Futures Pointing To Continued Strength On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Monday, 08 May 2023 09:28:21 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( [Try AI Investing, Get 10 Free Shares]( Have you tried Magnifi Personal yet? With the world's first AI investing assistant, it's like having a co-pilot for your investing. You can get 24/7 personalized guidance, on-demand analysis, plus a commission-free investment marketplace. [Get started]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a modestly higher open on Monday, with stocks likely to extend the rally seen to close out the previous week. The markets may benefit from an extended rebound by regional banks, as shares of PacWest Bancorp (PACW) are soaring by 35.3 percent in pre-market trading. PacWest is poised to add to the 81.7 percent spike seen last Friday after the bank slashed its quarterly dividend to just $0.01 per share but said its ?business remains fundamentally sound.? Overall trading activity may be somewhat subdued, however, as traders look ahead to the release of key inflation data later in the week. The reports on consumer and producer price inflation, which are due to be released on Wednesday and Thursday, respectively, could have a significant impact on the outlook for interest rates. Stocks moved sharply lower higher during trading on Friday, regaining ground after trending lower over the past several sessions. The major averages all showed significant moves back to the upside, with the Dow bouncing off its lowest closing level in over a month. The major averages pulled back off their best levels going into the close but still posted strong gains. The Dow jumped 546.64 points or 1.7 percent to 33,674.38, the Nasdaq spiked 269.01 points or 2.3 percent to 12,235.41 and the S&P 500 surged 75.03 points or 1.9 percent to 4,136.25. Following the rebound on the day, the major averages turned in a mixed performance for the week. While the tech-heavy Nasdaq crept up by 0.1 percent, the S&P 500 slid by 0.8 percent and the Dow slumped by 1.2 percent. The rally on Wall Street partly reflected bargain hunting, as some traders looked to pick up stocks at reduced levels following recent weakness. The major averages had closed lower for four consecutive sessions, with the Dow ending Thursday's trading slightly lower for 2023. Regional banks helped lead the recovery after ongoing concerns about turmoil in the sector weighed on the markets in recent sessions. PacWest Bancorp skyrocketed by 81.7 percent after plummeting by 50.6 percent to a record closing low on Thursday. Western Alliance (WAL), Zions Bancorp (ZION) and Comerica (CMA) also posted standout gains after JPMorgan upgraded the stocks to Overweight, saying they appear "substantially mispriced." A positive reaction to quarterly results from tech giant Apple (AAPL) also contributed to the rebound on Wall Street. Shares of Apple jumped by 4.7 percent after the company reported fiscal second quarter results that beat analyst estimates on both the top and bottom lines. Traders were also reacting to the release of the Labor Department's closely watched monthly jobs report for April. While the report showed job growth far exceeded economist estimates in the month of April, the jump in employment followed notable downward revision to the two previous months. The Labor Department said non-farm payroll employment shot up by 253,000 jobs in April compared to economist estimates for an increase of about 179,000 jobs. However, the job growth in February and March was downwardly revised to 248,000 jobs and 165,000 jobs, respectively, reflecting a combined downward revision of 149,000 jobs. The report also said the unemployment rate edged down to 3.4 percent in April from 3.5 percent in March. Economists had expected the unemployment rate to remain unchanged. "The report doesn't change our view that the Fed will hold rates steady in June," said Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics. "However, the Fed's pause was a hawkish one, and if job growth and earnings don't moderate from the April pace, rate hikes could be back in play." She added, "We expect job growth will slow as the economy enters a mild recession as cumulative rate hikes and a tightening in lending standards weigh on the economy and the labor market in the second half of the year." Reflecting the rebound by banking stocks, the KBW Bank Index spiked by 4.6 percent after ending Thursday's session at its lowest closing level in over two years. Substantial strength was also visible among brokerage stocks, as reflected by the 3.9 percent surge by the NYSE Arca Broker/Dealer Index. The index bounced off a more than six-month closing low. Steel stocks also showed a significant move back to the upside following recent weakness, driving the NYSE Arca Steel Index up by 3.5 percent. Energy stocks also rebounded along with the price of crude oil, moving notably higher along with airline, semiconductor and computer hardware stocks. --------------------------------------------------------------- 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]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The Commerce Department is scheduled to release its report on wholesale inventories in the month of March at 10 am ET. Wholesale inventories are expected to inch up by 0.1 percent. --------------------------------------------------------------- [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 Estée Lauder (EL) are seeing significant pre-market strength after a report from the New York Post said activist investor Nelson Peltz is exploring a possible shakeup at the cosmetics giant that could include ousting the longtime CEO and possibly pushing for a turnaround and