The stock market in India will remain closed on January 22 but will have normal trading operations on Saturday, while all money markets will also be closed on Monday, following a holiday declaration by the Maharashtra government to celebrate the inauguration of a Ram temple in Ayodhya.
Nifty ended higher to form a Doji candle on the daily chart, indicating indecisiveness in the market and a higher probability of a 'sell on rise' in the short term.
Concerns from central bankers regarding aggressive rate cut expectations have eased, leading to a boost in the US dollar and yields, while experts discuss inflation, upcoming central bank meetings, GDP data, and the performance of assets such as gold.
Argentina's President Javier Milei spoke at the World Economic Forum, stating that establishing free markets is the morally sound way to reduce poverty, critiquing progressive ideologies, and redefining the concept of markets.
Home sales slumped 1% in December, hitting the lowest level since 2010, due to high mortgage rates, but the recent decline in rates could help improve affordability and sales in the new year.
UBS predicts that equities and bonds will continue to rally in 2024, particularly in the information technology and semiconductor sectors, citing the potential for growth in AI infrastructure spending and an expected imbalance between semiconductor supply and demand.
Pre-market futures are up this morning, with the Dow, S&P 500, and Nasdaq all showing gains, but concerns remain about inflation and the possibility of a rate cut by the Federal Reserve. Travelers Insurance exceeded expectations on its Q4 earnings, and today's economic data will include a preliminary read on Consumer Sentiment and Existing Home Sales for December.
Crude oil prices experienced a drastic decline in 2023, but there are three companies poised to thrive in the energy sector in 2024 - Subsea 7, Enbridge Inc., and Sunoco LP.
Market participants were net sellers of fund assets for the fourth week in six, with money market funds experiencing the largest outflows and taxable bond funds attracting the most inflows.
Meta Platforms, formerly known as Facebook, experienced a significant stock decline in 2022 but has since made a strong recovery, driven by a return to double-digit sales growth and a focus on artificial intelligence, positioning itself for potential reentry into the trillion-dollar club.
Bitcoin has seen a 15% drop since the listing of the first U.S. spot BTC ETFs, with investors in the Grayscale Bitcoin Trust exiting the bitcoin space entirely instead of shifting to cheaper spot bitcoin ETFs.
The price of West Texas Intermediate (WTI) crude oil futures has remained steady within a narrow range despite various market influences, and traders will closely monitor factors such as Middle East tensions, U.S. production, and global demand to understand the current situation and future trends in the oil market.
Oil futures were flat to slightly lower as traders considered factors such as growing supplies, demand outlook, and tensions in the Middle East, while remaining reasonably well supplied and experiencing disruption to shipping.
Dow Jones futures, S&P 500 futures, and Nasdaq futures all rose modestly on Friday morning, with Super Micro Computer (SMCI) seeing a jump in stock price due to strong preliminary results. The stock market rally rebounded on Thursday, led by tech stocks, and Taiwan Semiconductor (TSM) provided a boost to chip stocks with bullish guidance for 2024. However, Tesla (TSLA) experienced a decline in stock price, while Humana (HUM) lowered its earnings guidance.
The market is highly sensitive to any indication that there won't be many interest rate cuts from the Federal Reserve in 2024, with stocks being impacted by hotter-than-expected economic data. Bank of America's CEO predicts four rate cuts this year, while Goldman Sachs' chief economist believes rate cuts are likely but not as many as originally anticipated, creating uncertainty and a potential opportunity for fixed income investments.
The Nifty experienced gains, with top gainers including ONGC, Bharti Airtel, NTPC, Tech Mahindra, and SBI Life Insurance, while IndusInd Bank, HDFC Bank, Kotak Mahindra Bank, and State Bank of India were among the losers.
Financial experts predict that retirement concerns in 2024, such as market volatility, long-term care expenses, and income taxes, can be addressed through strategies like allocating retirement savings to income annuities, incorporating home equity through a reverse mortgage, and considering tax-efficient sources of income.
Despite signs of a slowing economy, "animal spirits" and high stock prices have returned to the market as investors wait for the Federal Reserve to cut interest rates.
