U.S. Stocks May Experience Choppy Trading Amid Interest Rate Uncertainty

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Friday, 13 October 2023 09:02:20 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( Breaking: Price of Gold & Silver set to EXPLODE in 2023! Read Now... Attention investors and retirement savers...Investment experts and even mainstream news publications are predicting a windfall for gold and silver prices in 2023! This could be the year we see the value of precious metals like gold and silver EXPLODE! You won't want to miss out! [Reserve Your FREE Gold & Silver Kit Today!]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a narrowly mixed open on Friday, with the S&P 500 futures inching higher but the Nasdaq 100 futures edging lower. Uncertainty about the outlook for interest rates may lead to a lackluster performance on Wall Street following the recent release of a batch of inflation data. While reports released earlier in the week showed consumer and producer prices both rose by a little more than expected in September, the Labor Department released a report this morning showing only a slight uptick in U.S. import prices. The Labor Department said import prices crept up by 0.1 percent in September after climbing by an upwardly revised 0.6 percent in August. Economists had expected the pace of import price growth to match the 0.5 percent increase originally reported for the previous month. Meanwhile, the report said export prices advanced by 0.7 percent in September after jumping by a downwardly revised 1.1 percent in August. Export prices were expected to climb by 0.6 percent compared to the 1.3 percent surge originally reported for the previous month. Early trading may also be impacted by reaction to earnings news from financial giants JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC). Shares of JPMorgan Chase, Citigroup and Wells Fargo are also moving higher in pre-market trading after the companies reported better than expected third quarter revenue. Shortly after the start of trading, the University of Michigan is due to release its preliminary reading on consumer sentiment in the month of October. The consumer sentiment index is expected to slip to 67.4 in October after falling to 68.1 in September. The report includes readings on short-term and long-term inflation expectations that could impact the outlook for interest rates. Stocks moved mostly lower over the course of the trading day on Thursday, giving back ground after trending higher over the past several sessions. The major averages showed a lack of direction early in the session before coming under pressure in the early afternoon. The major averages climbed off their worst levels going into the close but remained firmly negative. The Dow fell 173.73 points or 0.5 percent to 33,631.14, the Nasdaq slid 85.46 points or 0.6 percent to 13,574.22 and the S&P 500 declined 27.34 points or 0.6 percent to 4,349.61. A renewed surge by treasury yields weighed on Wall Street, with yields regaining ground following a notable two-day pullback. The rebound by yields came after the Labor Department released a report showing U.S. consumer prices rose by slightly more than expected in the month of September. The Labor Department said its consumer price index climbed by 0.4 percent in September after increasing by 0.6 percent in August. Economists had expected consumer prices to rise by 0.3 percent. Excluding food and energy prices, core consumer prices rose by 0.3 percent in September, matching the increase seen in August as well as economist estimates. The report also said the annual rate of consumer price growth was unchanged at 3.7 percent, while the annual rate of core consumer price growth slowed to 4.1 percent in September from 4.3 percent in August. Yields showed a strong move back to the upside even though most economists do not expect the data to convince the Federal Reserve to resume raising interest rates next month. "As it pertains to Fed policy, today's CPI data doesn't provide additional impetus for the Fed to act at the upcoming November 1 meeting," said Charlie Ripley, Senior Investment Strategist for Allianz Investment Management. He added, "Overall, consumer price data continues to be on track to moving towards the Fed's stated two-percent target, but it's likely we will continue to see some bumps along the way like the small upside surprise today." The Labor Department also released a separate report showing first-time claims for U.S. unemployment benefits came in unchanged in the week ended October 7th. The report said initial jobless claims came in at 209,000, unchanged compared to the previous week's revised level. Economists had expected jobless claims to inch up to 210,000 from the 207,000 originally reported for the previous week. Housing stocks moved sharply lower over the course of the session, dragging the Philadelphia Housing Sector Index down by 4.0 percent. Significant weakness was also visible among steel stocks, as reflected by the 2.6 percent slump by the NYSE Arca Steel Index. Airline stocks also saw considerable weakness despite upbeat earnings from Delta (DAL), resulting in a 2.6 percent nosedive by the NYSE Arca Airline Index. Tobacco, biotechnology and gold stocks also showed notable moves to the downside, moving lower along with most of the other major sectors. --------------------------------------------------------------- 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]( Following the release of more closely watched inflation data earlier this week, the Labor Department released a separate report on Friday showing U.S. import prices inched up by much less than expected in the month of September. The Labor Department said import prices crept up by 0.1 percent in September after climbing by an upwardly revised 0.6 percent in August. Economists had expected the pace of import price growth to match the 0.5 percent increase originally reported for the previous month. Meanwhile, the report said export prices advanced by 0.7 percent in September after jumping by a downwardly revised 1.1 percent in August. Export prices were expected to climb by 0.6 percent compared to the 1.3 percent surge originally reported for the previous month. At 9 am ET, Philadelphia Federal Reserve President Patrick Harker is scheduled to speak virtually on the economic outlook before