 47.4 in January (vs 48.0 expected).

The ADP jobs report said the economy added 106,000 private jobs in January (vs +131,000 expected). And official data showed that the number of job openings increased to 11.01 million in January (vs 9.5 million expected).

European stocks closed mixed. The DAX 40 rose 0.35%, while the CAC 40 declined 0.08%, and the FTSE 100 dropped 0.14%.

U.S. WTI crude futures fell $2.10 to $76.80. The U.S. Energy Department reported that the latest crude-oil stockpiles increased 4.14 million barrels (vs +0.38 million barrels expected).

Gold price jumped $22 to $1,951 an ounce.

The U.S. dollar weakened against other major currencies after Powell mentioned easing inflation. The dollar index fell to 101.18.

EUR/USD jumped 125 pips (+1.15%) to 1.0988. Data showed that the Eurozone's inflation rate came down to 8.5% on year in January (vs 8.9% expected).

USD/JPY slid 112 pips to 128.97. This morning, the Bank of Japan reported that the monetary base decreased 3.8% on year in January (vs -6.1% in December).

GBP/USD rose 53 pips to 1.2373. In the U.K., the Nationwide house price index dropped 0.6% on month in January (vs -0.3% expected).

AUD/USD gained 79 pips to 0.7134. This morning, Australia's official data showed that the number of building permits rose 18.5% on month in December (vs -2.3% expected).

USD/CHF fell 78 pips to 0.9084, and the USD/CAD was down 16 pips to 1.3290.

Bitcoin jumped 3% to $23,800.

Payout

MARKET COMMENTARY


On Thursday, the S&P 500 rose 60 points (+1.47%) to 4,179 and the Nasdaq 100 surged 440 points (+3.56%) to 12,803, both marking five-month highs.

The Dow Jones Industrial Average dropped 39 points (-0.11%) to 34,053, pressured by falling big healthcare stock prices.

The U.S. 10-year Treasury yield slipped a further 2 basis points to 3.396%.

Media (+7.99%), retailing (+4.32%), and automobiles (+3.86%) sectors gained the most.

Meta Platforms (META) soared 23.28% after the parent company of Facebook and Instagram said it will implement stricter cost controls and announced a $40 billion share buyback program.

Align Technology (ALGN) jumped 27.38% as the company reported better-than-expected quarterly earnings and announced a $1 billion share buyback program.

Tesla (TSLA) rose 3.78%, General Motors (GM) jumped 5.60% and Ford Motor (F) was up 3.84%.

On the other hand, Merck & Co (MRK) fell 3.29% as the pharmaceutical giant's 2023 earnings guidance disappointed investors.

UnitedHealth (UNH) fell 5.27%.

In after-market hours, Apple (AAPL), Alphabet (GOOGL) and Amazon.com (AMZN) traded more than 3% lower after the big tech firms reported their quarterly results. Apple (AAPL) reported that sales dropped 5% on year in its fiscal first quarter. Alphabet (GOOGL) posted lower-than-expected top and bottom lines.

Regarding U.S. economic data, factory orders rose 1.8% on month in December (vs +1.2% expected), and the latest number of initial jobless claims declined to 183,000 (vs 187,000 expected).

Investors are watching closely the official U.S. January jobs report to be released later today. It is expected that the economy added 190,000 nonfarm payrolls with the jobless rate ticking up to 3.6%.

European stocks also closed higher. The DAX 40 rose 2.16%, the CAC 40 climbed 1.26%, and the FTSE 100 was up 0.76%.

U.S. WTI crude futures were little changed at $75.92 a barrel.

Gold price was flat at $1,912 an ounce.

The U.S. dollar strengthened against the euro and the British pound after the European Central Bank and the Bank of England raised interest rates. The dollar index rose to 101.74.

EUR/USD dropped 80 pips to 1.0910. As expected, the European Central Bank increased its key interest rates by 50 basis points. The central bank said it intended to hike by another 50 basis points in March.

GBP/USD declined 150 pips to 1.2226. The Bank of England raised its key interest rate by 50 basis points, as expected. However, the central bank revised its economic outlook saying it now forecasts a shorter and shallower recession than previously projected in November.

USD/JPY slid 26 pips to 128.72.

AUD/USD fell 60 pips to 0.7077.

USD/CHF added 50 pips to 0.9133, and USD/CAD increased 23 pips to 1.3314.

