Futures Pointing To Initial Pullback On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Tuesday, 31 May 2022 10:20:37 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( [Worried about the market? CEO says this could be worth 35 Amazons]( Amazon's Jeff Bezos surprised investors recently when he revealed that one emerging technology is the key to Amazon?s future success... In fact, Bezos argues that "it?s hard to overstate the impact" of this game-changing technology. The CEO of ARK Investments takes Bezos further: "We think [it] could approach $17 trillion in market cap ? which would be 35 Amazons." [What in the world could be worth 35 Amazons? Find out in our new report.]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a lower open on Tuesday, with stocks likely to give back ground after showing a strong upward move over the past few sessions. Profit taking may contribute to initial weakness on Wall Street, as some traders look to cash in on the recent advance by the markets. Lingering concerns about inflation and higher interest rates are also likely to weigh on the markets, as traders continue to debate whether the major averages have established a bottom. Stocks moved sharply higher during trading on Friday, extending the strong upward move seen on Wednesday and Thursday. The major averages continued to recover after hitting their lowest levels in over a year in recent sessions. The major averages saw further upside going into the close, ending the session at their best levels of the day. The Dow jumped 575.77 points or 1.8 percent to 33,212.96, the Nasdaq spiked 390.48 points or 3.3 percent to 12,131.13 and the S&P 500 surged 100.40 points or 2.5 percent to 4,158.24. For the week, the Dow soared by 6.2 percent, while the S&P 500 and the Nasdaq skyrocketed by 6.6 percent and 6.8 percent, respectively. The continued strength on Wall Street came following the release of a Commerce Department report showing a slowdown in the pace of core consumer price growth in the month of April. A reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth slowed to 4.9 percent in April from 5.2 percent in March. The data contributed to optimism that the Fed will slow the pace of monetary policy tightening in the second half of the year. The inflation reading was included in a report showing personal income in the U.S. increased by slightly less than expected in the month of April. The report showed personal income rose by 0.4 percent in April after climbing by 0.5 percent in March. Economists had been expecting another 0.5 percent increase. Meanwhile, the Commerce Department said personal spending advanced by 0.9 percent in April after surging by an upwardly revised 1.4 percent in March. Personal spending was expected to increase by 0.7 percent compared to the 1.1 percent jump originally reported for the previous month. Traders largely shrugged off a separate report from the University of Michigan showing consumer sentiment in the U.S. deteriorated by even more than previously estimated in the month of May. The report showed the consumer sentiment index for May was downwardly revised to 58.4 from the preliminary reading of 59.1. Economists had expected the index to be unrevised. The consumer sentiment index is even further below the April reading of 65.2, slumping to its lowest level since hitting 55.8 in August of 2011. Computer hardware stocks extended the rebound seen over the two previous sessions, driving the NYSE Arca Computer Hardware Index up by 4.2 percent. Dell Technologies (DELL) helped lead the sector higher after reporting fiscal first quarter results that exceeded analyst estimates on both the top and bottom lines. Substantial strength was also visible among semiconductor stocks, as reflected by the 4 percent surge by the Philadelphia Semiconductor Index. Airline stocks also showed significant move to the upside on the day, with the NYSE Arca Airline Index soaring by 3.1 percent. Biotechnology, networking a commercial real estate also saw considerable strength, moving higher along with most of the other major sectors. --------------------------------------------------------------- [Dominate the Markets with A.I.]( Artificial intelligence is the #1 tool used by traders. Our A.I. predicts major trend reversals... 1 - 3 days in advance. Grab your seat at our FREE, LIVE online class. [Save your spot now!]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( MNI Indicators is scheduled to release its report on Chicago-area business activity in the month of May at 9:45 am ET. The Chicago business barometer is expected to dip to 55.0 in May from 56.4 in April, although a reading above 50 would still indicate growth. At 10 am ET, the Conference Board is due to release its report on consumer confidence in the month of May. The consumer confidence index is expected to drop to 104.0 in May from 107.3 in April. --------------------------------------------------------------- [Looking to spice up your portfolio?]( You?re invited to our Free Class on artificial intelligence for traders. But spots are filling up fast, so register now for this live event. [Register Here, Capacity is Limited.]( --------------------------------------------------------------- Europe European stocks are broadly lower on Tuesday amid fears surrounding high inflation and interest rate hikes. Bond yields jumped after a senior Fed official called for several more rate hikes to combat ballooning inflation. Eurozone inflation accelerated further in May on surging energy and food prices, flash data from Eurostat showed earlier today. Inflation rose to a fresh record 8.1 percent in May from 7.4 percent in April. The rate was forecast to climb to 7.7 percent. The data heightened concerns about the pace and scale of looming interest rate hikes, with traders now factoring in an outsized 50 basis point ECB rate hike in July. While the U.K.?s FTSE 100 Index had bucked the downtrend and risen by 0.3 percent, the German DAX Index is down by 1 percent and the French CAC 40 Index is down by 1.3 percent. Oil & gas firm BP Plc and Royal Dutch Shell have moved notably as Brent crude futures jumped above $123 a barrel to reach a two-month high after EU's Russian oil ban. Miners are also trading higher, with Anglo American, Antofagasta and Glencore rising between half a percent and 1.6 percent. Consumer goods giant Unilever has soared after it named billionaire activist investor Nelson Peltz to its board. Dutch specialty chemicals maker DSM has also jumped after it announced plans to merge with Swiss peer Firmenich. Meanwhile, SAS has slumped after the Scandinavian airline announced plans to raise 9.5 billion Swedish crowns ($967 million) in new cash to improve its liquidity position. --------------------------------------------------------------- [Watch A.I. Forecast Your Stocks in Less than a Minute]( Artificial intelligence makes trading simple. See what stocks are on the rise this week, and what trades you should probably exit?before it?s too late. Save your seat at our LIVE online demonstration and see your stock forecasted today. [Join LIVE online demonstration]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks ended mixed on Tuesday as signs that China's manufacturing slowdown is moderating helped offset fears surrounding high inflation and interest rate hikes. China's Shanghai Composite Index rallied 1.2 percent to finish at 3,186.43 after the latest figures showed another month of contraction in services and manufacturing activity though at a reduced pace of decline amid easing COVID-19 curbs and signs of support from authorities. Hong Kong's Hang Seng Index climbed 1.4 percent to 21,415.20 as China's cabinet unveiled a series of new policy measures to bolster the economy and stabilize jobs. Japanese shares fell on fears of aggressive policy tightening after a senior Fed official called for several more rate hikes to combat ballooning inflation. Higher Treasury yields on the back of record high German inflation data also weighed on markets. The Nikkei 225 Index dropped 0.3 percent to 27,279.80 in range-bound trading, while the broader Topix closed 0.5 percent lower at 1,912.67. Tech stocks led losses, while oil explorers climbed as Brent crude futures hit a two-month high of $124 a barrel after EU's Russia import ban. Japan Petroleum surged 8 percent and Inpex Corp. added 6.2 percent. Seoul stocks recovered from an early slide to end notably higher as worries over China's slowdown eased. The Kospi rose 0.6 percent to 2,685.90. Australian markets fell sharply as hawkish comments from U.S. Federal Reserve governor Christopher Waller sent U.S. yields higher and weighed on the technology sector. Block Inc. lost 3 percent and WiseTech Global declined 2.7 percent. Banks also posted broad-based declines, while mining and energy stocks ended on a positive note. The benchmark S&P/ASX 200 Index ended 1 percent lower at 7,211.20, snapping a two-session winning streak. The broader All Ordinaries Index closed down 0.9 percent at 7,455.20. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are surging $3.65 to $118.72 a barrel after climbing $0.98 to $115.07 a barrel last Friday. Meanwhile, after rising $3.70 to $1,851.30 an ounce in the previous session, gold futures are slipping $3.20 to $1,848.10 an ounce. On the currency front, the U.S. dollar is trading at 128.47 yen versus the 127.59 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.0695 compared to last Friday?s $1.0779. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. 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