U.S. stock futures rise, driven by gains in the prior session and positive sentiment from strong labor market data, while Congress passes a short-term funding bill and Macy's plans job cuts and store closures; oil prices also increase, supported by disruptions in U.S. oil production and geopolitical tensions.
The base case scenario for US equities and bond markets in 2024 is for a soft landing with lower interest rates, positive economic growth, and growing corporate earnings supporting modest further upside for equities and the potential for long-term bond yields to fall further.
Markets are overestimating the pace and extent of Federal Reserve interest-rate cuts due to a failure to consider persistently high inflation, according to economist Mohamed El-Erian.
Despite hopes that the oil supply deal signed with Gulf companies would ease foreign exchange pressures in Kenya, the Treasury has admitted that it failed to do so and intends to exit the arrangement.
The Global X Copper Miners ETF (COPX) has been range-bound for over two years, closely tracking the spot copper price, but with monetary policy expected to turn into a tailwind and increasing demand from the energy transition, there is a bullish setup for copper and the possibility of new all-time highs by 2025.
The yen surged to an eight-week high amid speculation that the Bank of Japan may discuss ending its negative interest rate policy at its upcoming policy meeting, potentially curbing the yen's recent depreciation.
The beginning of 2024 has seen a sideways trend, but the decline in the commodities-to-S&P 500 ratio suggests a persistently bullish market, while behemoths like Apple and Amazon are facing challenges that are weighing on overall performance.
Stock indices are trading higher despite disappointing real estate data, with existing home sales in the US falling below expectations for December, leading to a 1% decrease in sales month-over-month and a 6.2% decline year-over-year, while full-year sales for 2023 were the lowest since 1995.
Hong Kong stocks surrender gains as losses in Alibaba, Tencent, and BYD contribute to the market's third consecutive weekly slump, leading to concerns over China's economic outlook and resulting in the market's worst start to a year since 2016.
The euro is attempting to secure the 1.09 level after facing temporary pressure, while the US dollar remains strong due to positive job sector data, leaving the 1.0840 level as a critical support for the euro.
The current account deficit in Slovakia and Serbia in November was EUR 196 million and EUR 136 million, respectively, while Poland and Slovenia will release producer prices for December and Croatia will publish unemployment rate in December and real wage growth in November; the IMF released a report on the implications of AI on employment, with Serbia and Romania having the least exposure to AI jobs in the CEE region, and Czechia identified as the most prepared country; CEE currencies are weakening and long-term yields are increasing, but demand for government papers in Romania and Hungary remain strong.
The global economic outlook for 2024 involves a search for equilibrium amidst turbulence and volatility, with a focus on maintaining a soft landing, moderate global growth, agility in adapting to headwinds and tailwinds, ongoing disinflation, cautious central bank pivoting, fiscal consolidation, and strategies for business leaders to thrive.
The ECB is expected to be cautious about the first interest rate cuts, dampening premature expectations, before its upcoming meeting next week.
The stock market experienced a higher finish due to the sale of call options by the Global X NASDAQ 100 Covered Call ETF, leading to hedging by market makers and potential fluctuations in the market.
Wall Street may surpass its all-time high as the S&P 500 and Dow Jones Industrial Average rise, fueled by strong profits from financial companies and positive forecasts from tech stocks, amidst cooling inflation and expectations of interest rate cuts by the Federal Reserve.
Indian Railway Finance Corporation (IRFC) has achieved a market capitalization of over ₹2 lakh crore for the first time, making it the ninth Indian PSU firm to reach this milestone.
The smartphone market in India experienced year-on-year growth for the first time in five quarters during Q4 2023, with a 20% increase in shipments, led by Samsung, Xiaomi, and vivo, while offline presence and attractive financing options drove sales in the premium segment.
Meta's market cap is approaching $1 trillion after a successful "Year of Efficiency" that saw its stock price gain 200% in 2023, placing it just $33.4 billion away from the milestone.
Samsung, the former top smartphone vendor, is finding it difficult to make a comeback in the tough Chinese market, facing competition from domestic brands and a damaged reputation due to past incidents.
