Futures Pointing To Initial Strength On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Friday, 03 March 2023 08:59:35 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- 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 Friday, with stocks likely to see further upside after moving notably higher over the course of the previous session. Traders may continue to look to pick up stocks at relatively reduced levels following recent weakness, as the gains posted by the Nasdaq and S&P 500 on Thursday came after they hit their lowest intraday levels in over a month. A pullback by treasury yields may also generate some buying interest, with the yield on the benchmark ten-year note giving back ground after jumping to a three-month closing high above 4.0 percent. Early trading activity may be somewhat subdued, however, as traders await the release of the Institute for Supply Management?s report on U.S. service sector activity in the month of February. The report, which is due to be released shortly after the start of trading, is expected to show the ISM?s services PMI edged down to 54.5 in February from 55.2 in January, although a reading above 50 would still indicate growth in the sector. Traders may also be reluctant to make significant moves ahead of some key events next week, including congressional testimony by Federal Reserve Chair Jerome Powell and the release of the monthly jobs report. After moving in opposite directions early in the session, the major U.S. stocks indexes all moved notably higher over the course of the trading day on Thursday. The Dow outperformed its counterparts throughout the session and closed up 341.73 points or 1.1 percent at 33,003.57, adding to the slight uptick seen in Wednesday's session. The tech-heavy Nasdaq climbed 83.50 points or 0.7 percent to 11,462.98, while the S&P 500 advanced 29.96 points or 0.8 percent to 3,981.35. The surge by the Dow largely reflected a spike by shares of Salesforce (CRM), with the cloud-based software company soaring by 11.5 percent. The rally by Salesforce came after the company reported better than expected fourth quarter results, provided upbeat guidance and increased its share buyback program to $20 billion. Meanwhile, the rebound by the Nasdaq and S&P 500 was partly attributed to comments from Atlanta Federal Reserve President Raphael Bostic, who indicated he strongly favors raising interest rates in quarter-point increments. "I am still very much of a mindset that slow and steady is going to be the appropriate course of action," Bostic told reporters. The turnaround may also have reflected bargain hunting, with the Nasdaq and S&P 500 bouncing off their lowest intraday levels in over a month. Traders largely shrugged off a continue surge in treasury yields, which came following the release of a Labor Department report unexpectedly showing a modest decrease in initial jobless claims. The Labor Department said initial jobless claims edged down to 190,000 in the week ended February 25th, a decrease of 2,000 from the previous week's unrevised level of 192,000. Economists had expected jobless claims to inch up to 195,000. "The jobless claims data continue to tell the same story: The labor market is too tight to help the Fed in its effort to lower inflation and the data leave the Fed on track to raise interest rates at the next three meetings," said Nancy Vanden Houten, Lead US Economist at Oxford Economics. Oil service stocks moved sharply higher over the course of the session, driving the Philadelphia Oil Service Index up by 2.1 percent. The rally by oil service stocks came amid an increase by the price of crude oil. Substantial strength also emerged among software stocks, as reflected by the 2.1 percent jump by the Dow Jones U.S. Software Index. The index bounced off its lowest closing level in a month. Transportation, steel and utilities stocks also showed strong moves to the upside on the day, while considerable weakness remained visible among banking and computer hardware stocks. --------------------------------------------------------------- Read the latest breaking news stories about the hottest companies. [Click here to Find Out More.]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The Institute for Supply Management is scheduled to release its report on U.S. service sector activity in the month of February at 10 am ET. The ISM?s services PMI is expected to edge down to 54.5 in February from 55.2 in January, although a reading above 50 would still indicate growth in the sector. At 11 am ET, Dallas Federal Reserve President Lorrie Logan is due to speak before the Chicago Booth Workshop on Market Dysfunction. Atlanta Federal Reserve President Raphael Bostic is scheduled to give welcome remarks before the Racial Inequality Conference at 11:45 am ET. At 3 pm ET, Federal Reserve Board Governor Michelle Bowman is due to moderate a Design Issues for Central Bank Facilities in the Future panel before the Chicago Booth Workshop on Market Dysfunction. Richmond Federal Reserve President Thomas Barkin is scheduled to speak before the Stanford Institute for Economic Policy Research 2023 Economic Summit at 4:15 pm ET. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? Warren Buffett ? has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. [Click here for full details and to join for free.]