Bitcoin briefly exceeded $24,000 before retreating to $23,600.

Payout

MARKET COMMENTARY


On Friday, U.S. stocks came under pressure as a much-stronger-than-expected jobs report stirred up worries that the Federal Reserve would keep hiking interest rates. The Nasdaq 100 slid 229 points (-1.79%) to 12,573, the S&P 500 fell 43 points (-1.04%) to 4,136, and the Dow Jones Industrial Average declined 127 points (-0.38%) to 33,926.

Still, the Nasdaq 100 marked its fifth weekly gain.

The U.S. Labor Department reported that the economy added 517,000 nonfarm payrolls in January, well above the 190,000 market estimate, while the jobless rate dropped to 3.4%, the lowest level since 1969. Average hourly earnings increased 0.3% on month (as expected).

Also, the Institute for Supply Management (ISM) services purchasing managers index jumped to 55.2 in January (vs 50.6 expected).

The U.S. 10-year Treasury yield jumped 13.2 basis points to 3.525%.

Retailing (-5.03%), media (-2.35%), and utilities (-2.07%) sectors lost the most.

Apple (AAPL) shares ended up 2.44% despite quarterly earnings missing expectations.

On the other hand, Alphabet (GOOGL) fell 2.75%, and Amazon.com (AMZN) slumped 8.43%.

Ford Motor (F) slid 7.61% after the car-maker posted a full-year loss of $2 billion and gave a lower-than-expected earnings guidance.

Starbucks (SBUX) dropped 4.44%, as the global coffee chain reported declining comparable sales due to weak performance in China,

Meanwhile, Nordstrom (JWN) surged 24.79% after the Wall Street Journal reported that activist investor Ryan Cohen is building a large stake in the fashion retailer,

European stocks closed mixed. The DAX 40 fell 0.21%, while the CAC 40 rose 0.94%, and the FTSE 100 was up 1.04%.

Commodity prices were pressured by a stronger U.S. dollar, which was boosted by the extraordinarily-strong January jobs report. U.S. WTI crude futures dropped $2.70 (-3.56%) to $73.20 a barrel.

Gold price slumped $47 (-2.46%) to $1,865 an ounce.

The U.S. dollar index gained over 1% to 102.96.

EUR/USD dropped 111 pips to 1.0799. Data showed that the Eurozone's producer prices jumped 24.6% on year in December (vs +22.5% expected). France's industrial production grew 1.1% on month in December (vs +0.6% expected).

USD/JPY jumped 251 pips (+1.95%) to 131.19.

GBP/USD fell 170 pips to 1.2055.

AUD/USD declined 154 pips (-2.18%) to 0.6923.

USD/CHF climbed 126 pips to 0.9258, and USD/CAD was up 88 pips to 1.3404.

Over the weekend, Bitcoin dropped below the $23,000 level.

MARKET COMMENTARY


On Monday, U.S. stocks remained under pressure. The Dow Jones Industrial Average dropped 34 points (-0.10%) to 33,891, the S&P 500 fell 25 points (-0.61%) to 4,111, and the Nasdaq 100 was down 108 points (-0.87%) to 12,464.

The U.S. 10-year Treasury yield jumped 11.9 basis points to a four-week high of 3.644%.

U.S. Treasury Secretary Janet Yellen said the U.S. could avoid a recession considering a strong labor market and easing inflation.

Federal Reserve Chair Jerome Powell will speak at the Economic Club of Washington later today.

Automobiles (+1.87%) and insurance (+1.02%) sectors outperformed the market, while cConsumer durables & apparel (-2.04%), technology hardware & equipment (-1.71%), and media (-1.33%) sectors lagged behind.

Newmont Mining (NEM) fell 4.51% after the gold and copper mining company offered to acquire Australian-based gold producer Newcrest Mining for about $17 billion.

Dell Technologies (DELL) dropped 3.03% after the personal computer firm announced plans to cut about 6,650 jobs or about 5% of its workforce.

Tyson Foods (TSN) lost 4.61% as the biggest U.S. meat company's quarterly results missed expectations.

Catalent (CTLT) surged 19.54% on news reports that Danaher (DHR), a manufacturer of scientific instruments and consumables, is interested in buying the company.

Meanwhile, Tesla (TSLA) rose 2.52% as the electric-vehicle maker increased prices of its Model Y vehicles in the U.S.