the Delaware State Chamber of Commerce 2023 Economic Outlook event. The University of Michigan is due to release its preliminary reading on consumer sentiment in the month of October at 10 am ET. The consumer sentiment index is expected to slip to 67.4 in October after falling to 68.1 in September. --------------------------------------------------------------- [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 Dollar General (DG) are moving sharply higher in pre-market trading after Gordon Haskett upgraded its rating on the discount retailer?s stock to Buy from Hold. Health insurance giant UnitedHealth (UNH) may also move to the upside after reporting third quarter results that exceeded analyst estimates on both the top and bottom lines. On the other hand, shares of JD.com are seeing significant pre-market weakness after Morgan Stanley and Macquarie both downgraded their ratings on the Chinese e-commerce company?s stock and slashed their price targets. Asset manager BlackRock (BLK) may also come under pressure after reporting better than expected third quarter earnings but weaker than expected revenues. --------------------------------------------------------------- [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 lower on Friday as hotter-than-expected U.S. inflation data revived Fed rate hike bets and new data from China pointed to persistent deflationary pressures in the world's second-largest economy. Investors were also spooked by comments from Bank of England Governor Andrew Bailey that future interest rate decisions by the central bank would continue to be tight. In economic news, there was an upside revision to French September inflation. Spanish annual inflation also stood higher for a third consecutive month, raising pressure on the European Central Bank to keep interest rates at an elevated time for some time. Eurozone industrial production rose more than expected in August, offering some respite to investors worried about growth amid the conflict unfolding in the Middle East. While the U.K.?s FTSE 100 Index has fallen by 0.4 percent, the German DAX Index and the French CAC 40 Index are both down by 1.0 percent. British wealth manager St. James's Place has moved sharply lower on reports it is under pressure from regulators to overhaul its fee structure. Emerging markets asset manager Ashmore has also plunged after it reported an 8 percent drop in assets under management in its fiscal first quarter. Sartorius, a German pharmaceutical and laboratory equipment supplier, has also plummeted after reporting a decline in sales for the first nine months of 2023 and cutting its FY23 outlook. Meanwhile, Avon Protection, a manufacturer of gas masks, helmets and body armor, has jumped after it reported stronger trading in the second half of its financial year to September. --------------------------------------------------------------- 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 declined on Friday as hotter-than-expected U.S. consumer price inflation data revived fears about further interest rate increases. Mixed Chinese data, lingering concerns about the conflict in the Middle East and caution ahead of earnings from JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. due later in the day also weighed on markets. Gold edged up and was on course for its best week in seven months, as the dollar and Treasury yields fell slightly after climbing overnight. Oil prices jumped around 2 percent after the U.S. Treasury Department said that it has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap. Chinese markets ended notably lower after the release of mixed trade and inflation data. The benchmark Shanghai Composite Index fell 0.6 percent to 3,088.10, while Hong Kong's Hang Seng Index plunged 2.3 percent to 17,813.45. China's exports and imports shrank at a slower pace for a second month in September, customs data showed earlier today. Both exports and imports fell 6.2 percent from a year earlier, slower than August's 8.8 percent and 7.3 percent fall, respectively. Meanwhile, China's consumer inflation remained flat in September, while the producer price index fell 2.5 percent from a year earlier after a 3 percent drop in August, separate data revealed. Japanese shares closed lower on worries about another possible interest rate hike by the Federal Reserve. The Nikkei 225 Index dropped 0.6 percent to 32,315.99, snapping a three-day winning streak. The broader Topix Index settled 1.4 percent lower at 2,308.75. Even with today's significant weakness, the Nikkei gained 4.3 percent for the week and snapped a three-week losing run. Pharma stocks led losses, with Sumitomo Pharma plunging 6.3 percent and Astellas Pharma losing 3.2 percent. Automakers Honda Motor, Toyota and Nissan fell 2-3 percent. Seven & i Holdings tumbled 4.5 percent after lowering revenue guidance for the second half of the year. Heavyweight Fast Retailing, owner of the Uniqlo brand, soared 5.8 percent after reporting a 28 percent increase in annual profit. Seoul stocks fell sharply, with the Kospi ending 1.0 percent lower at 2,456.15 to snap a two-day winning streak on Fed rate hike worries. Samsung Electronics, POSCO Holdings and LG Energy Solutions dropped 1-2 percent. Australian markets snapped a six-day winning streak, with financials and gold miners leading losses. The benchmark S&P ASX 200 Index slid 0.6 percent to 7,051, while the broader All Ordinaries Index closed 0.6 percent lower at 7,243.50. Across the Tasman, New Zealand's benchmark S&P NZX-50 Index ended down 0.2 percent at 11,265.72. Sky Network Television shares surged 13.4 percent after the pay-TV operator said it is in early discussions with a third-party buyer over a recent non-binding indicative takeover offer. --------------------------------------------------------------- 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 soaring $3.76 to $86.67 a barrel after falling $0.58 to $82.91 a barrel on Thursday. Meanwhile, after edging down $4.30 to $1,883 an ounce in the previous session, gold futures are surging $43.30 to $1,926.30 an ounce. On the currency front, the U.S. dollar is trading at 149.51 yen versus the 149.81 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0539 compared to yesterday?s $1.0528. --------------------------------------------------------------- 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