Marathon Petroleum, the largest fossil fuel refiner in North America, has posted strong results for the third quarter but faces potential risks in the fourth quarter due to refinery outages and decreasing crack spreads, leading investors to hold off on purchasing until after the January earnings report.
Oil prices remain unaffected by the recent decline in crude oil production in North Dakota and the escalating conflict in the Middle East, as the market believes there is ample supply and spare capacity to offset any disruptions.
Nvidia is poised to achieve a record-breaking market capitalization of over $1.4 trillion, as chip stocks soar on the back of Taiwan Semiconductor Manufacturing's positive revenue growth outlook.
Young Americans are finding it increasingly difficult to afford homeownership in the current housing market, leading many to consider alternative plans such as renting or staying with their parents.
Realty Income Corp. (O) closed the latest trading day with a slight decrease, but the company's upcoming earnings and positive analyst revisions suggest potential profitability.
Cathie Wood, CEO of ARK Investment Management, believes that Bitcoin could be worth $1 million in the future due to its scarcity, security, and growing acceptance among institutions, which would reduce its correlation with other assets and increase its appeal to investors. She also expressed confidence in the ongoing growth and significance of artificial intelligence (AI), highlighting the intersection of AI, robotics, and energy storage in creating new business models like autonomous taxi platforms. Wood's top stock picks include Coinbase, Tesla, Roku, UiPath, Zoom, Block, CRISPR Therapeutics, Roblox, Twilio, and Unity Software.
In 2024, the U.S. stock market is expected to return to normal after pandemic-related disruptions and dislocations, with a focus on individual company and sector fundamentals rather than macroeconomic and behavioral catalysts. The Federal Reserve is expected to cut interest rates throughout the year, driving down the 10-year Treasury yield, and inflation is expected to return to the Fed's 2% target. There are still undervalued opportunities in the stock market, particularly in value stocks and small-cap stocks.
Bank of NY Mellon CEO Robin Vince discusses artificial intelligence and the Federal Reserve's interest rate cut timeline, emphasizing the firm's efforts to embrace AI and prepare clients for uncertainty.
The stock market had a mixed week, with the Nasdaq and S&P 500 showing little change, while the Dow Jones and Russell 2000 experienced losses, and Taiwan Semiconductor and megacap tech stocks performed well. Tesla continued to struggle, and treasury yields rebounded despite officials downplaying rate cuts. December retail sales and jobless claims were positive, but manufacturing indexes signaled contraction. Taiwan Semiconductor predicted strong growth in 2024, and Tesla cut prices to boost demand. BYD faced stock declines amid China EV market concerns. Goldman Sachs had strong earnings, while Charles Schwab and Interactive Brokers delivered mixed results. Synopsys planned to acquire Ansys, and Microsoft expanded its AI software availability. Birkenstock reported better-than-expected results but faced margin pressures, J.B. Hunt and Discover Financial Services missed earnings views, Fastenal saw positive Q4 results, and Spirit Airlines experienced a significant drop in stock value after a takeover was blocked by a federal judge. Boeing secured an order for 150 737 Max jets, and Super Micro Computer had strong preliminary Q2 results.
Despite Microsoft's investment in AI features for Bing, it has not significantly affected Google's search market share, which has remained stable for the past 15 years.
Georgia Governor Brian Kemp emphasized the need for clean energy to support the production of electric vehicles, citing the construction of two new nuclear reactors as part of the state's efforts to meet this demand. However, environmentalists have raised concerns about Georgia Power's request to increase its fossil fuel-based generating capacity. Kemp remains confident in Georgia's potential as an e-mobility capital and acknowledges the challenge of ensuring a sufficient workforce to support the industry.
Big tech stocks, including Apple (AAPL), led a stock market rally, with the S&P 500 and Nasdaq Composite both posting gains, as positive earnings outlooks from TSMC and an upgrade from Bank of America for Apple drove investor optimism.
Bitcoin ETFs in the U.S. have more assets than silver ETFs, second only to gold, and the launch of these funds has seen significant inflows in the first few days of trading.