European stocks also closed lower. The DAX 40 fell 0.84%, the CAC 40 declined 1.34%, and the FTSE 100 was down 0.82%.

U.S. WTI crude futures gained $1.10 to $74.50 a barrel. Turkey's major oil export hub in Ceyhan saw its operations halted after a massive earthquake hit the region, which stopped key crude oil flows from Iraq and Azerbaijan.

Gold price added $2 to $1,867 an ounce following a 2.5% slide Friday.

The U.S. dollar remained firm against other major currencies. The dollar index climbed to 103.63.

EUR/USD slid 70 pips to 1.0725. In the Eurozone, data showed that retail sales dropped 2.7% on month in December (vs -2.3% expected).

Germany's factory orders grew 3.2% on month in December (vs +1.9% expected).

USD/JPY jumped 145 pips to 132.64. This morning, Japan's data showed that household spending declined 1.3% on year in December (vs -0.1% expected).

GBP/USD declined 35 pips to 1.2021. In the U.K., the S&P Global construction purchasing managers index posted at 48.4 in January (vs 46.5 expected).

AUD/USD fell 40 pips to 0.6883. This morning, Australia's data showed that trade surplus declined to A$12.2 billion in December with exports falling 1% on month.

Later today, Australia's central bank is expected to raise its key interest rate by 25 basis points to 3.35%.

USD/CHF added 23 pips to 0.9284, and USD/CAD gained 52 pips to 1.3449.

Bitcoin failed to regain the $23,000 level.

MARKET COMMENTARY


On Tuesday, U.S. stocks rebounded as investors viewed comments given by Federal Reserve Chairman Jerome Powell as dovish. The Dow Jones Industrial Average rose 265 points (+0.78%) to 34,156, the S&P 500 climbed 52 points (+1.29%) to 4,164, and the Nasdaq 100 jumped 263 points (+2.12%) to 12,728.

Powell said that inflation is beginning to ease, while adding: "If we continue to get, for example, strong labor market reports or higher inflation reports, it may well be the case that we have do more and raise rates more than is priced in."

The U.S. 10-year Treasury yield rose 3.9 basis points to 3.679%.

Semiconductors (+3.19%), media (+3.1%), and energy (+3.08%) sectors were the top performers.

ON Semiconductor (ON) rose 6.38%, Nvidia (NVDA) gained 5.14%, and Qualcomm (QCOM) was up 2.78%.

Microsoft (MSFT) climbed 4.20% after the company unveiled new versions of its Bing search engine and Edge browser powered by technology from OpenAI.

Activision Blizzard (ATVI) gained 5.62% after the video-game publisher reported better-than-expected quarterly operations figures.

Take-Two Interactive Software (TTWO) also rose 7.85%.

Baidu (BIDU) surged 12.18% after the Chinese tech giant said it would launch its AI chatbot product in March.

On the other hand, Pinterest (PINS) fell 5.16% after the social media firm posted lower-than-expected fourth-quarter sales.

European stocks closed mixed. The DAX 40 fell 0.16%, the CAC 40 dipped 0.07%, while the FTSE 100 gained 0.36%.

Oil prices were boosted by easing concerns on interest rates and expectations of recovering oil demand in China. U.S. WTI crude futures jumped $3.20 (+4.32%) to $77.35 a barrel.

Gold price added $4 to $1,871 an ounce.

The U.S. dollar weakened against other major currencies, as Powell reiterated his view on easing inflation, leading investors to expect the Federal Reserve to be less hawkish on raising interest rates. The dollar index declined to 103.38.

EUR/USD was little changed at 1.0725. Data showed that Germany's industrial production declined 3.1% on month in December (vs -1.4% expected).

USD/JPY slid 157 pips (-1.18%) to 131.09. This morning, Japan's data showed that current account surplus dropped to 33.4 billion yen in December (vs 2.10 trillion yen expected).

GBP/USD added 23 pips to 1.2042. In the U.K., the Halifax house price index was unchanged on month in January (vs -0.3% expected).

AUD/USD increased 72 pips to 0.6955. As expected, Australia's central bank lifted its key interest rate by 25 basis points to 3.35%.

USD/CHF dropped 60 pips to 0.9223, and USD/CAD fell 46 pips to 1.3400.

Bitcoin regained the $23,000 as it jumped 2% to $23,200.

