β¬οΈ Wall Street slips ahead of key inflation data; Bitcoin back above $71,000
9 April 2024
π Nasdaq 100 Index 18100.19, (-0.05%)β
π S&P 500 Index 5202.39, (-0.04%)β
π Dow Jones Indus Avg Index 38892.8, (-0.03%)β
π US stocks fell as shorter-dated treasuries retreated, with 10-year yields hitting the highest levels since November as traders look ahead to CPI data on Wednesday. 6 of 11 sectors ended in the red, with Real Estate leading gains while Energy led losses. Gold rose while Oil fell. Bitcoin topped $71,000.
π£οΈ The Fedβs Austan Goolsbee said elevated rates will eventually lead to higher unemployment, which should be a factor in how long policymakers remain restrictive. He added that the US economy is in a βnormal boom time".
π Markets are now favoring just 2 Fed rate cuts this year instead of 3. Traders dialed back the prospects of a Fed rate cut this year following the job numbers, pricing in a 48.54% probability of a June rate cut, compared to 56.83% a week ago. (CME FedWatch Tool)
πAll eyes will be on US CPI data data due Wednesday at 20:30 SGT. Q1 earnings season will kick off with results from banks including JPMorgan and Citigroup due on Friday. Globally, New Zealand and the ECB will be making their interest rate decision on Wednesday and Thursday respectively.
π§ Energy stocks were weighed by falling oil prices amid rising hopes for a possible ceasefire in the Middle East. APA Corporation (-1.96%), Phillips 66 (-1.26%), and Schlumberger NV (-1.78%) all fell. Tesla (+4.90%) rose 5% after announcing that it will unveil the new Robotaxi in August. Coinbase (+6.68%) rallied, with the cryptocurrency exchange benefiting from Mondayβs gains by Bitcoin. Taiwan Semiconductor Manufacturing (+1.01%) gained on news that its Arizona subsidiary will receive up to $6.6B in funding from the Biden Administration as part of the CHIPS and Science Act.
9 April 2024
π Nasdaq 100 Index 18100.19, (-0.05%)β
π S&P 500 Index 5202.39, (-0.04%)β
π Dow Jones Indus Avg Index 38892.8, (-0.03%)β
π US stocks fell as shorter-dated treasuries retreated, with 10-year yields hitting the highest levels since November as traders look ahead to CPI data on Wednesday. 6 of 11 sectors ended in the red, with Real Estate leading gains while Energy led losses. Gold rose while Oil fell. Bitcoin topped $71,000.
π£οΈ The Fedβs Austan Goolsbee said elevated rates will eventually lead to higher unemployment, which should be a factor in how long policymakers remain restrictive. He added that the US economy is in a βnormal boom time".
π Markets are now favoring just 2 Fed rate cuts this year instead of 3. Traders dialed back the prospects of a Fed rate cut this year following the job numbers, pricing in a 48.54% probability of a June rate cut, compared to 56.83% a week ago. (CME FedWatch Tool)
πAll eyes will be on US CPI data data due Wednesday at 20:30 SGT. Q1 earnings season will kick off with results from banks including JPMorgan and Citigroup due on Friday. Globally, New Zealand and the ECB will be making their interest rate decision on Wednesday and Thursday respectively.
π§ Energy stocks were weighed by falling oil prices amid rising hopes for a possible ceasefire in the Middle East. APA Corporation (-1.96%), Phillips 66 (-1.26%), and Schlumberger NV (-1.78%) all fell. Tesla (+4.90%) rose 5% after announcing that it will unveil the new Robotaxi in August. Coinbase (+6.68%) rallied, with the cryptocurrency exchange benefiting from Mondayβs gains by Bitcoin. Taiwan Semiconductor Manufacturing (+1.01%) gained on news that its Arizona subsidiary will receive up to $6.6B in funding from the Biden Administration as part of the CHIPS and Science Act.
β€1π1
πTodayβs Opportunity Spotlight:
ProShares Ultra Silver (AMEX: AGQ)
$35.66 (+27.42% YTD)
AGQ aims to provide investors with returns that are 2x the daily performance of the Bloomberg Silver Subindex. Silver has outperformed Gold so far this month, it is up by +11.4% MTD, compared to Gold at 5.0%. A key difference between the 2 metals is in their use cases- Gold is mainly used for jewelry/investment whereas Silver has more industrial/commercial use cases (coins, smartphones). Because it is more closely linked to the industrial economy, Silver typically outperforms Gold when the economy is doing well. ππͺπΌ
Trade Stocks & ETFs on Phillip Nova 2.0 - Multi assets, Only One account. Open an account now at https://bit.ly/3BXD5yP. No custody/platform fee. Click here to try a Phillip Nova 2.0 demo here - https://bit.ly/3SNkJsw.
For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.
