Market Turns Green, Oil Climbs to Highs and Stocks Rebound | Morning Moovers
Morning mooers! It is Wednesday, April 3, and the rain is howling in Jersey City. The market started low but began to climb after a pullback day.
MOOVERS
$Intel was the largest decliner in the Nasdaq 100 and Dow Jones after the firm shares are trading lower Wednesday after the company disclosed its foundry business recorded an operating loss of $7 billion last year.
$Dave & Buster's Entertainment climbed 10% after the firm reported earnings Tuesday, though it fell in after hours trading.
$Taiwan Semiconductor was lower this morning after an earthquake rocked the small island nation. The firm said it had paused production, but would resume as early as tonight.
$Ulta Beautyfell about 13%, the largest decliner on the S&P when JPM analysts said the company could not generate the 15% margins it needs this quarter.
SECTORS
Oil rose to the highest in more than five months early on Wednesday after a report showed a drop in US inventories last week and higher demand for gasoline as OPEC+ staged a meeting that ended with no changes to its production cuts.
OPEC+ held a ministerial meeting on Wednesday that ended with no changes to the cartel's production policy, sticking to voluntary cuts of 2.2-million barrels per day.
All Commodities Rising
Among best performing sectors tracked by the moomoo app were commodity companies., Silver, Uranium, Aluminum miners and suppliers all rose.
Within Sectors, Semiconductors led advances, up 0.46% after a major pullback.
RECAP
Indexes opened down, but investors quickly showed exuberance into the positive.
The $S&P 500 Index traded in the green after 10:30 A.M., up about 0.33% at the time of writing. The $Dow Jones Industrial Average climbed 0.15%, and the $NASDAQ 100 Index climbed 0.48%.
MACRO
Atlanta Federal Reserve President Raphael Bostic told CNBC in an interview Wednesday that he sees the Federal Open Market Committee cutting rates just once in 2024.
He said he expects the cut to occur in the fourth quarter. His comments come after a day of FOMC comments and speeches. Cleveland Fed President Loretta Mester and Fed Prez Mary Daly said Tuesday they expect three interest rate cuts in 2024.
Wednesday morning saw ADP and ISM macro data. ADP found 184k new jobseekers vs 148k expected, while ISM found a non-manufacturing PMI of 51.4 compared to expectations of 52.8 in March.
Mooers, that is the news, what do you think, why is the market rebounding already?
Source: Bloomberg, Dow Jones, CNBC, Reuters
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
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