Payout

MARKET COMMENTARY


On Wednesday, U.S. stocks closed lower giving up most gains made in the prior session. The Dow Jones Industrial Average dropped 207 points (-0.61%) to 33,949, the S&P 500 fell 46 points (-1.11%) to 4,117, and the Nasdaq 100 slid 232 points (-1.83%) to 12,495.

The U.S. 10-year Treasury yield retreated 5.3 basis points to 3.621%.

Media (-4.75%), consumer durables & apparel (-2.25%), and semiconductors (-1.87%) sectors lost the most.

Alphabet (GOOGL) dropped 7.68% after its new AI chatbot product "Bard" did not perform well.

Lumen Technologies (LUMN) plunged 20.84% after the digital-solution provider gave a disappointing 2023 full-year earnings guidance.

On the other hand, Tesla (TSLA) rose 2.28% after CEO Elon Musk tweeted that the company will unveil its "Master Plan 3" on the March 1 company investor day.

CVS Health (CVS) gained 3.47%. The pharmacy & healthcare company agreed to buy Oak Street Health (OSH) for $39 per share in cash, or an enterprise value of $10.6 billion.

Uber Technologies (UBER) closed 5.53% higher as the rideshare platform's fourth-quarter sales beat expectations.

Fortinet (FTNT) jumped 10.90% as the cybersecurity firm reported better-than-expected quarterly earnings.

U.S. data showed that wholesale inventories increased 0.1% on month in December (as expected).

European stocks closed mixed. The DAX 40 rose 0.60%, the FTSE 100 gained 0.26%, while the CAC 40 was down 0.18%.

U.S. WTI crude futures added $1.30 to $78.42 a barrel. The U.S. Energy Department reported an addition of 2.42 million barrels in the crude-oil stockpiles, meeting expectations.

Gold price edged up $2 to $1,875 an ounce.

The U.S. dollar held relatively firm against other major currencies. The dollar index was little changed at 103.47.

New York Fed President John Williams commented that the Federal Reserve could raise its key interest rate to 5.00-5.25% within this year.

EUR/USD dropped 13 pips to 1.0713.

USD/JPY gained 34 pips to 131.41. This morning, the Bank of Japan reported that M2 money stock increased 2.7% on year in January (vs +2.9% in December).

GBP/USD added 21 pips to 1.2069.

AUD/USD fell 35 pips to 0.6924.

USD/CHF dipped 10 pips to 0.9209, and USD/CAD was up 50 pips to 1.3449.

Bitcoin dipped back below $23,000.

Payout

MARKET COMMENTARY


On Thursday, U.S. stocks pared early gains to close lower. The Dow Jones Industrial Average fell 249 points (-0.73%) to 33,699, the S&P 500 dropped 36 points (-0.88%) to 4,081, and the Nasdaq 100 was down 114 points (-0.91%) to 12,381.

The U.S. 10-year Treasury yield rebounded 5.2 basis points to 3.662%.

Media (-3.06%), transportation (-1.77%), and banks (-1.69%) sectors lost the most.

Alphabet (GOOGL) dropped a further 4.39% after the company's new AI chatbot product "Bard" gave inaccurate results.

Walt Disney (DIS) declined 1.27%. The entertainment and media giant posted upbeat quarterly results, but announced plans to cut 7,000 jobs.

Mattel (MAT) plunged 10.68% after the children's toy maker posted lower-than-expected fourth-quarter earnings.

On the other hand, Tesla (TSLA) gained a further 3.00% as investors looked forward to the electric-car maker's "Master Plan 3" to be released on March 1.

MGM Resorts International (MGM) rose 6.44%. The resort operator reported better-than-expected quarterly earnings and enlarged its share buyback by $2 billions.

Regarding U.S. economic data, the latest number of initial jobless claims increased to 196,000 (vs 189,000 expected).

European stocks closed higher. The DAX 40 rose 0.72%, the CAC 40 added 0.96%, and the FTSE 100 was up 0.33%.

U.S. WTI crude futures declined $0.80 to $77.64 a barrel.

Gold price sank $14 to $1,861 an ounce.

The U.S. dollar index dropped to 103.25.

EUR/USD climbed 25 pips to 1.0737. Data showed that Germany's inflation rate ticked up to 8.7% on year in January (vs 9.1% expected, 8.6% in December).