ProShares Ultra Silver (AMEX: AGQ)
$35.66 (+27.42% YTD)
AGQ aims to provide investors with returns that are 2x the daily performance of the Bloomberg Silver Subindex. Silver has outperformed Gold so far this month, it is up by +11.4% MTD, compared to Gold at 5.0%. A key difference between the 2 metals is in their use cases- Gold is mainly used for jewelry/investment whereas Silver has more industrial/commercial use cases (coins, smartphones). Because it is more closely linked to the industrial economy, Silver typically outperforms Gold when the economy is doing well. ππͺπΌ
Trade Stocks & ETFs on Phillip Nova 2.0 - Multi assets, Only One account. Open an account now at https://bit.ly/3BXD5yP. No custody/platform fee. Click here to try a Phillip Nova 2.0 demo here - https://bit.ly/3SNkJsw.
For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.
β€2
β¬οΈ US Stocks fell after March inflation data came in hotter than expected
11 April 2024
π Nasdaq 100 Index 18011.65, (-0.87%)β
π S&P 500 Index 5160.64, (-0.95%)β
π Dow Jones Indus Avg Index 38461.51, (-1.09%)β
π US equities dropped after inflation data came in hotter than expected, likely pushing Fed rate cuts further out than what investors were expecting. Treasury yields hit new 2024 highs, with 10-year yields topping 4,5% for the 1st time since November. 10 of 11 sectors ended in the red, with Real Estate leading losses while Energy was the sole sector in the green. The Dollar and Oil rose, while Gold fell.
π US core CPI jumped 0.4% MoM and 3.8% YoY in March, beating estimates for a 3rd month and pushing back prospects for a Fed rate cut in June. Markets are now favoring just 2 Fed rate cuts this year instead of 3. Traders are pricing in a 18.38% probability of a June rate cut, compared to 61.82% a week ago. (CME FedWatch Tool)
ποΈ Fed minutes showed that almost all participants supported rate cuts "at some point this year". Policymakers "generally favored" slowing the pace of shrinking its balance sheet by roughly half.
π£οΈ Raphael Bostic reiterated his expectation for one cut in 2024 but said heβs open to changing his view provided that there is "a lot of coming pain in the labor market". After the release of CPI data, Austan Goolsbee said that the Fed has more to do on cooling inflation, and that trade-offs between bringing prices down and keeping employment healthy are rising.
π―π΅ The Yen fell to around 153 per dollar after the release of US inflation data, its weakest level since 1990. Masato Kanda said authorities will consider all options for the FX market and are ready to respond.
π Markets will be keeping an eye on US PPI data data due tonight at 20:30 SGT. Q1 earnings season will kick off with results from banks including JPMorgan and Citigroup due on Friday. Globally, China CPI data will be released today at 09:30 SGT; while the European Central Bank will be making in interest rate decision today at 20:15 SGT.
π§ Delta Air Lines (-2.28%) dipped despite posting a Q1 profit and positive commentary. Alibaba (+2.21%) rose after Jack Ma endorsed the company's restructuring efforts and talked about the potential for AI in an internal memo to employees. TSMC (+0.56%) gained after the company said that its sales in March jumped sharply, citing AI demand.
11 April 2024
π Nasdaq 100 Index 18011.65, (-0.87%)β
π S&P 500 Index 5160.64, (-0.95%)β
π Dow Jones Indus Avg Index 38461.51, (-1.09%)β
π US equities dropped after inflation data came in hotter than expected, likely pushing Fed rate cuts further out than what investors were expecting. Treasury yields hit new 2024 highs, with 10-year yields topping 4,5% for the 1st time since November. 10 of 11 sectors ended in the red, with Real Estate leading losses while Energy was the sole sector in the green. The Dollar and Oil rose, while Gold fell.
π US core CPI jumped 0.4% MoM and 3.8% YoY in March, beating estimates for a 3rd month and pushing back prospects for a Fed rate cut in June. Markets are now favoring just 2 Fed rate cuts this year instead of 3. Traders are pricing in a 18.38% probability of a June rate cut, compared to 61.82% a week ago. (CME FedWatch Tool)
ποΈ Fed minutes showed that almost all participants supported rate cuts "at some point this year". Policymakers "generally favored" slowing the pace of shrinking its balance sheet by roughly half.
π£οΈ Raphael Bostic reiterated his expectation for one cut in 2024 but said heβs open to changing his view provided that there is "a lot of coming pain in the labor market". After the release of CPI data, Austan Goolsbee said that the Fed has more to do on cooling inflation, and that trade-offs between bringing prices down and keeping employment healthy are rising.
π―π΅ The Yen fell to around 153 per dollar after the release of US inflation data, its weakest level since 1990. Masato Kanda said authorities will consider all options for the FX market and are ready to respond.
π Markets will be keeping an eye on US PPI data data due tonight at 20:30 SGT. Q1 earnings season will kick off with results from banks including JPMorgan and Citigroup due on Friday. Globally, China CPI data will be released today at 09:30 SGT; while the European Central Bank will be making in interest rate decision today at 20:15 SGT.
π§ Delta Air Lines (-2.28%) dipped despite posting a Q1 profit and positive commentary. Alibaba (+2.21%) rose after Jack Ma endorsed the company's restructuring efforts and talked about the potential for AI in an internal memo to employees. TSMC (+0.56%) gained after the company said that its sales in March jumped sharply, citing AI demand.
β€1π1
π’ Happening tomorrow: Join Ong Xun Xiang, ETF Business Lead at Lion Global Investors as he walks you through Singaporeβs first active ETF, the Lion-Nomura Japan Active ETF (Powered by AI) in this lunchtime seminar.
He will provide investors with insights about how the Japanese market will continue to evolve, the potential of AI in the ETF and why this active ETF makes sense for those who believe in the remarkable trio.
Limited seats only, click to register!
He will provide investors with insights about how the Japanese market will continue to evolve, the potential of AI in the ETF and why this active ETF makes sense for those who believe in the remarkable trio.
Limited seats only, click to register!
πTodayβs Opportunity Spotlight:
Energy Select Sector SPDR Fund (AMEX: XLE)
$97.79 (+17.22% YTD)
XLE tracks the Energy Select Sector Index, providing investors with exposure to US large cap energy companies that develop and produce crude oil, natural gas, and drilling & other energy-related services. Fundamentals for energy stocks are improving amid a rally in oil prices. A potential escalation in the Middle East conflict could add to tailwinds. XLE can function as a good hedge against inflation and geopolitics in an investor's portfolio.
The 12-Month Dividend Yield is 2.98%. Top holdings include ExxonMobil, Chevron, & ConocoPhillips. πΌπ’οΈπ
Trade Stocks & ETFs on Phillip Nova 2.0 - Multi assets, Only One account. Open an account now at https://bit.ly/3BXD5yP. No custody/platform fee. Click here to try a Phillip Nova 2.0 demo here - https://bit.ly/3SNkJsw.
For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.
οΏΌ
Energy Select Sector SPDR Fund (AMEX: XLE)
$97.79 (+17.22% YTD)
XLE tracks the Energy Select Sector Index, providing investors with exposure to US large cap energy companies that develop and produce crude oil, natural gas, and drilling & other energy-related services. Fundamentals for energy stocks are improving amid a rally in oil prices. A potential escalation in the Middle East conflict could add to tailwinds. XLE can function as a good hedge against inflation and geopolitics in an investor's portfolio.
The 12-Month Dividend Yield is 2.98%. Top holdings include ExxonMobil, Chevron, & ConocoPhillips. πΌπ’οΈπ
Trade Stocks & ETFs on Phillip Nova 2.0 - Multi assets, Only One account. Open an account now at https://bit.ly/3BXD5yP. No custody/platform fee. Click here to try a Phillip Nova 2.0 demo here - https://bit.ly/3SNkJsw.
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οΏΌ
π΅ππ The Dollar Index (DXY) rallied to a 5-month high above the 105 mark following data which showed that US headline inflation rose to 3.5% in March, up from 3.2%. The 3.5% was also much higher than the analyst estimates of 3.4%. Rising inflation data may weigh heavily in the collective mind of the Fed as they consider their plan to tighten rates. Read the article as published on the Business Standard here - https://bit.ly/4aHpsCo.
π Take a view, trade opportunities in the Dollar Index Futures with Phillip Nova. Open an account here β https://bit.ly/4aCYYle.
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π Take a view, trade opportunities in the Dollar Index Futures with Phillip Nova. Open an account here β https://bit.ly/4aCYYle.
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Business-Standard
DXY Futures Surge Above 105 Mark As US Inflation Stays Stubbornly High; US PPI Eyed For Further Cues
The dollar index futures rallied to a 5 month high above 105 mark following hotter than expected US inflation data that further delays possibility of a Federal rate cut. Data from US yesterday showed that headline inflation increased to 3.5% on year in Marchβ¦
β¬οΈ Wall Street rallies ahead of earnings season; Fed officials reiterate patient stance
12 April 2024
π Nasdaq 100 Index 18307.98, (1.65%)β
π S&P 500 Index 5199.06, (0.74%)β
π Dow Jones Indus Avg Index 38459.08, (-0.01%)β
π US equities rebounded ahead of big bank earnings, despite concerns over persistent inflation. 6 of 11 sectors ended in the red, with Financials leading losses, while Info Tech led gains. Treasury yields and Gold rose, while Oil fell on swelling US stockpiles.
π£οΈ Fed rate-cut bets are being pushed further out amid a growing chorus of policymakers reiterating the central bankβs patient approach. John Williams said thereβs no need to ease in the βvery near term,β while Thomas Barkin favored going slow. Susan Collins suggested the data may warrant later and fewer cuts this year.
