Dell cuts jobs 🔍 stocks edge lower ☔ Powell speech 👀 Earnings: BP, Chipotle 🌮 Oil x EAI energy outlook 🛢️

FlowBank's hand-curated fresh financial news [header_noDither] 07.02.2023 Good morning FlowBankers! Here's the latest market news, hand-curated by our research team. The Big Story [51fXuiChdJL] Dell Technologies (DELL) has become the latest tech company to slash jobs. Shares of the consumer technology stock lost 3% following news that it's cutting about 5% of its workforce as it grapples with a difficult macro-environment. [Start Trading](113/cXx8Z04/VWD8pP3DLYltW5V5w9k2pxKb4W2z6fd_4WKYFbN5QLhSw2-MK5V1-WJV7CgZ9HW3DtQ2Y33VTDKW8vtBjB69r0qnW35jm-01Lxy4CW7by8Yf5mkDgxW2GBNCS8Sx9MpW8m0vGs2h1XfvW8JSGYV2FWJqTM7xqMnTGPYGW7fCP_J8xq_pfN3_gPSkd36sQW4D_LvD6CkGVrW57vTRK8GWh7BW1XwSz285zS4xW2pCqqv78mwtQW6W98gQ1ml7sGW82t6MN1tMs7KW7WfJRJ8KwwwjW50wYkh182f--W52kVwP8DRhtRW6RJd655pY-M53kDH1) Trader's Corner In focus • Powell's participation in a Q&A at the Economic Club of Washington will be closely followed as the unexpectedly strong jobs data has potentially given the central bank more pressure to keep hiking rates. • Consumer stock Chipotle National Grill and Royal Caribbean Cruiser will take center stage, as their earnings will offer insight into how consumers are grappling with inflation. • Lastly, oil prices are under heavy selling pressure, with prices now near January lows. Traders will keep an eye on the release of the latest Crude oil stock and EAI energy outlook. Economic data • US trade balance, EAI short-term energy outlook, Crude oil stock • German industrial production • UK house price index • CH unemployment rate Earnings • Enphase, Paycom • BP, Linde, DuPont, Illumina • BNP Paribas, Vertex, Fiserv • Chipotle, Royal Caribbean Crypto • JP Morgan is now saying institutional traders are shifting attention to blockchain from AI, with nearly three out of four institutional traders having no plans to trade crypto. Could this be a contrarian signal? • CNBC's Made Money host Jim Cramer said he would not 'touch crypto' after crypto bank Silvergate saw its deposits plummet. [Screenshot 2023-02-07 at 01.18.04] [Start Trading](113/cXx8Z04/VWD8pP3DLYltW5V5w9k2pxKb4W2z6fd_4WKYFbN5QLhSw2-MK5V1-WJV7CgQp-N6BhlXfNvC8vN3VLVNv_Xh6gW4Bd8-R4RKLybW2TcFqM6jCWNyW8GRw_48Xhrb3W7Nm-l17hXnrSW8ZGSc06zZ12TW4V4LzZ3cm56FW19Yw8T2r-jGNW3RzkXS5lP3DBW1x5r7K25bK45W3cLdH46jGF_nW9cDq9y6xWxs7W5hlNw33lhdMXN25SwFh3PRfMW7V7CvZ6ghYMWW10922Z8Kb80TW1K7DfX1sqzP1W4b5VV73QN1NtW7KSxH31THm-G3lrD1) Market Recap Stocks edged lower on concerns about Fed's path forward after stronger-than-expected Nonfarm payrolls. The S&P500 closed barely above the 4'100 level. The communication services, IT, and materials sectors were the biggest losers, while utilities outperformed. Treasury yields rose, with the 2-year making a meaningful jump (+17bps). As a consequence the dollar continued to rise, maintaining its Friday momentum and precious metals settled mixed, with silver falling to a 2-month low. This morning, S&P500 futures are slightly higher, ahead of Powell's speech. Oil is up 1.5% as Saudi Arabia raised its prices in Asia, signaling confidence in the demand outlook. Chart Of the Day The S&P500 looks like it is at an inflexion point, technically speaking. The level of around $4,182 has been an area of support and resistance in the last year or so. Traders are looking for reasons to have a strong move in either direction. [S&P500 06.02.2023](113/cXx8Z04/VWD8pP3DLYltW5V5w9k2pxKb4W2z6fd_4WKYFbN5QLhSc2-MJQV1-WJV7CgNBWW6TmZd73k9WKDW7psFZK71sl18W8sqTGr8M8YyFW8lF8Kn4TMqWGW6xQ6lV13VvJFW5p2fmm7k8Db3W6KMDVL4pnmqLMW_fBJpDlvGN6NHJFL2475WW6DrVVv8sMtmKN47pbXnbDX5yN6jYC5RcVpBRW75TrWB41PlFnW110M7t3KbLwvW3R_Pj04XGZGjW2qdlhQ57jcGmW82hhVr4dSStkW2QMKYN6yp2sv3msL1) FlowBank Blog Will EUR Rally Continue over Coming Quarters? [Screenshot 2023-02-05 at 21.20.08](113/cXx8Z04/VWD8pP3DLYltW5V5w9k2pxKb4W2z6fd_4WKYFbN5QLhSc2-MJQV1-WJV7CgC6TW3Xnvgj6v-nj5W1NMmDV2rmf5ZN4kW7vLptQWfN88SsLQRFNjKW9dpYn54lqXqkW5W8rcL59cfmvW2JZ6l490q2BkW6KdHdV8_rDjbW7wr3qV6gsgrsN6KjXrxdRSrrW83MW_g3xyDCvN97jblnJwnnyW70_R8T3gFRKpW2vpL3X6v7rg4W7nS5XS1TtWVPW45LF-23D4l10W225Z1S3RkMsLW5RnznB7jy4BK3mdf1) The recovery rally in EUR has become one of the key market themes of the new year. On the back of the roughly 17% loss in EURUSD across 2022, the pair has since recovered around 75% of these losses since Q4 last year. 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