Upcoming Powell Remarks May Lead To Choppy Trading On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Thursday, 19 October 2023 09:08:23 [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 roughly flat open on Thursday, with stocks likely to show a lack of direction after ending the previous session sharply lower. Traders may be reluctant to make significant moves ahead of remarks by Federal Reserve Chair Jerome Powell later this afternoon. Powell is scheduled to participate in a discussion on the economic outlook before an Economic Club of New York luncheon. Treasury yields are seeing further upside ahead of Powell?s remarks, with the yield on the benchmark ten-year note climbing to a new sixteen-year high. The futures remained little changed following the release of a Labor Department report showing initial jobless claims unexpectedly declined to a nearly nine-month low in the week ended October 14th. U.S. stocks turned in a weak performance on Wednesday, drifting lower and lower as the session progressed amid rising tensions in the Middle East and higher bond yields on concerns about the outlook for interest rates. According to reports, a deadly missile attack on Al-Ahli Baptist Hospital in Gaza killed several hundred people, including women and children. Hamas attributed the blast to an Israeli airstrike, but the Israeli military said it was not involved and the explosion was caused by a misfired Palestinian rocket. The major averages all ended notably lower, with the Nasdaq suffering a more pronounced loss. The Dow ended down 332.57 points or 1.0 percent at 33,665.08. The S&P 500 finished lower by 58.60 points or 1.3 percent at 4,314.60, while the Nasdaq dropped 219.44 points or 1.6 percent to 13,314.30. Airline stocks were among the major losers. The NYSE Arca Airline Index plunged 4.6 percent, recording its lowest intraday level in three years. Wallgreens Boots Alliance tumbled 7 percent. Morgan Stanley dropped 6.8 percent. Caterpillar, American Airlines, Pfizer, Charles Schwab, General Motors, Netflix, Salesforce, J&J, Target, Merck and Amazon lost 2 to 5 percent. P&G rallied 2.3 percent. McDonalds, Marathon Petroleum, Colgate Palmolive, Exxon Mobil and PepsiCo gained 1 to 2 percent. Tesla drifted down 4.8 percent after the company's earnings missed estimates. Nvidia ended nearly 4 percent down amid concerns over the tighter U.S. curbs on exports of its A800 and H800 chips to China. On the U.S. economic front, a report released by the Commerce Department showed a substantial rebound in new residential construction in the U.S. in the month of September. The Commerce Department said housing starts spiked by 7.0 percent to an annual rate of 1.358 million in September after plunging by 12.5 percent to a revised rate of 1.269 million in August. Economists had expected housing starts to jump to a rate of 1.380 million from the 1.283 million originally reported for the previous month. Meanwhile, the report said building permits tumbled by 4.4 percent to an annual rate of 1.475 million in September after surging by 6.8 percent to a revised rate of 1.541 million in August. Building permits, an indicator of future housing demand, were expected to decrease to a rate of 1.450 million from the 1.543 million originally reported for the previous month. --------------------------------------------------------------- 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 Labor Department released a report on Thursday showing an unexpected decrease in initial jobless claims in the U.S. in the week ended October 14th. The report said initial jobless claims fell to 198,000, a decrease of 13,000 from the previous week's revised level of 211,000. Economists had expected jobless claims to inch up to 212,000 from the 209,00 originally reported for the previous week. With the unexpected dip, jobless claims dropped to their lowest level since hitting 194,000 in the week ended January 21st. A separate report released by the Federal Reserve Bank of Philadelphia showed regional manufacturing activity contracted at a slower rate in the month of October. The Philly Fed said its diffusion index for current general activity climbed to a negative 9.0 in October from a negative 13.5 in September, although a negative reading still indicates contraction. Economists had expected the index to increase to a negative 6.6. Looking ahead, the report said firms continue to expect growth overall over the next six months, but most future indicators declined. At 9 am ET, Federal Reserve Vice Chair Philip Jefferson is scheduled to give opening remarks before the 18th Central Bank Conference on the Microstructure of Financial Markets. The National Association of Realtors is due to release its report on existing home sales in the month of September at 10 am ET. Existing home sales are expected to decrease to an annual rate of 3.89 million in September from a rate of 4.04 million in August. Also at 10 am ET, the Conference Board is scheduled to release its report leading economic indicators in the month of September. The leading economic index is expected to fall by 0.4 percent in September, matching the drop seen in August. The Treasury Department is due to announce the details of this month?s auctions of two-year, five-year and seven-year notes at 11 am ET. At 12 pm ET, Federal Reserve Chair Jerome Powell is scheduled to participate in a discussion on the economic outlook before an Economic Club of New York luncheon. Chicago Federal Reserve President Austan Goolsbee is due to participate in a moderated question-and-answer session at a Wisconsin Manufacturers & Commerce Business Day event at 1:20 pm ET. At 1:30 pm ET, Federal Reserve Vice Chair for Supervision Michael Barr is scheduled to speak before the 2023 Federal Reserve Stress Testing Research Conference. Atlanta Federal Reserve President Raphael Bostic is due to speak on "The Role of Policy in Addressing Inequality" before the New School's Schwartz Center for Policy Research at 4 pm ET. At 5:30 pm ET, Philadelphia Federal Reserve President Patrick Harker is scheduled to speak on the economic outlook before the Chartered Financial Analyst Society Philadelphia 80th Anniversary Celebration. Dallas Federal Reserve Bank President Lorie Logan is due to participate in a moderated question-and-answer session before the Money Marketeers of New York University at 6:40 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.]