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CES 2024: Will AI PCs be the next new favorites?
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Wall Street Today | Stocks Remained Lower, Aside from CES Tech Buzz

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Moomoo Recap US joined discussion · Jan 9 15:14
Wall Street Today | Stocks Remained Lower, Aside from CES Tech Buzz
RECAP
US benchmark stock indexes traded mixed in choppy markets, recovering from earlier sharp declines, while government bond yields declined after midday on Tuesday.
The $Dow Jones Industrial Average(.DJI.US)$ fell 0.42% to 37,525, after slumping about 300 points earlier in the day. The $S&P 500 Index(.SPX.US)$ declined 0.15% to 4,756, also off intraday lows. The $Nasdaq Composite Index(.IXIC.US)$ rose 0.09% to 14,867, rebounding from a drop of more than 100 points before the market opened. Energy and basic materials led the decliners, while the communication services sector was among the three gainers.
The $U.S. 10-Year Treasury Notes Yield(US10Y.BD)$ fell one basis point to 4.01%, and the two-year rate declined 2.5 basis points to 4.37%.
The US Dollar index rose 0.3% to 102.51. West Texas Intermediate crude oil advanced 2.6% to $72.61. Speculators started 2024 by signaling a major bearish shift following the second largest weekly increase in short bets since 2017," Saxo Bank said in a note. "For now, $70 in WTI and $75 in Brent seem to be offering some support."
Gold was up 0.2% to $2,037.12 per troy ounce, while silver was down 0.5% to $23.19 per ounce.
MACRO
FedWatch Tool Sees Rates Remaining the Same At Next FOMC Meeting
According to the CME Fed watch tool, the futures market has priced in a 95% chance that the Federal Open Market Committee (FOMC) will not change rates at the next meeting, Jan. 31. As stated in last week's release of the Dec. FOMC meeting minutes, members intend to keep rates at peak levels until they are sure inflation has begun to decline.
Source: CME
Source: CME
In speaking with before the Atlanta Roteray Club Monday, the Atlanta Federal Reserve President Raphael Bostic said inflation is on track towards a 2% goal, but the Fed would have to remain "diligent and short run attentive" throughout the year, Bloomberg reported.
Speaking to the Atlanta Rotary Club, Bostic said he was not ready to declare victory quite yet, and policy would have to remain restrictive through the end of the year, according to the Benzinga newswire. He saw two 0.25 reductions in the target interest rate over that time, but with inflation still above target and employment slowing, they would have to remain cautious.
SECTORS
US Oil Production Set to Rise to a Record in 2024, the Energy Information Administration Says
The Energy Information Administration on Tuesday said it expects to record US oil production in 2024 and even higher next year.
In its influential monthly Short-Term Energy Outlook, the agency expects US oil output to average a record 13.2 million barrels per day this year, rising to 13.4 million bpd in 2025.
Source: moomoo
Source: moomoo
Our forecast of crude oil production in the United States reaches 13.2 million barrels per day (b/d) in 2024 and more than 13.4 million b/d in 2025, both of which would be new records. Production growth continues over the next two years, driven by increases in efficiency. However, growth slows because of fewer active drilling rigs," the EIA noted.
Global oil and gas production is expected to rise by 0.6 million bpd this year, down from a rise of 1.7 million bpd in 2023, while the agency expects output growth of 1.6 million bpd in 2025.
In our forecast, global liquid fuels production growth slows in 2024 because of both OPEC+ production cuts and slowing non-OPEC growth. OPEC+ crude oil production declines by 0.6 million b/d in our forecast for 2024, which is offset by 1.2 million b/d of production growth outside of the group," the study said.
However, the EIA expects global demand to rise by 1.4 million bpd this year and 1.2 million bpd next year.
We expect that OPEC+ production cuts will lead to global oil inventory withdrawals of 0.8 million b/d on average in 1Q24. After a period of relative balance from 2Q24 through 1Q25, we expect global oil inventories will build over the final three quarter of 2024 as slowing demand growth once again is outpaced by rising supply growth," the EIA said.
COMPANIES
HP Close to Acquiring Juniper
In company news, $Hewlett Packard Enterprise(HPE.US)$ is close to a $13 billion deal to acquire $Juniper Networks(JNPR.US)$, according to media reports Monday. Juniper shares were up more than 22% intraday, the top performer on the S&P 500.
JetBlue's Stock Tumbles After Analyst Sees 40% Downside
Shares of $JetBlue Airways(JBLU.US)$ took a hard hit Tuesday following an analyst's call to sell the stock and after the air carrier announced that its long-time chief executive was retiring for health reasons.
Accenture to Acquire Digital Product Company Work & Co. for Undisclosed Sum
$Accenture(ACN.US)$ said Tuesday it has agreed to acquire digital product company Work & Co. Terms of the deal weren't disclosed.
Urban Outfitters Stock Is Trading Higher after Holiday Sales Report
$Urban Outfitters(URBN.US)$ shares are trading higher Tuesday after the company reported upbeat holiday sales. Net sales for the two months ended Dec. 31 increased 10% on a year-over-year basis, the firm reported.
Bitcoin Rises as Crypto Traders Swept Up in ETF Fever
The price of Bitcoin has gained 4% over the past 24 hours to $46,700, briefly breaching the $47,000 level on Monday for the first time since March 2022. Bitcoin -- which had a blowout 2023 -- already has surged 10% so far this year amid expectations that the Securities and Exchange Commission will approve the first spot Bitcoin ETF, with a decision coming this week.
Source: Bloomberg, Dow Jones, CNBC, Reuters
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 into. 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 having regard to 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 as to its adequacy, completeness, accuracy or timeliness for any particular purpose of the above content. See this link for more information.
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