Market Turns Positive on Lowered GDP, But PCE Looms | Market Moovers
Good morning mooers! The cold rain made it hard to get to the office this morning in Jersey, but stock news never rests!
I'm Kevin Travers, moomoo News and Community manager, and here are today's Market Moovers:
RECAP
The market is climbing after updated GDP figures from Q4 came in at 3.4%, compared to the last quarter's 4.9% figure. Markets climbed at open on the news, investors excited lower growth might mean lowe interest rates. 6,863 U.S. sotcks clibed, while 3,586 were in the red.
Shortly after 12 pm noon EST, the $S&P 500 Index climbed just 0.07%. The $Dow Jones Industrial Average traded flat at 0.06%, and the $Nasdaq Composite Index fell 0.08%.
MACRO
Waller Sounds Negative
Fed Reserve Govenor Waller spoke Wednesday night at the Economic Club of New York, saying there is "no rush to cut the policy rate." Based on the strong job figures, and PCE and CPI inflation still climbing in January, he wants to see "further progress" before the FOMC begins reducing rates.
He expects Fridays PCE print to come in at a 0.3 percent increase.
Initial Jobless Claims Fall
The number of Americans who applied for unemployment benefits last week fell slightly to 210,000 and continued to hover at very low levels in a sign of strength for the economy. Last week there were 212,000 unemployment filings, according to government figures.
Jobless claims tend to rise steadily when the economy gets worse. Yet they've held fast this year in a narrow range of 194,000 to 225,000 - extremely low levels from a historical perspective.
SECTORS
The Consumer Electronics sector fell 1.24%, as tracked by moomoo. The entire sector was pulled down by industry leaders $Apple, $LG Display , and$Sony down about .30%-1%.
MARKET MOOVERS
$Carnival was the largest decliner on the S&P 500, down 3% after its "record cruise demand" forecast this weekl still dissapointed investors expectations, and the Baltimore bridge collapse hurt forecasts of shippign and cruise acess to the port.
$Nikola climbed 14% as the EV car company unvailed a 'comercial hydrogen fueiling station' in alberta, Canada.
$Walgreens Boots Alliance traded flat, though the company updated its full year outlook, predicting a more 'difficult retail enviroment.'
$AMC Entertainment fell 13% after the company announced yhet another $250 million stock sale, according to a filing.
Mooers: What do you think, how do you feel about the market? What's the word from the Herd?
Source: Bloomberg, Dow Jones, CNBC, Reuters
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
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股海踏浪 : No news is useful, can't you see the old tricks of Wall Street yet? Shipped at a high level in a horizontal position. The only thing I'm still playing for now is to hunt for death.
5060 股海踏浪: English clown!
股海踏浪 5060: I don't hate my dad being ugly
股海踏浪 5060: I really failed. I bought a lot of AMC and went bankrupt. hahaha
5060 股海踏浪:
