After better-than-expected quarterly earnings, Alphabet and Advanced Micro Devices led tech shares gains that helped the US markets rise during the day. The Asia markets are expected to rise, although massive shares price falls in Meta Platform, PayPal, and after-hours trading in the US. The SPI futures are slightly higher, but the NZX50 is up 0.5% in half an hour.
Stocks in the USA
The US markets recovered for the fourth consecutive day. The Dow Jones Industrial Average was up 0.62%, while the S&P 500 rose by 0.94%, and the Nasdaq gained 0.5%.
Fourth-quarter earnings were strong for mega-cap tech companies. Alphabet shares rose more than 8% to a new record high following solid revenue growth and a 20-for-1 stock dividend announcement. Advanced Micro Devices rose 5% following positive guidance for the entire year and beating expectations by chipmaker Chipmaker. Apple rose 0.72%, and Microsoft climbed 1.57%.
Meta Platform shares rose 1.4% before its earnings report. However, after-hours trading saw shares fall more than 20% due to the worse-than-expected guidance in the first quarter.
PayPal shares fell more than 24% due to disappointing guidance. Shares are now 57% lower than their record high.
ADP’s non-farm employment data was disappointing, with jobs falling by 301,000 in January. This indicates that there will be weak growth in job creation data due Friday. Goldman Sachs predicts a 250,000 drop in January. This data shows that rising labor costs and a shortage of workers are slowing down the labor market, while inflation is still a concern.
With the poor employment data, US bond yields dropped. The US Treasury yield on the 10-year term fell to 1.773%, compared to 1.804, and the Treasury yield on the 2-year was at 1.158%.
WTI futures increased slightly to $US88.31 per barrel following announcements by top oil-producing nations, led by Russia and Saudi Arabia, of a modest increase in production on Wednesday despite rising crude prices and geopolitical tensions rattling markets.
The 23-nation OPEC+ Group stated that it would increase production by 400,000 barrels/day in March. This is the same amount as previous months.
The 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC), and their ten allies, including Russia, have resisted the US demands to increase production to lower prices.
Supported by a weaker US Dollar, the gold futures price rose by $US5.50 to $US1,806.60.
Due to weaker Eurodollar and falling bond yields, the US dollar index fell on its third trading day. The dollar index dropped 0.44% to 95.945, 1.6% below its January high of 97.440. After the Eurodollar rose 0.33% against US dollars, the region’s CPI data of 5.1% was higher than expected. This increased the expectations that the ECB will be more hawkish tomorrow.
After three days of gains, cryptocurrencies dropped in general. Bitcoin fell 4.17% to just over $US37,000, and Ethereum fell 4.77% to $US2,656
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Innovative Alchemists: Unleashing the Genius of Technical Masterminds
In the dynamic realm where circuits hum, code weaves its intricate dance, and innovation is the currency, there exists a league of individuals who transcend the ordinary—Technical Masterminds. These aren’t just engineers, developers, or architects; they are the innovative alchemists, turning bits and bytes into technological gold. Join us as we delve into the minds of these visionaries, exploring the unparalleled genius and transformative power that defines the world of Technical Masterminds.
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