Wall Street Today | All That Glitters Is Gold Or Oracles AI Cloud Sevices
RECAP
U.S. stocks traded mostly lower Monday, extending last week's pullback from record levels. Investors awaited key inflation readings due this week that may help decide the timing of the Federal Reserve's rate cuts.
The $Dow Jones Industrial Average(.DJI.US$ edged up 47 points, or less than 0.12%. The $S&P 500 Index(.SPX.US$ was down 5 points, or 0.11%%. The $Nasdaq Composite Index(.IXIC.US$ declined 65 points 0.41%, to 16,042.
Much like last week, the market is awaiting macro data, which will release the consumer-price index on Tuesday and the producer-price index on Thursday.
"The big news is expected to be owners-equivalent rent (shelter costs) in the CPI and wholesale service costs in the PPI, which have been the primary catalysts behind inflation," Louis Navellier, chair and founder of Navellier & Associates, said in emailed comments.
MACRO
Feb. CPI Preview:The Fed May Cautiously Give Easing Signals As Inflation Likely Remains Above 3%
Tuesday, The Bureau of Labor Statistics will release the US February CPI data at 8:30 ET on Mar. 12th. Economists polled by Bloomberg estimate that CPI in February remained at 3.1% year-on-year. Core CPI is expected to increase by 3.7% (vs. the previous value of 3.9%).
■ Energy prices could be one of the main factors behind the rise in headline CPI
Energy prices trended higher in February as WTI crude oil prices rose to nearly $80 at the end of the month. However, demand-side uncertainties could still overshadow extended supply cuts from OPEC+, as data showed that oil imports in China fell approximately 5.7% to 10.8 million barrels per day in the first two months of the year.
SECTORS
Gold Closes at Record High, Again
Gold closed at its seventh-straight record high on Monday, even as the dollar and treasury yields rose ahead of US inflation data on Tuesday. $Gold Futures(JUN4)(GCmain.US$ closed up $3.10 to settle at $2,188.60 per ounce.
The price of the precious metal has been steadily rising on expectations the Federal Reserve will begin cutting interest rates this year. However, the central bank says it will not begin easing rates until inflation nears its 2% target. According to Marketwatch, the consensus estimate for the February US consumer price index is a rise of 3.1%, annualized, with the core rating rising 3.7%.
Treasury yields also rose, bearish for gold since it offers no interest. The $U.S. 2-Year Treasury Notes Yield(US2Y.BD$ was last seen at 4.544%, up 6.2 basis points, while the $U.S. 10-Year Treasury Notes Yield(US10Y.BD$ was up 2.5 basis points to 4.105%.
COMPANIES
Oracle Q3 FY 2024 EPS $1.41 Per Share Beat Estimates of $1.38
$Oracle(ORCL.US$ The company reported Q3 earnings on Thursday after the market closed, posting Non-GAAP earnings per share of $1.41, beating estimates of $1.38 per share.
Moderna +9%, BioNTech Stocks Rise on New MRNA Possibilities
Shares of $Moderna(MRNA.US$ and BioNTech rose on Monday after two tantalizing morsels hinted at their potential for attacking cancer.
MicroStrategy Soars After Buying More Bitcoin
$MicroStrategy(MSTR.US$'s bet on Bitcoin is paying off handsomely as its stock soared Monday, fueled by the token hitting record highs around $72,000.
Duolingo Stock Jumps on Upbeat Call From J.P. Morgan
$Duolingo(DUOL.US$ shares are rising following a bullish call by J.P. Morgan about the language-learning app company. Analyst Bryan Smilek launched coverage of Duolingo on Monday with an Overweight rating and a target of $270 for the stock price.
Source: Bloomberg, Dow Jones, CNBC, Reuters
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