USD/JPY gained 17 pips to 131.57. This morning, data showed that Japan's producer prices increased 9.5% on year in January (vs +10.6% expected).

GBP/USD rose 45 pips to 1.2117. In the U.K., the Royal Institute of Chartered Surveyors house prices balance posted at -47% in January (vs -50% expected, -42% in December).

AUD/USD rose 13 pips to 0.9223.

USD/CHF added 9 pips to 0.6934, and USD/CAD was up 9 pips to 1.3456.

Bitcoin slumped nearly 5% to $21,900. Crypto investors were discouraged by crypto exchange Kraken's agreement with the U.S. Securities and Exchange Commission on discontinuing its crypto staking products.

Payout

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MARKET COMMENTARY


On Friday, U.S. stocks closed mixed. The Dow Jones Industrial Average climbed 169 points (+0.50%) to 33,869, the S&P 500 rose 8 points (+0.22%) to 4,090, while the Nasdaq 100 fell 76 points (-0.62%) to 12,304.

The U.S. 10-year Treasury Yield jumped 8.4bps to 3.742%.

Regarding U.S. economic data, the University of Michigan consumer sentiment index rose to 66.4 in February (vs 65.0 expected).

Investors are watching closely U.S. inflation data which will be released on Tuesday (February 14). It is expected that the inflation rate ticked down to 6.3% on year in January.

Energy (+3.92%), utilities (+2.00%), and food, beverage & tobacco (+1.08%) sectors gained the most, while automobiles (-4.52%), semiconductors (-2.02%), and media (-1.13%) sectors were under pressure.

Marathon Oil Corp (MRO) rose 6.20%, Valero Energy (VLO) climbed 6.12%, and APA Corp (APA) was up 6.11%.

Tesla (TSLA) fell 5.03%, Ford Motor (F) dropped 5.63%, and Nvidia (NVDA) was down 4.80%.

Lyft (LYFT) plunged 36.44% after the ride-sharing company posted lower-than-expected fourth-quarter earnings and gave disappointing sales guidance.

Expedia (EXPE) fell 8.55% as the online travel agency's quarterly earnings missed expectations.

News Corp (NWSA) slid 9.37%. The media conglomerate reported lower-than-expected quarterly earnings, and announced plans to cut about 1,250 jobs this year, or 5% of its work-force.

PayPal (PYPL) rose 3.03%. The online payment firm reported quarterly sales that missed expectations, and said CEO Dan Schulman will retire at the year-end.

European stocks closed lower. The Dax 40 fell 1.39%, the CAC 40 dropped 0.82%, and the FTSE 100 was down 0.36%.

U.S. WTI crude futures gained $1.80 (+2.31%) to $79.84 a barrel.

Gold price added $3 to $1,865 an ounce.

The U.S. dollar index stepped up to 103.58.

EUR/USD dropped 63 pips to 1.0677.

USD/JPY fell 21 pips to 131.38.

GBP/USD dropped 65 pips to 1.2056. U.K. data showed that the gross domestic product declined 0.5% on month in December (vs -0.1% expected), while industrial production grew 0.3% on month (vs -0.2% expected).

USD/CAD slid 111 pips to 1.3343. Canada's data showed that the economy added 150,000 jobs in January, much higher than an addition of 15,000 jobs expected.

AUD/USD declined 17 pips to 0.6919.

USD/CHF added 15 pips to 0.9238.

Bitcoin traded lower to $21,700.

MARKET COMMENTARY


On Monday, U.S. stocks rallied, as investors looked ahead to the January inflation report to be released Tuesday. The Nasdaq 100 gained 197 points (+1.60%) to 12,502, ending a three-session losing streak. The S&P 500 rose 46 points (+1.14%) to 4,137, and the Dow Jones Industrial Average gained 376 points (+1.11%) to 34,245.

The U.S. 10-year Treasury yield retreated 3 basis points to 3.702%.

Consumer durables & apparel (+2.39%), retailing (+1.9%), and software & services (+1.82%) sectors were the top performers.

Microsoft (MSFT) rose 3.12% after investment bank Stifel raised its target price on the stock.

Meta Platforms (META) climbed 3.03%. The Financial Times reported that the company plans to cut more jobs.

Apple (AAPL) gained 1.88%. Salcomp, a Indian supplier of Apple, said it would double its workforce to 25,000 over the next three years.