eventual sale of the company. American Airlines (AAL) may also move to the upside after JPMorgan upgraded its rating on the airline?s stock to Overweight from Neutral. On the other hand, shares of Tyson Foods (TSN) are moving sharply lower in pre-market trading after the meat producer reported an unexpected fiscal second quarter loss and lowered its full-year sales outlook. --------------------------------------------------------------- [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 are broadly higher on Monday even as the mood remains a bit cautious in some of the markets in the region, with investors awaiting more economic data and earnings updates for direction. The U.K. market is outperforming with energy stocks moving up on higher oil prices. Bank stocks are among the other notable gainers. The U.K.'s FTSE 100 Index is up nearly 1.0 percent. The French CAC 40 Index and German DAX Index are up by 0.3 percent and 0.2 percent, respectively. In the U.K. market, Carnival is rising nearly 5 percent. TUI, BHP, Antofagasta, Royal Mail, Barclays, BP and Anglo American Plc are up 3 to 4.1 percent. WPP is up nearly 3 percent. Natwest Group, HSBC Holdings, Prudential, ICP, Rio Tinto, Glencore, IAG, ITV, Informa, DCC, Sainsbury (J) and Phoenix Holdings are gaining 2 to 2.8 percent. IHG is down nearly 2 percent following the announcement that CEO Keith Barr will step down. Compass and Hargreaves Lansdown are lower by 1.4 percent and 1 percent, respectively. In the German market, BMW is rallying 1.7 percent and Commerzbank is up 1.5 percent, while Brenntag, Hannover Rueck, Siemens Energy, SAP and Daimler are up nearly 1 percent. Munich RE is declining 2.6 percent. Vonovia and Porsche are down 2.2 percent and 2.1 percent, respectively. Continental, Merck, Adidas, BASF, Zalando and Bayer are also weak. In Paris, ArcelorMittal is rising 3.2 percent and Alstom is up nearly 3 percent. Bouygues, WorldLine, LVMH and Credit Agricole are also up with impressive gains. AXA is drifting down 4.6 percent. Teleperformance is down 1.7 percent and Sanofi is lower by nearly 1 percent. On the economic front, Germany's industrial production declined more than expected in March, falling 3.4 percent from February, data from Destatis showed. In February, production rose 2.1 percent. Economists had expected a 1.3 percent drop in production in March. On a yearly basis, industrial production growth improved to 1.8 percent from 0.7 percent in the previous month. In the first quarter, industrial production increased 2.5 percent from the previous quarter. --------------------------------------------------------------- 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 markets moved mostly higher on Monday, tracking the positive sentiment that lifted Wall Street benchmarks higher on Friday. Upbeat corporate results as well as robust jobs data had quelled fears of a recession in the U.S., lifting stocks higher. The Nikkei 225 Index, however, finished lower. China's Shanghai Composite Index added 60.50 points or 1.1 percent to end trading at 3,395.00. The day's trading ranged between 3,340.99 and 3,400.18. The Shenzhen Component Index also added 44.90 points or 0.4 percent to close at 11,225.77. The Japanese benchmark Nikkei 225 Index shed 208.07 points or 0.7 percent to end trading at 28,949.88. The day's trading range was between 28,929.50 and 29,141.50. Eisai Co., SKY Perfect JSAT Holdings, Toyobo Co., Kajima Corp. and Konica Minolta were among the big gainers, adding more than 2 percent. Shiseido Co. was the biggest laggard, losing close to 5 percent. Fast Retailing Co. erased more than 3 percent. Daiichi Sankyo Co., Nissan Chemical Industries and Fujitsu all declined more than 2 percent. The Hang Seng Index of the Hong Kong Stock Exchange gained 247.72 points or 1.2 percent from the previous close to finish trading at 20,297.03. The day's trading range was between a high of 20,321.74 and a low of 20,081.70. The Korean Stock Exchange's Kospi Index gained 12.27 points or 0.5 percent to close trading at 2,513.21. The day's trading range was between 2,511.13 and 2,525.84. Australia's S&P/ASX200 Index closed trading at 7,276.50 after adding 56.50 points or 0.8 percent. Lynas Rare Earth topped with a more than 12 percent surge after it got an extension for its Malaysian license. Software business Life 360 gained 7.7 percent, followed by Core Lithium that gained 6.7 percent. Iluka Resources added 5.1 percent followed by Pilbara Minerals that strengthened 4.5 percent. Syrah Resources and fintech company Block both dropped more than 5 percent. Biotech company Imugene declined 4.2 percent. Bellevue Gold and Polynovo both lost more than 2 percent. The NZX 50 Index of the New Zealand Stock Exchange gained 53.48 points or 0.5 percent to close at 11,942.49. Trading ranged between 11,873.09 and 11,942.49. Westpac Banking Corp., Fletcher Building and Meridian Energy all gained more than 2 percent. Skellerup Holdings and Skycity Entertainment Group both added more than 1 percent. NZX declined 2.6 percent. Oceania Healthcare, Mainfreight, Synlait Milk and Manawa Energy all lost more than 1 percent. --------------------------------------------------------------- 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 jumping $1.91 to $73.25 a barrel after surging $2.78 to $71.34 a barrel last Friday. Meanwhile, after tumbling $30.90 to $2,204.80 an ounce in the previous session, gold futures are rising $6.40 to $2,031.20 an ounce. On the currency front, the U.S. dollar is trading at 135.10 yen versus the 134.80 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.1037 compared to last Friday?s $1.1019. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. 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