π US producer prices (PPI) increased 2.1% YoY in March, less than expected but at an 11-month high. Core PPI came in higher than expected at 2.4% YoY.
πͺπΊ The European Central Bank (ECB) held interest rates steady for a fifth meeting, but sent a clear signal that cooling inflation allows for potential rate cuts in June. Christine Lagarde said βa fewβ officials favored an immediate reduction, but she doubled down on the need for more data.
π« Ghana is reportedly negotiating to postpone the delivery of at least 150,000 tons of cocoa until next season due to a lack of beans. Soybean fell after the USDA cut its estimates for US soybean exports and kept its forecast for Brazilβs crop unchanged in its WASDE report.
π Q1 earnings season will kick off with results from banks including JPMorgan and Citigroup due today.
π§ Apple (+4.33%) jumped on reports that the tech giant is preparing to overhaul its Mac product line with a new family of in-house, AI-focused M4 chips. Amazon (+1.67%) gained as CEO Andy Jassy said the companyβs cloud infrastructure will become an essential part of the generative AI boom. CarMax (-9.23%) tumbled after missing Q4 estimates and delaying its long-term vehicle sales goal. Warner Bros Discovery (+2.64%) rallied following the "Joker 2" trailer.
12 April 2024
π Nasdaq 100 Index 18307.98, (1.65%)β
π S&P 500 Index 5199.06, (0.74%)β
π Dow Jones Indus Avg Index 38459.08, (-0.01%)β
π US equities rebounded ahead of big bank earnings, despite concerns over persistent inflation. 6 of 11 sectors ended in the red, with Financials leading losses, while Info Tech led gains. Treasury yields and Gold rose, while Oil fell on swelling US stockpiles.
π£οΈ Fed rate-cut bets are being pushed further out amid a growing chorus of policymakers reiterating the central bankβs patient approach. John Williams said thereβs no need to ease in the βvery near term,β while Thomas Barkin favored going slow. Susan Collins suggested the data may warrant later and fewer cuts this year.
π US producer prices (PPI) increased 2.1% YoY in March, less than expected but at an 11-month high. Core PPI came in higher than expected at 2.4% YoY.
πͺπΊ The European Central Bank (ECB) held interest rates steady for a fifth meeting, but sent a clear signal that cooling inflation allows for potential rate cuts in June. Christine Lagarde said βa fewβ officials favored an immediate reduction, but she doubled down on the need for more data.
π« Ghana is reportedly negotiating to postpone the delivery of at least 150,000 tons of cocoa until next season due to a lack of beans. Soybean fell after the USDA cut its estimates for US soybean exports and kept its forecast for Brazilβs crop unchanged in its WASDE report.
π Q1 earnings season will kick off with results from banks including JPMorgan and Citigroup due today.
π§ Apple (+4.33%) jumped on reports that the tech giant is preparing to overhaul its Mac product line with a new family of in-house, AI-focused M4 chips. Amazon (+1.67%) gained as CEO Andy Jassy said the companyβs cloud infrastructure will become an essential part of the generative AI boom. CarMax (-9.23%) tumbled after missing Q4 estimates and delaying its long-term vehicle sales goal. Warner Bros Discovery (+2.64%) rallied following the "Joker 2" trailer.
π1
π΄ Virtual fireside chat with SGX: How the Singapore Market is faring in 2024
Join us for a virtual fireside chat featuring industry experts from SGX and Phillip Nova where they will be discussing key market trends, emerging opportunities and potential obstacles in the Singapore market. Don't miss it!
Register here.
Discussion points:
β’ How key facets of the Singapore Market is faring in 2024
β’ Key economic events that could provide inflection points for the global economy moving forward
β’ How key themes such as digitalisation and sustainable solutions are impacting Singapore market
Canβt make it? Donβt fret! All registrants will be sent a recording link for on-demand replay.
Join us for a virtual fireside chat featuring industry experts from SGX and Phillip Nova where they will be discussing key market trends, emerging opportunities and potential obstacles in the Singapore market. Don't miss it!
Register here.
Discussion points:
β’ How key facets of the Singapore Market is faring in 2024
β’ Key economic events that could provide inflection points for the global economy moving forward
β’ How key themes such as digitalisation and sustainable solutions are impacting Singapore market
Canβt make it? Donβt fret! All registrants will be sent a recording link for on-demand replay.
β€2π2
ππ»π Looking to ride the A.I wave and gain more exposure to Taiwan Semiconductor Manufacturing? Read our latest Market Trends article and learn why the SGX FTSE Taiwan Index Futures might just be the contract you need. Follow this link to read the article now - https://bit.ly/43Unuw8.
For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.
For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.
Phillip Nova - Bringing global markets closer to you
TSMC as the Lynchpin of the Global Semiconductor Industry - Phillip Nova - Bringing global markets closer to you
Read our latest Market Trends article to learn whether it is time to revisit the Utilities sector amid falling interest rates.
πTodayβs Opportunity Spotlight:
iShares US Broker-Dealers & Securities Exchanges ETF (AMEX: IAI)
$112.42 (+4.67% YTD)
IAI tracks the Dow Jones US Select Investment Services Index, giving investors exposure to US investment banks, discount brokerages, and stock exchanges. On 11 April, IAI saw about $260.4m in net inflows, increasing the fund's assets by 33%, the largest one-day in a year and the 3rd straight day of inflows. We attribute the recent inflows to optimistic expectations for the upcoming earnings season.
Top holdings include S&P Global, Goldman Sachs, MSCI, Moody's, and CME Group.
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For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.
iShares US Broker-Dealers & Securities Exchanges ETF (AMEX: IAI)
$112.42 (+4.67% YTD)
IAI tracks the Dow Jones US Select Investment Services Index, giving investors exposure to US investment banks, discount brokerages, and stock exchanges. On 11 April, IAI saw about $260.4m in net inflows, increasing the fund's assets by 33%, the largest one-day in a year and the 3rd straight day of inflows. We attribute the recent inflows to optimistic expectations for the upcoming earnings season.
Top holdings include S&P Global, Goldman Sachs, MSCI, Moody's, and CME Group.
Trade Stocks & ETFs on Phillip Nova 2.0 - Multi assets, Only One account. Open an account now at https://bit.ly/3BXD5yP. No custody/platform fee. Click here to try a Phillip Nova 2.0 demo here - https://bit.ly/3SNkJsw.
For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.
πTodayβs Opportunity Spotlight:
SPDR S&P Aerospace & Defense ETF (AMEX: XAR)
$133.74 (-1.13% YTD)
πβοΈπΌ XAR tracks the S&P Aerospace & Defense Select Industry Index. The fund is equal-weighted, giving investors unconcentrated industry exposure to large, mid, and small cap aerospace & defense companies.
Top holdings include RTX, General Dynamics, TransDigm, and Lockheed Martin. The fund is expected to see tailwinds from how governments across the world are increasing their military spending amid geopolitical uncertainty.
Trade Stocks & ETFs on Phillip Nova 2.0 - Multi assets, Only One account. Open an account now at https://bit.ly/3BXD5yP. No custody/platform fee. Click here to try a Phillip Nova 2.0 demo here - https://bit.ly/3SNkJsw.
For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.
SPDR S&P Aerospace & Defense ETF (AMEX: XAR)
$133.74 (-1.13% YTD)
πβοΈπΌ XAR tracks the S&P Aerospace & Defense Select Industry Index. The fund is equal-weighted, giving investors unconcentrated industry exposure to large, mid, and small cap aerospace & defense companies.
Top holdings include RTX, General Dynamics, TransDigm, and Lockheed Martin. The fund is expected to see tailwinds from how governments across the world are increasing their military spending amid geopolitical uncertainty.
Trade Stocks & ETFs on Phillip Nova 2.0 - Multi assets, Only One account. Open an account now at https://bit.ly/3BXD5yP. No custody/platform fee. Click here to try a Phillip Nova 2.0 demo here - https://bit.ly/3SNkJsw.
For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.
β¬οΈ Wall Street closes lower as Middle East tensions and Treasury yields weigh
16 April 2024
π Nasdaq 100 Index 17706.83, (-1.65%)β
π S&P 500 Index 5061.82, (-1.20%)β
π Dow Jones Indus Avg Index 37735.11, (-0.65%)β
π US equities fell as rising yields and worries over the Middle East conflict overshadowed hot retail sales data. The S&P 500 slipped below 5,100 as Big Tech sold off. Treasury yields rose to new 2024 highs after stronger than expected retail sales boosted bets the Fed won't rush to cut rates. All 11 sectors ended in the red, with Info Tech and Real Estate leading losses. The Dollar and Gold gained, while Oil settled lower.
π March retail sales beat expectations in terms of monthly changes in spending with total nominal sales increasing 0.7% versus the 0.4% expected in March while sales of the important control group jumped 1.1%.
π£οΈ John Williams still expects the central bank to start cutting interest rates this year, telling Bloomberg TV that monetary policy is in a good place.
πΈπ¬ Singapore PM Lee Hsien Loong will step down after 19 years and hand power over to deputy Lawrence Wong on May 15. This comes ahead of general elections that must be called by November 2025.
π―π΅ The Yen weakened to around 154 to the Dollar as intervention risks increase.
π China property prices, retail sales, GDP, and industrial production data are due today at 10:00 SGT.