( --------------------------------------------------------------- Europe European stocks are trading lower on Thursday, extending losses from the previous session, as a slew of downbeat earnings updates added to jitters around the Middle East war and rising bond yields. Bond yields surged in Europe, with Germany's 10-year government bond yield, the benchmark for the euro area, rising 3 basis points (bps) to 2.95 percent ahead of Fed Chair Jerome Powell's speech later in the day. On a light day on the economic front, the European Central Bank reported that the euro area current account surplus increased in August driven by the sharp rise in the visible trade surplus. While the U.K.?s FTSE 100 Index has slumped by 1.0 percent, the French CAC 40 Index is down by 0.6 percent and the German DAX Index is down by 0.2 percent. Nestle shares have moved to the downside after the Swiss consumer giant posted lower-than-expected nine-month sales growth. Finnish telecom gear group Nokia has also tumbled after posting a drop in its third-quarter sales and announcing job cuts. Retail-investment platform Hargreaves Lansdown has also slumped after new client growth slowed during the first quarter. French carmaker Renault has also plunged after currency depreciations in Turkey and Argentina weighed heavily on the pace of sales growth in the third quarter. Meanwhile, Pernod Ricard has moved sharply higher after the spirits maker forecast higher sales in fiscal year 2023-24. McBride shares have also surged. The British household and personal products business said that the favorable trading environment and momentum of the second half of fiscal 2023 has continued into the first quarter of fiscal 2024. Merck KGaA has also jumped. The science and technology major said it expects to return to growth during fiscal 2024, and continued growth also beyond 2025. Biopharmaceutical firm Sartorius has also shown a strong move to the upside after unveiling financial results for the first nine months of the year. --------------------------------------------------------------- [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 retreated on Thursday, with concerns of a wider conflict in the Middle East, rallying oil prices and a continued surge in bond yields weighing on sentiment. Chinese markets fell sharply after the U.S. tightened restrictions on China's semiconductor industry and troubled property developer Country Garden missed a US$15 million coupon repayment. The benchmark Shanghai Composite Index tumbled 1.7 percent to 3,005.39, while Hong Kong's Hang Seng Index ended 2.5 percent lower at 17,295.89. Japanese markets slumped on hawkish Fed bets and mounting Middle East tensions. The Nikkei 225 Index plunged 1.9 percent to 31,430.62, while the broader Topix Index settled 1.4 percent lower at 2,264.16. Tech stocks such as Advantest, Tokyo Electron and Screen Holdings lost 3-6 percent after a spike in long-term Treasury yields to 16-year peaks. Automakers Toyota, Honda Motor and Nissan Motor fell 1-3 percent, while rail operators Keio Corp. and Odakyu Electric Railway both rose about 2 percent. The yen rose slightly as data showed Japanese exports rose more than expected in September and the trade balance swung to a surplus of 62.4 trillion yen ($410 billion). Earlier today, Japan's top currency diplomat Masato Kanda said that authorities can act on excessive moves in currency markets. Seoul stocks lost ground as the Bank of Korea left its key interest rate unchanged but acknowledged increased inflation risks due to global oil prices and the Israel-Hamas conflict. The Kospi fell 1.9 percent to 2,415.80. Australian markets succumbed to selling pressure as Middle East tensions simmered and employment data came in weaker than expected in September, potentially easing pressure on the Reserve Bank to raise interest rates next month. The benchmark S&P ASX 200 Index dropped 1.4 percent to 6,981.60, while the broader All Ordinaries Index slumped 1.3 percent to 7,172.70. Qantas Airways fell 2.5 percent after it scrapped plans to acquire local charter operator Alliance Aviation Services following opposition from Australia's competition regulator. Across the Tasman, New Zealand's benchmark S&P NZX-50 Index ended 0.8 percent lower at 11,135.58. --------------------------------------------------------------- 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 falling $0.66 to $87.66 a barrel after jumping $1.66 to $88.32 a barrel on Wednesday. Meanwhile, after surging $32.60 to $1,968.30 an ounce in the previous session, gold futures are edging down $2.80 to $1,965.50 an ounce. On the currency front, the U.S. dollar is trading at 149.81 yen versus the 149.93 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0571 compared to yesterday?s $1.0536. --------------------------------------------------------------- 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