Conan nowplaying8/8/2023 The Russell 2000 fell 0.43%, the Dow declined 0.69%, the S&P 500 dropped 1.12% and the Nasdaq Composite closed 1.26% lower. There was relative safety in Utilities although the sector still saw a 0.35% decrease by the close. While Energy (1.07%) continues to trade on its own fundamentals, All sectors closed lower yesterday with the biggest hits going to Materials (-1.55%) and Technology (-1.48%). Department of Treasury that the federal government is facing insolvency in about a week is starting to take its toll on equities. The lack of a debt ceiling resolution in the face of continued reminders from the U.S. Markets will be looking to see if his view on inflation and monetary policy has shifted in recent weeks and comparing that against the 2 PM ET release of the Fed’s latest monetary policy meeting minutes. Shortly after 12 PM ET, Federal Reserve Governor Christopher Waller will be speaking at the 2023 Santa Barbara County Economic Summit. This morning brings the usual Wednesday fare which is the weekly MBA Mortgage Applications Index and the EIA’s look at oil inventories. Expectations for the coming months were more pessimistic (88.6 vs 91.7 in April) and firms' assessments of their current situation have also become slightly more negative (94.8 vs 95.1). It also marked the first monthly decline in the index since last October, amid a substantial deterioration in industry expectations. The Ifo Business Climate indicator for Germany dropped by 1.7 points from a month earlier to 91.7 in May, down from the previous month's 14-month high and falling short of market expectations of 93.0. With lawmakers currently set to depart Washington for the Memorial Day holiday, uncertainty over their ability to reach a deal is growing. The impasse increases the likelihood that the House and Senate would both have to vote on any deal next week, shortly before June 1, when Treasury Secretary Janet Yellen repeatedly said the U.S. With debt limit talks in Washington reportedly hitting a fresh impasse as negotiators remain far apart on key issues, including spending cuts demanded by Republicans, the market is becoming increasingly concerned amid a shortening runway for the U.S. European markets are down across the board in midday trading and U.S. Hong Kong’s Hang Seng sectors were all down except for Utilities, but that was not enough to overcome the 5.02% drawdown in Consumer Services which helped drive the overall index 1.62% lower. Taiwan’s TAIEX declined 0.18%, India’s SENSEX fell 0.34%, Australia’s ASX All Ordinaries gave back 0.73%, Japan’s Nikkei eased 0.89%, and China’s Shanghai Composite closed 1.28% lower. South Korea’s KOSPI ended the day down 0.10 points which shows as unchanged but still was enough to qualify. Asia-Pacific equity markets finished the day down across the board.
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |