Traders Likely To Make Another Attempt At Bargain Hunting

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Tuesday, 06 September 2022 09:08:05 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( [Markets are about to move. We can tell you why...]( We know the real themes driving the market. Get The Juice, our FREE daily newsletter that covers the most pressing stories you need to invest wisely. [Sign up today]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a higher open on Tuesday, with stocks likely to move back to the upside following the long holiday weekend. Traders may once again look to go bargain hunting following recent weakness in the markets, as the downturn seen last Friday dragged the major averages down to their lowest levels in over a month. Recent bargain hunting efforts have not gained much traction, however, as concerns about the outlook for interest rates and the global economy continue to weigh on the markets. Upcoming speeches by several Federal Reserve officials, including Fed Chair Jerome Powell, may also keep some traders on the sidelines. After trending lower in recent sessions, stocks regained ground in morning trading on Friday but once again came under pressure over the course of the trading day. The major averages pulled back well off their early highs and into negative territory. The major averages climbed off their worst levels going into the close but remained sharply lower. The Dow tumbled 337.98 points or 1.1 percent to 31,318.44. the Nasdaq tumbled 154.26 points or 1.3 percent to 11,630.87 and the S&P 500 clumped 42.59 points or 1.1 percent to 3,924.26. With the pullback on the day, the major averages closed lower for the third straight week. The Dow and the S&P 500 plummeted by 3.0 percent and 3.3 percent, respectively, while the Nasdaq dove by 4.2 percent. The volatility on Wall Street came following the release of a closely watched Labor Department report showing U.S. employment increased roughly in line with economist estimates in the month of August. The report showed non-farm payroll employment rose by 315,000 jobs in August after surging by a revised 526,000 jobs in July. Economists had expected employment to increase by about 300,000 jobs compared to the jump of 528,000 jobs originally reported for the previous month. Meanwhile, the Labor Department said the unemployment rate edged up to 3.7 percent in August from 3.5 percent in July. Economists had expected the unemployment rate to remain unchanged. The unexpected uptick by the unemployment rate came as the labor force increased by 786,000 persons, more than outpacing the 442,000-person growth in the household measure of employment. Amid recent concerns about the outlook for interest rates, the jobs data was described as a "goldilocks" report by some economists, coming in neither too hot nor too cold. "The August employment report paints a very positive picture regarding the current state of the US economy with solid jobs growth yet signs that supply strains are easing as workers return to the labor force," said ING Chief International Economist James Knightley. He added, "With wage growth coming in lower than expected it points to a slower pace of rate hikes after September's expected 75 basis point move." A separate report released by the Commerce Department unexpectedly showed a sharp pullback in new orders for U.S. manufactured goods in the month of July. The Commerce Department said factory orders slumped by 1.0 percent in July after surging by a revised 1.8 percent in June. Pharmaceutical stocks came under pressure over the course of the session, dragging NYSE Arca Pharmaceutical Index down by 1.6 percent. Considerable weakness also emerged among healthcare stocks, as reflected by the 1.5 percent drop by the Dow Jones U.S. Health Care Index. Commercial real estate, transportation and banking stocks also moved to the downside, while gold and energy stocks rebounded along with the prices of the respective commodities. --------------------------------------------------------------- [Our Best Stock Pick Every Day]( Stop wasting time scouring for stock picks. Get daily crystal-clear RANKINGS from 1-10 and EXPERT ANALYSIS of the most popular stocks to rare finds directly to your inbox when you sign up for The Spill. [Sign up today]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The Institute for Supply Management is scheduled to release its report on service sector activity in the month of August at 10 am ET. The ISM?s services PMI is expected to dip to 55.1 in August from 56.7 in July, although a reading above 50 would still indicate growth. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Europe European stocks have moved mostly higher on Tuesday, as investors wait for trading to resume on Wall Street after Monday's Labor Day recess. Underlying sentiment was underpinned by China's pledge to make renewed efforts to boost its COVID-hit economy. Chinese policymakers announced a slew of measures, including increased debt issuances and infrastructure spending to shore up the flagging economy. China's central bank slashed the amount of foreign-exchange deposits banks need to set aside as reserves for the second time this year in a bid to support the tumbling yuan. Investors have shrugged off official data showing that German factory orders declined at a faster pace in July on weak domestic and euro area demand. Factory orders declined 1.1 percent month-on-month in July, bigger than June's revised 0.3 percent decrease. This was the biggest drop since April, when orders decreased 1.7 percent. On a yearly basis, factory orders logged a sharp fall of 13.6 percent after easing 9.0 percent in June. The European Central Bank meets on Thursday, with economists expecting another outsized rate hike to fight soaring inflation. EU energy ministers are set to discuss measures to curb power prices when they hold an emergency meeting on Friday. While the German DAX Index has advanced by 0.8 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are up by 0.3 percent and 0.2 percent, respectively. Credit Suisse Group shares have moved to the upside after the Swiss lender agreed to sell its global trust business. Energy and services company Centrica has also jumped in London on reports the company is in talks to boost financing. Berkeley Group has also surged. The homebuilder announced it is "on track" to meet its profit guidance in the year ending next April. French aerospace company Safran is also moving higher after saying that it has entered into negotiations with Thales to acquire its aeronautical electrical systems business. Reuters quoted Russia's Gazprom as saying that the Russian natural gas Nord Stream 1 pipeline to Germany will not resume shipments until Siemens Energy repairs faulty equipment. Volkswagen has also risen. The automaker said it would pursue an initial public offering of the preferred shares of sports car brand Porsche AG and list them in Frankfurt at the end of September or beginning of October 2022. Meanwhile, industrial equipment rental company Ashtead has moved to the downside despite reporting higher quarterly revenue and profits. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks gave up early gains to end mixed on Tuesday amid Europe's worsening energy crisis and ahead of a European Central Bank meeting this week. To cope with soaring energy prices, the European Commission is pushing for caps on wholesale gas prices. Given the deterioration in the inflation outlook, either a 75 basis point or 50 basis point interest rate hike is possible at Thursday's ECB policy meeting. The dollar notched a fresh 24-year high against the Japanese yen, while oil edged lower after rising sharply overnight following an OPEC+ deal to cut output by 100,000 barrels per day in October. China's Shanghai Composite Index rallied 1.4 percent to 3,243.45 after senior officials from China's central bank and leading ministries promised fresh measures to follow a stimulus package released in May. The yuan rebounded from a more than two-year low against the U.S. dollar after the central bank slashed the amount of foreign-exchange deposits banks need to set aside as reserves for the second time this year. Hong Kong's Hang Seng Index ended 0.1 percent lower at 19,202.73 after a choppy session. Japanese markets fluctuated before ending on a flat note. The Nikkei 225 Index finished marginally higher at 27,626.51, while the broader Topix slipped 0.1 percent to 1,926.58. Textile maker Unitika soared 7.5 percent on news that its shares would be excluded from the Nikkei 225 in a regular reshuffle. Seoul stocks ended a tad higher after falling for three straight sessions. The Kospi inched up 0.3 percent to 2,410.02. Australian markets ended lower as the Reserve Bank of Australia increased the cash rate by 50 basis points as widely expected. The benchmark S&P/ASX 200 Index slipped 0.4 percent to 6,826.50, while the broader All Ordinaries Index closed 0.3 percent lower at 7,055.90. --------------------------------------------------------------- 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 inching up $0.08 to $86.95 a barrel after rising $0.26 to $86.87 a barrel last Friday. Meanwhile, after climbing $13.30 to $1,722.60 an ounce in the previous session, gold futures are edging up $1 to $1,723.60 an ounce. On the currency front, the U.S. dollar is trading at 142.14 yen versus the 140.60 yen it fetched on Monday. Against the euro, the dollar is trading at $0.9922 compared to yesterday?s $0.9929. --------------------------------------------------------------- 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. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49