Traders May See Yesterday?s Sell-Off As Buying Opportunity

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Wednesday, 14 February 2024 09:35:19 [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 higher open on Wednesday, with stocks likely to regain ground following the sell-off seen in the previous session. Traders may see the sharp pullback during Tuesday?s session as a buying opportunity amid ongoing optimism about the outlook for the markets. While yesterday?s inflation data further pushed back interest rate cut expectations, signs of continued strength in the economy is still expected to benefit the markets in the longer term. Overall trading activity may be somewhat subdued, however, with a lack of major U.S. economic data likely to keep some traders on the sidelines. Traders may be reluctant to make significant bets ahead of the release of an avalanche of data before the start of trading on Thursday. The slew of data due to be released tomorrow includes reports on weekly jobless claims, retail sales, industrial production and import and export prices. Stocks moved sharply lower during trading on Tuesday, with the major averages all showing significant moves to the downside after ending Monday's trading narrowly mixed. The Dow pulled back well off yesterday's record closing highs. The major averages climbed off their worst levels going into the close but still posted steep losses on the day. The Dow tumbled 524.63 points or 1.4 percent to 38,272.75, the Nasdaq plunged 286.95 points or 1.8 percent to 15,655.60 and the S&P 500 slumped 68.67 points or 1.4 percent to 4,953.17. The sell-off on Wall Street came following the release of a highly anticipated Labor Department report showing consumer prices in the U.S. increased by slightly more than expected in the month of January. The Labor Department said its consumer price index rose by 0.3 percent in January after inching up by 0.2 percent in December. Economists had expected consumer prices to edge up by 0.2 percent. While the report also showed the annual rate of consumer price growth slowed to 3.1 percent in January from 3.4 percent in December, economists had expected the pace of growth to slow to 2.9 percent. Excluding food and energy prices, core consumer prices climbed by 0.4 percent in January after rising by 0.3 percent in December. Core prices were expected to increase by 0.3 percent. The annual rate of core consumer price in January came in unchanged from the previous month at 3.9 percent. The pace of core price growth was expected to decelerate to 3.7 percent. With Federal Reserve officials repeatedly saying they need more "confidence" inflation is slowing before lowering interest rates, the data has further reduced optimism about a near-term rate cut. CME Group's FedWatch Tool is currently indicating just an 8.5 percent chance of a quarter point rate cut in March, while the chances of a quarter point rate cut in early May have fallen to 33.5 percent. Quincy Krosby, Chief Global Strategist for LPL Financial, called the report a "disappointment for those who expected inflation to edge lower allowing the Fed to begin easing rates sooner rather than later." "This report underscores the Fed's messaging that they'll need more information specifically inflation-related data before a policy transition," Krosby said. "The 'last mile' - as expected - is proving to be stickier and more stubborn inhibiting even the most dovish wing of the FOMC." Treasuries yields surged in response to the data, with the yield on the benchmark ten-year note reaching its highest levels in two months. Gold stocks saw substantial weakness on the day, dragging the NYSE Arca Gold Bugs Index down by 6.5 percent to a four-month closing low. The sell-off by gold stocks came amid a steep drop by the price of the precious metal, with gold for April delivery tumbling $25.80 to $2,007.20 an ounce. Significant weakness was also visible among networking stocks, which pulled back sharply after surging in the previous session. After jumping by 2.5 percent during Monday's trading, the NYSE Arca Networking Index plunged by 4.4 percent. Interest rate-sensitive housing stocks also saw considerable weakness, resulting in a 3.2 percent nosedive by the Philadelphia Housing Sector Index. Tobacco, steel, banking and telecom stocks also moved notably lower amid broad based weakness on Wall Street. --------------------------------------------------------------- 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]( Chicago Federal Reserve Bank President Austan Goolsbee is due to participate in a moderated question-and-answer session before the Council on Foreign Relations at 9:30 am ET. At 10:30 am ET, the Energy Information Administration is scheduled to release its report on oil inventories in the week ended February 9th. Crude oil inventories are expected to increase by 2.6 million barrels after jumping by 5.5 million barrels in the previous week. Federal Reserve Vice Chair for Supervision Michael Barr is due to speak on "Monetary Policy and Bank Regulation" before the 40th Annual