Ford Motor (F) climbed 2.83%. The car-maker announced plans to build a $3.5 billion electric-vehicle battery plant in Michigan.

Meanwhile, Tesla (TSLA) fell 1.14%.

Energy stocks were broadly lower at close. EQT Corp (EQT) fell 2.56%, APA Corp (APA) dropped 2.41%, ConocoPhillips (COP) slipped 2.39%, and Marathon Oil (MRO) was down 1.51%.

European stocks closed higher. The DAX 40 rose 0.58%, the Cac 40 added 1.11%, and the FTSE 100 was up 0.83%.

U.S. WTI crude futures were little changed at $79.26 a barrel.

Gold price declined $12 to $1,853 an ounce.

The U.S. dollar index eased to 103.29.

EUR/USD increased 44 pips to 1.0722. The European Union raised its 2023 forecast on Eurozone growth to 0.9% from 0.3% previously, while lowered that on inflation to 5.6% from 6.1% previously.

USD/JPY jumped 104 pips to 132.40. This morning, Japan's data showed that gross domestic product grew at an annualized rate of 0.6% on quarter in the fourth quarter (vs +1.6% expected, -0.8% in the third quarter).

GBP/USD gained 76 pips to 1.2138.

AUD/USD climbed 48 pips to 0.6965. In Australia, the Westpac consumer confidence index fell to 78.5 in February (vs 85.3 expected), and the National Australia Bank business confidence index climbed to 6 in January (vs 1 expected).

USD/CHF slid 42 pips to 0.9196, and USD/CAD dipped 8 pips to 1.3336.

Bitcoin lacked upward momentum trading lower to $21,600.

MARKET COMMENTARY


On Tuesday, U.S. stocks closed mixed while the inflation rate did not come down as much as expected. The Nasdaq 100 advanced a further 88 points (+0.71%) to 12,590, while the Dow Jones Industrial Average slid 156 points (-0.46%) to 34,089, and the S&P 500 dipped 1 point (-0.03%) to 4,136.

U.S. data showed that consumer prices increased 6.4% on year in January (vs +6.3% expected, +6.5% in December), keeping expectations that the Federal Reserve would stick to its path on interest-rate hikes.

The U.S. 10-year Treasury yield added 4.6 basis points to 3.747%.

Automobiles (+6.14%) and semiconductors (+2.22%) sectors gained the most, while insurance (-1.65%), food, beverage & tobacco (-1.22%), and real estate (-1.04%) sectors lagged behind.

Palantir Technologies (PLTR) surged 21.16% after the data analytics firm reported its first-ever profit in the fourth quarter.

Avis Budget Group (CAR) climbed 10.66% as the car rental firm's quarterly earnings beat expectations.

Tesla (TSLA) jumped 7.51%. Mexico's foreign minister said he met with Tesla executives and that "good news" is coming soon. There have been news reports that Tesla will set up a factory in Mexico.

Nvidia (NVDA) bounced 5.43%, ON Semiconductor (ON) rose 2.96%, and Advanced Micro Devices (AMD) was up 3.39%.

Occidental Petroleum (OXY) rose 2.44% after Berkshire Hathaway disclosed its stake in the energy firm to 28%. The stock was also upgraded to "buy" at Goldman Sachs.

European stocks were mixed at close. The DAX 40 fell 0.11%, while the Cac 40 added 0.07%, and the FTSE 100 was up 0.08%.

U.S. WTI crude futures declined $1.00 to $79.13 a barrel.

Gold price was about flat at $1,854 an ounce.

The U.S. dollar index was little changed at 103.24. Though the January U.S. inflation rate (+6.4% on year) was the slowest since October 2021, investors kept expecting that interest rates will stay high for a period of time.

EUR/USD rose 15 pips to 1.0738. France's jobless rate ticked down to 7.2% in the fourth quarter (vs 7.4% expected).

USD/JPY increased 65 pips to 133.07. As widely expected, the Japanese government nominated Kazuo Ueda, an economist and former member of the Bank of Japan's policy board, to be the new central bank governor.

GBP/USD gained 37 pips to 1.2176 . In the U.K., the latest jobless rate remained stable at 3.7% (as expected).

AUD/USD climbed 21 pips to 0.6987.

USD/CHF gained 20 pips to 0.9210, and USD/CAD edged up 6 pips to 1.3339.

Bitcoin traded 2% higher to $22,180.