π§ Apple (-2.19%) dropped after data showed the iPhone maker lost its crown as the world's No.1 phone maker to Samsung. Tesla (-5.6%) fell after an internal memo said the EV maker is planning to lay off more than 10% of its global workforce. Goldman Sachs (+2.92%) climbed after beating estimates, reporting a 28% jump in Q1 profit due to a rebound in capital market activities. Salesforce (-7.33%) plunged on reports the company is in advanced talks to acquire data-management software provider Informatica. Charles Schwab (+1.76%) gained on mixed results.
16 April 2024
π Nasdaq 100 Index 17706.83, (-1.65%)β
π S&P 500 Index 5061.82, (-1.20%)β
π Dow Jones Indus Avg Index 37735.11, (-0.65%)β
π US equities fell as rising yields and worries over the Middle East conflict overshadowed hot retail sales data. The S&P 500 slipped below 5,100 as Big Tech sold off. Treasury yields rose to new 2024 highs after stronger than expected retail sales boosted bets the Fed won't rush to cut rates. All 11 sectors ended in the red, with Info Tech and Real Estate leading losses. The Dollar and Gold gained, while Oil settled lower.
π March retail sales beat expectations in terms of monthly changes in spending with total nominal sales increasing 0.7% versus the 0.4% expected in March while sales of the important control group jumped 1.1%.
π£οΈ John Williams still expects the central bank to start cutting interest rates this year, telling Bloomberg TV that monetary policy is in a good place.
πΈπ¬ Singapore PM Lee Hsien Loong will step down after 19 years and hand power over to deputy Lawrence Wong on May 15. This comes ahead of general elections that must be called by November 2025.
π―π΅ The Yen weakened to around 154 to the Dollar as intervention risks increase.
π China property prices, retail sales, GDP, and industrial production data are due today at 10:00 SGT.
π§ Apple (-2.19%) dropped after data showed the iPhone maker lost its crown as the world's No.1 phone maker to Samsung. Tesla (-5.6%) fell after an internal memo said the EV maker is planning to lay off more than 10% of its global workforce. Goldman Sachs (+2.92%) climbed after beating estimates, reporting a 28% jump in Q1 profit due to a rebound in capital market activities. Salesforce (-7.33%) plunged on reports the company is in advanced talks to acquire data-management software provider Informatica. Charles Schwab (+1.76%) gained on mixed results.
π1
πTodayβs Opportunity Spotlight:
π Vanguard Short-Term Bond ETF (BSV) π
$75.90 (-0.54% YTD)
BSV tracks the Bloomberg 1-5 Year Government/Credit Index, which covers all medium and larger issues of US government, investment-grade corporate, and investment-grade international bonds with maturities between 1 to 5 years. A key concept to note is that Bond prices and interest rates move inversely to each other. As market expectations have transitioned from 3 rate cuts this year down to 2 cuts or less; short-term bonds provide some resilience as they have the least sensitivity (duration) to interest rate fluctuations.
Trade Stocks & ETFs on Phillip Nova 2.0 - Multi assets, Only One account. Open an account now at https://bit.ly/3BXD5yP. No custody/platform fee. Click here to try a Phillip Nova 2.0 demo here - https://bit.ly/3SNkJsw.
For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.
π Vanguard Short-Term Bond ETF (BSV) π
$75.90 (-0.54% YTD)
BSV tracks the Bloomberg 1-5 Year Government/Credit Index, which covers all medium and larger issues of US government, investment-grade corporate, and investment-grade international bonds with maturities between 1 to 5 years. A key concept to note is that Bond prices and interest rates move inversely to each other. As market expectations have transitioned from 3 rate cuts this year down to 2 cuts or less; short-term bonds provide some resilience as they have the least sensitivity (duration) to interest rate fluctuations.
Trade Stocks & ETFs on Phillip Nova 2.0 - Multi assets, Only One account. Open an account now at https://bit.ly/3BXD5yP. No custody/platform fee. Click here to try a Phillip Nova 2.0 demo here - https://bit.ly/3SNkJsw.
For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.
π° Read our recent article on the Nifty as published on Yahoo Finance and find out why market chatter seems to be abuzz with excitement on the index. π Is now the time for India to take the center stage on the global arena? π Read the article now to learn more - https://bit.ly/3VXUtO4
Yahoo Finance
Unlock Opportunities in the Nifty Index with Phillip Nova
SINGAPORE - Media OutReach Newswire - 9 April 2024 - 2024 is without doubt is a year for Asia's boom and India's resilience against atrocities of the COVID-19 pandemic, the ongoing geopolitical tensions, and elevated interest rates. The latter of which hasβ¦
π Global X Silver Miners ETF (AMEX: SIL) $30.65 (+9.80% YTD) SIL tracks the Solactive Global Silver Miners Index, giving exposure to silver mining companies. Silver has outperformed Gold so far, up by 18.53% YTD, compared to Gold at 15.61%. But silver is still far from its 2011 peak of $50. SIL can be seen as a leveraged play on Silver. Gold is mainly used for jewellery/investment whereas Silver has more industrial use cases. Fundamentals look promising with an ongoing supply deficit and anticipated demand from the solar industry. Silver is closely linked to the industrial economy, Silver typically outperforms Gold when the economy is doing well. π
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Trade Stocks & ETFs on Phillip Nova 2.0 - Multi assets, Only One account. Open an account now at https://bit.ly/3BXD5yP. No custody/platform fee. Click here to try a Phillip Nova 2.0 demo here - https://bit.ly/3SNkJsw.
For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.
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πΆ US stocks end mixed as Powell hints at delay in rate cuts
17 April 2024
π Nasdaq 100 Index 17713.66, (0.04%)β
π S&P 500 Index 5051.42, (-0.21%)β
π Dow Jones Indus Avg Index 37798.97, (0.17%)β
π US equities were mixed after Fed Chair Jerome Powell said interest rates may have to stay elevated. The S&P 500 saw its 3rd straight drop. Treasury yields rose to fresh 2024 highs, with the 2-year note briefly hitting 5%. 8 of 11 sectors ended in the red, with Info Tech leading gains, while Real Estate led losses. The Dollar had its best 5-day gain since October 2022. Gold was little changed while Oil settled lower.
π£οΈ Jerome Powell said the recent run of inflation surprises have "clearly not given us greater confidence" and that it will "take longer than expected to achieve that confidence". He stated that the Fed can stand pat for βas long as needed.β Thomas Barkin and Philip Jefferson reiterated the central bankβs patient stance.
π Janet Yellen βfullyβ expects the US to strengthen sanctions against Iran within days, and the EU plans proposals as soon as next week. Vladimir Putin warned of the risk of a βcatastrophicβ escalation and urged restraint in a call with his Iranian counterpart.
π§ UnitedHealth (+5.28%) jumped after beating estimates and forecasted a hit of about $1.25 per share from cyberattacks to its Change Healthcare unit, a number lower than most expected. Morgan Stanley (+2.47%) rose on strong quarterly results that saw gains in the investment banking and trading business. Bank of America (-3.53%) fell after reporting elevated net charge-offs and greater loan loss provisions, offsetting growth in its trading business. Adidas-ADR (+2.95%) rallied after lifting its annual profit guidance amid strong demand for its classic samba sneakers.
17 April 2024
π Nasdaq 100 Index 17713.66, (0.04%)β
π S&P 500 Index 5051.42, (-0.21%)β
π Dow Jones Indus Avg Index 37798.97, (0.17%)β
π US equities were mixed after Fed Chair Jerome Powell said interest rates may have to stay elevated. The S&P 500 saw its 3rd straight drop. Treasury yields rose to fresh 2024 highs, with the 2-year note briefly hitting 5%. 8 of 11 sectors ended in the red, with Info Tech leading gains, while Real Estate led losses. The Dollar had its best 5-day gain since October 2022. Gold was little changed while Oil settled lower.
π£οΈ Jerome Powell said the recent run of inflation surprises have "clearly not given us greater confidence" and that it will "take longer than expected to achieve that confidence". He stated that the Fed can stand pat for βas long as needed.β Thomas Barkin and Philip Jefferson reiterated the central bankβs patient stance.
π Janet Yellen βfullyβ expects the US to strengthen sanctions against Iran within days, and the EU plans proposals as soon as next week. Vladimir Putin warned of the risk of a βcatastrophicβ escalation and urged restraint in a call with his Iranian counterpart.
π§ UnitedHealth (+5.28%) jumped after beating estimates and forecasted a hit of about $1.25 per share from cyberattacks to its Change Healthcare unit, a number lower than most expected. Morgan Stanley (+2.47%) rose on strong quarterly results that saw gains in the investment banking and trading business. Bank of America (-3.53%) fell after reporting elevated net charge-offs and greater loan loss provisions, offsetting growth in its trading business. Adidas-ADR (+2.95%) rallied after lifting its annual profit guidance amid strong demand for its classic samba sneakers.
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While escalating tensions in the Middle East sowed uncertainty in the German DAX index in the near term, find out if analysts are far more optimistic about its prospects in the mid-term. Where are the potential opportunities in the DAX? Read our latest Market Trends article here to learn more now - https://bit.ly/441SOJf. πππ
π Take a view, trade opportunities in the DAX index Futures with Phillip Nova. Open an account here β https://bit.ly/4aCYYle.
For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.
π Take a view, trade opportunities in the DAX index Futures with Phillip Nova. Open an account here β https://bit.ly/4aCYYle.
For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.
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Read our latest Market Trends article to learn where prices of the DAX and Euro STOXX 50 Futures are headed. Learn more now.
β¬οΈ Wall Street closes lower amid interest rate uncertainty: S&P 500 longest losing streak since January
18 April 2024
π Nasdaq 100 Index 17493.62, (-1.24%)β
π S&P 500 Index 5022.21, (-0.58%)β
π Dow Jones Indus Avg Index 37753.31, (-0.12%)β
π US equities extended losses from all time highs just a day after Powell hinted at a delay in rate cuts. The S&P 500 dropped for the 4th consecutive session, its longest losing streak since January. 7 of 11 sectors ended in the red, with Utilities leading gains, while Tech led losses. Gold dropped while Oil slumped on weak Chinese industrial data and swelling crude inventories.
π Joe Biden called for higher tariffs on Chinese steel and aluminium. The US also reimposed oil sanctions on Venezuela, ending a six-month reprieve, for failing to honor an accord to allow a fairer vote in July elections.
π Japan CPI data will be released tomorrow at 07:30 SGT, as the BoJ looks to see whether the return to inflation is sustainable.
π§ ASML ADR (-7.09%) tumbled on weaker than expected new bookings in Q1 and China sales were hampered by US export restrictions. Nvidia (-3.87%) led losses in megacaps. United Airlines (+17.45%) soared after the airline posted a narrower-than-expected loss in Q1, and gave an upbeat current quarter guidance on robust travel demand. Travelers (-7.37%) plunged after the insurer reported a sharp rise in catastrophe losses. Autodesk (-5.84%) sank after delaying its annual 10-K filing due to an ongoing internal investigation of the companyβs accounting practices. Alcoa (-1.50%) slipped after President Biden announced a tripling of tariffs on imports of Chinese steel and aluminum.
18 April 2024
π Nasdaq 100 Index 17493.62, (-1.24%)β
π S&P 500 Index 5022.21, (-0.58%)β
π Dow Jones Indus Avg Index 37753.31, (-0.12%)β
π US equities extended losses from all time highs just a day after Powell hinted at a delay in rate cuts. The S&P 500 dropped for the 4th consecutive session, its longest losing streak since January. 7 of 11 sectors ended in the red, with Utilities leading gains, while Tech led losses. Gold dropped while Oil slumped on weak Chinese industrial data and swelling crude inventories.
π Joe Biden called for higher tariffs on Chinese steel and aluminium. The US also reimposed oil sanctions on Venezuela, ending a six-month reprieve, for failing to honor an accord to allow a fairer vote in July elections.
π Japan CPI data will be released tomorrow at 07:30 SGT, as the BoJ looks to see whether the return to inflation is sustainable.
π§ ASML ADR (-7.09%) tumbled on weaker than expected new bookings in Q1 and China sales were hampered by US export restrictions. Nvidia (-3.87%) led losses in megacaps. United Airlines (+17.45%) soared after the airline posted a narrower-than-expected loss in Q1, and gave an upbeat current quarter guidance on robust travel demand. Travelers (-7.37%) plunged after the insurer reported a sharp rise in catastrophe losses. Autodesk (-5.84%) sank after delaying its annual 10-K filing due to an ongoing internal investigation of the companyβs accounting practices. Alcoa (-1.50%) slipped after President Biden announced a tripling of tariffs on imports of Chinese steel and aluminum.
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πTodayβs Opportunity Spotlight:
π Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (Nasdaq: PDBC)
$14.11 (+7.74% YTD)
π‘PDBC is an actively managed ETF that invests in commodity linked futures. It seeks to outperform the DBIQ Optimum Yield Diversified Commodity Index Excess Return, which holds a diverse basket of 14 different commodities. PDBC is most heavily weighted towards Oil & Gas, Gold, and Copper. Investors can utilize PDBC as a simple tool for gaining diversified exposure to the commodity sector.
π Fed rate cuts have historically been supportive for commodities which are majority USD-denominated.
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π Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (Nasdaq: PDBC)
$14.11 (+7.74% YTD)
π‘PDBC is an actively managed ETF that invests in commodity linked futures. It seeks to outperform the DBIQ Optimum Yield Diversified Commodity Index Excess Return, which holds a diverse basket of 14 different commodities. PDBC is most heavily weighted towards Oil & Gas, Gold, and Copper. Investors can utilize PDBC as a simple tool for gaining diversified exposure to the commodity sector.
π Fed rate cuts have historically been supportive for commodities which are majority USD-denominated.
Trade Stocks & ETFs on Phillip Nova 2.0 - Multi assets, Only One account. Open an account now at https://bit.ly/3BXD5yP. No custody/platform fee. Click here to try a Phillip Nova 2.0 demo here - https://bit.ly/3SNkJsw.
For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.
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Get SGD50 in trading credits when you trade any Macquarie Structured Warrant now! Promotion valid from now till Thursday, 20 June 2024. Learn more now - https://bit.ly/442GIQg. ππ°
For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.
For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.