National Association for Business Economics (NABE) Economic Policy Conference at 4 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 Lyft (LYFT) are soaring in pre-market trading after the ride-hailing company reported better than expected fourth quarter results and provided upbeat guidance. Investing platform Robinhood (HOOD) is also seeing significant pre-market strength after reporting fourth quarter results that exceeded analyst estimates on both the top and bottom lines. On the other hand, shares of Akamai Technologies (AKAM) may come under pressure after the server network provider reported better than expected fourth 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 higher on Wednesday as investors digest mixed earnings updates and weaker-than-expected U.K. inflation data. The U.K. consumer price index advanced 4.0 percent on a yearly basis, the same rate as seen in December, according to data from the Office for National Statistics. The rate was forecast to rise to 4.1 percent. Month-on-month, the CPI fell 0.6 percent, in contrast to the 0.4 percent increase in the previous month. Economists had forecast a 0.3 percent drop. While the U.K.?s FTSE 100 Index is up by 0.9 percent, the French CAC 40 Index is up by 0.6 percent and the German DAX Index is up by 0.3 percent. ABN AMRO has soared. The Dutch lender unveiled a fresh share buyback after reporting fourth-quarter net interest income slightly above expectations. Bottler Coca-Cola HBC has also moved sharply higher after posting a record annual profit and increasing its dividend. Capgemini shares have also jumped. The French IT consulting group reported solid results in 2023 despite the weak economic environment. German industrial services provider Bilfinger has also spiked after bagging a large-scale maintenance contract from INEOS for the Forties Pipeline System. Delivery Hero has also surged. The online food company said it expects its organic cash flow generation to be more than sufficient to settle bond and debt maturities. Meanwhile, brewer Heineken has slumped after forecasting that its 2024 profit could fall significantly below analyst estimates. Thyssenkrupp shares have also plummeted after the engineering and steel conglomerate cut its full-year sales and profit targets, citing weakening demand and impairment losses in its fiscal first quarter. Dunelm Group has also fallen. The home furnishings retailer forecast a slower pace of margin growth after delivering strong performance in its interim results for the 26 weeks to December 30. --------------------------------------------------------------- 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 followed Wall Street lower on Wednesday as hotter-than-anticipated U.S. consumer inflation data released Friday shrank the odds of early rate cuts by the Federal Reserve before July. The dollar climbed along with Treasury yields and gold remained depressed below the key $2,000 per ounce level, while oil prices traded mixed on industry data showing a bigger-than-expected U.S. crude stock build. Mainland Chinese markets remain closed for the week. Hong Kong's Hang Seng Index rose 0.8 percent to 15,879.38 as traders returned to their desks after the Lunar New Year holiday. Japanese markets fell from a 34-year high after an upsurge in Treasury yields and the yen's rapid fall past 150 against the dollar. The Nikkei 225 Index dropped 0.7 percent to 37,703.72, while the broader Topix Index settled 1.1 percent lower at 2,584.59. Technology investor SoftBank Group and staffing agency Recruit Holdings lost 3-4 percent, while chip industry heavyweight Advantest rallied 2.7 percent and Uniqlo-brand clothing store operator Fast Retailing added 1.2 percent. Japan's top currency diplomat Masato Kanda said earlier today that authorities are watching recent movements in the foreign exchange market "with a high sense of urgency." Seoul stocks fell sharply, with the Kospi closing down 1.1 percent at 2,620.42 after three sessions of gains. Heavyweight Samsung Electronics gave up 1.6 percent. Australian markets ended lower after Commonwealth Bank warned of downside economic risks. The benchmark S&P/ASX 200 Index fell 0.7 percent to 7,547.70 - extending its losing streak to a third straight session. The broader All Ordinaries Index ended down 0.7 percent at 7,790.50. Commonwealth declined 1.7 percent after its $5 billion half-yearly cash profit fell short of market expectations. --------------------------------------------------------------- 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 rising $0.38 to $78.25 a barrel after jumping $0.95 to $77.87 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $2,005, down $2.20 compared to the previous session?s close of $2,007.20. On Tuesday, gold tumbled $25.80. On the currency front, the U.S. dollar is trading at 150.61 yen compared to the 150.80 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.0712 compared to yesterday?s $1.0709. --------------------------------------------------------------- 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