( --------------------------------------------------------------- Stocks in Focus Shares of C3.ai, Inc. (AI) are surging in pre-market trading after the enterprise artificial intelligence company reported a narrower than expected fiscal third quarter loss on revenues that exceeded analyst estimates. Information technology company Hewlett Packard Enterprise (HPE) may also move to the upside after reporting fiscal first quarter results that beat expectations on both the top and bottom lines. On the other hand, shares of ChargePoint Holdings (CHPT) are seeing substantial pre-market weakness after the electric vehicle infrastructure company reported weaker than expected fiscal fourth quarter revenues. Wholesale retailer Costco (COST) may also see initial weakness after reporting fiscal second quarter revenues that missed analyst estimates. --------------------------------------------------------------- [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 Friday after a survey showed the recovery in eurozone business activity gathered pace in February. S&P Global's Composite Purchasing Managers' Index (PMI) reached an eight-month high of 52.0 last month from 50.3 in January, helping ease worries of a eurozone recession for now. The services PMI jumped to 52.7 from 50.8, just below the 53.0 flash reading. Separate data showed German exports rose by more than expected in January on robust U.S. and U.K. demand. Strong services data from elsewhere across Asia and remarks from a Fed official signaling a measured approach to raising rates have also boosted sentiment. While the German DAX Index is up by 1.0 percent and the French CAC 40 Index is up by 0.6 percent, the U.K.?s FTSE 100 Index has bucked the uptrend and is down by 0.1 percent. Q.beyond shares have moved notably higher. The German cloud and ICT provider announced preliminary results for 2022, reporting an 11 percent increase in revenues to 173.0 million euros. Airline Lufthansa has also soared after it swung to a full-year operating profit and flagged further gains in 2023. British Airways owner International Consolidated Airlines Group and Wizz Air Holdings have also jumped. Meanwhile, property portal Rightmove has fallen despite posting a rise in full year operating profit and raising its final dividend payment. Education group Pearson has also moved to the downside after saying it would grow sales by low to mid-single digits this year. --------------------------------------------------------------- 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]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks advanced on Friday, as strong economic data from China, Japan and Australia helped ease worries about global economic growth. A pullback in yields and the dollar also helped underpin sentiment after a Fed official suggested a measured approach to raising interest rates. Chinese shares rose on hopes for a steady economic recovery in China as a private survey showed activity in the country's services sector expanded at the fastest pace in six months in February. The benchmark Shanghai Composite Index settled 0.5 percent higher at 3,328.39. Investors waited to see what economic targets are set by China's parliament for 2023 at the annual meeting opening on Sunday. Hong Kong's Hang Seng Index climbed 0.7 percent to finish at 20,567.54 after January retail sales figures showed 7 percent growth from a year earlier. Japanese shares closed at a nearly three-month high after the release of encouraging economic reports. Japan's services sector activity grew at the fastest pace in eight months in February and core consumer inflation in Japan's capital Tokyo slowed from a 42-year high in the month, while the jobless rate fell to 2.4 percent in January, separate data showed. The Nikkei 225 Index jumped 1.6 percent to 27,927.47, marking its highest level since December 15 and the sharpest single-day gain since January 18. The broader Topix closed 1.3 percent higher at 2,019.52. Fast Retailing jumped 3.9 percent after reporting robust monthly same-store sales at its Uniqlo brand. Drug maker Otsuka Holdings led losses to close 4.3 percent lower. Seoul stocks edged up slightly, with the Kospi finishing 0.2 percent higher at 2,432.07, gaining for a third straight session. POSCO Chemical and Celltrion both surged around 5 percent. Australian markets eked out modest gains after a survey showed the services sector in Australia bounced back into expansion in February. The benchmark S&P/ASX 200 Index rose 0.4 percent to 7,283.60, led by gains in the banking and mining sectors. The broader All Ordinaries Index gained 0.3 percent to close at 7,484 ahead of a Reserve Bank of Australia policy meeting scheduled for next week. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are falling $0.57 to $77.59 a barrel after climbing $0.47 to $78.16 a barrel on Thursday. Meanwhile, after slipping $4.90 to $1,840.50 an ounce in the previous session, gold futures are rising $12.60 to $1,853.10 an ounce. On the currency front, the U.S. dollar is trading at 136.07 yen versus the 136.77 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0617 compared to yesterday?s $1.0597. --------------------------------------------------------------- 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