ADVFN US – Market Content Editor
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Top Company News of the Day: Google, Citigroup, KB Homes, Samsung
Google Trims Hundreds of Jobs as It Marshalls Resources for AI The cuts affect employees in divisions including hardware and internal software tools. Citigroup Taking Charges on Argentina, Russia and Its Restructuring The bank’s profit will be hit by $1.3 billion in reserves and $780 million in severance charges. KB Homes Reports Lower Revenue But…
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U.S. Stocks Move Mostly Higher Ahead Of Inflation Data
After ending the previous session on opposite sides of the unchanged line, the major U.S. stock indexes all moved to the upside during trading on Wednesday. With the upward move, the tech-heavy Nasdaq closed higher for the fourth straight session. The major averages pulled back off their best levels in late-day trading but remained in…
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Crypto: BTC ETFs Reduce Fees Amid Competition, RocketPool and HEX Surges, and More
False news of approval of Bitcoin ETF by SEC account on X shakes market On January 9th, a compromise of the SEC account on X (formerly Twitter) led to the dissemination of false information about the approval of a Bitcoin ETF, causing significant market volatility. The investigation identified that the phone number linked to the…
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Wholesale Inventories and Oil Inventories Reports Due
The Commerce Department is due to release its report on wholesale inventories in the month of November at 10 am ET. Wholesale inventories are expected to dip by 0.2 percent. At 10:30 am ET, the Energy Information Administration is scheduled to release its report on oil inventories in the week ended January 5th. Crude oil…
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Looming Inflation Data May Lead To Choppy Trading On Wall Street
The major U.S. index futures are currently pointing to a roughly flat open on Wednesday, with stocks likely to show a lack of direction following the mixed performance seen in the previous session. Traders may be reluctant to make significant moves as they look ahead to the release of key U.S. inflation data in the…
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Base Metals and Gold Higher
Base metals and gold were higher as investors awaited U.S. inflation data for hints on the timing of potential interest-rate cuts and China’s trade data, which could offer more clarity on demand prospects. “Metals prices are likely to struggle to make up ground unless this week’s U.S. inflation data comes in significantly lower and/or Chinese…
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Oil Futures Up
Oil futures edged higher following reports of a larger-than-expected crude inventories drawdown in the U.S. “U.S. crude oil inventories fell by 5.2 million barrels, which is larger than the market was expecting,” ING said, citing API data. “However, large builds were once again seen on the products side, with gasoline and distillate stocks increasing by…
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Neutral Bond Rates Higher
Investors could demand more compensation for the risk of owning long-term bonds given rising public debt and a more uncertain inflation outlook, BlackRock said. Markets are currently grappling with the prospect that neutral rates–the interest rate that neither stimulates nor restricts economic activity–could be settling higher following the Covid-19 pandemic. “We think neutral rates are…
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Euro-Dollar Exchange Rate ‘Looks Comfortable’
The euro-dollar exchange rate looks comfortable at current levels, sticking to a narrow range around 1.0930 and showing few signs of moving too far away from this mark so far this week, DZ Bank Research said. Until Thursday U.S. inflation data, EUR/USD “should hardly be able to be dissuaded from its sideways range” as focus…
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Stocks to Struggle as Inflation Print Looms
Stock index futures were mixed on Wednesday, as markets saw cautious trading ahead of the December inflation report on Thursday. Inflation and its impact on bond markets and the Federal Reserve’s monetary policy trajectory remains the primary focus for investors – at least until Friday, when some of the big banks will kick off the…